Albumin Market by 2023—2030 Type (Human Serum Albumin, Bovine Serum, and, Recombinant Albumin) and Application (Therapeutics, Drug Formulation & Vaccines, Component of Media, and Others) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Healthcare | Pages : 180 Pages | Published On : Jul 2023
The market for albumin, a highly abundant protein found in blood plasma, was valued at $4,813.5 million in 2022 and is projected to reach $8,956.07 million by 2030, with a compound annual growth rate (CAGR) of 6.4% from 2023 to 2030.
Albumin is therapeutically used to replenish lost fluids and restore blood volume in various medical conditions such as trauma, burns, surgeries, infections, and liver diseases. It also plays a role in stabilizing drugs by reducing aggregation, oxidation, and surface absorption. Different types of albumin derived from human and bovine sources are widely utilized for clinical applications.
The global albumin market is primarily driven by the increasing prevalence of life-threatening disorders, liver diseases, infections, and cardiac surgeries that can lead to hypoalbuminemia. Additionally, the development of new albumin products by numerous key players contributes to market growth. Factors fueling the expansion of the albumin market include the growing demand for albumin in research and development activities, the rise of non-therapeutic applications of albumin, the development of plant-based albumin, and the increased production of immunoglobulins and plasma collection. According to the World Health Organization, approximately 235 million major surgical procedures were performed worldwide in 2019. The National Cancer Statistics reported around 1,806,590 new cases of cancer in the U.S. in 2022, indicating a potential increase in cancer surgeries that can lead to hypoalbuminemia and drive market growth.
Moreover, the use of albumin injection in cardiopulmonary bypass surgery, its application in treating hypoalbuminemia in patients with severe injuries and pancreatitis, contribute to market expansion. Additionally, the increasing number of product approvals presents lucrative opportunities for the global albumin market during the forecast period.
COVID-19 Scenario Analysis
The global albumin market is expected to experience positive growth due to the impact of the COVID-19 outbreak. The increased usage of albumin for the production of COVID-19 vaccines, such as Covishield and Covaxin, has contributed to the growth of the market. Multiple planned and ongoing clinical trials related to albumin for the development of COVID-19 vaccines further highlight the increased demand for albumin. This surge in vaccine production has driven the usage of albumin and is expected to propel the albumin market during the forecast period.
Furthermore, the market growth is driven by new innovations from key players and the rise in the number of product approvals. However, stringent government regulations associated with the adoption of albumin products may act as a restraint on the market growth during the forecast period.
The albumin market is segmented based on type, application, end user, and region. Types of albumin include human serum albumin, bovine serum albumin, and recombinant albumin. Applications of albumin include therapeutics, drug formulation and vaccines, component of media, and others. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
- Human Serum Albumin
- Bovine Serum Albumin
- Recombinant Albumin
- Drug Formulation & Vaccines
- Component of Media
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
In terms of type, the human serum albumin segment held the largest market share in 2022, and this trend is expected to continue during the forecast period. This is attributed to the increased research and development activities in the pharmaceutical industry, growing demand for drug development, and the adoption of albumin products. However, the recombinant albumin segment is anticipated to witness significant growth during the forecast period, driven by the rise in surgeries leading to hypoalbuminemia and the increasing number of key players involved in albumin development.
Regarding application, the therapeutics segment was the major contributor in 2022 and is expected to maintain its lead during the forecast period. This can be attributed to the increasing prevalence of burns and trauma cases, a rising number of cardiac disorders, and the growing demand for albumin in drug discovery. However, the drug formulations and vaccines segment is projected to witness considerable growth during the forecast period, driven by the increasing number of cancer cases.
In terms of region, North America held the largest share in the albumin market in 2022 and is expected to continue its dominance throughout the forecast period. This is due to the rise in life-threatening disorders such as liver and kidney diseases, the presence of key players, the development of the healthcare sector, and the introduction of new albumin products in the region. However, Asia-Pacific is anticipated to register the highest compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. This growth is attributed to the increasing prevalence of chronic diseases leading to a higher number of surgeries resulting in hypoalbuminemia and the development of healthcare infrastructure in the region.
Key players operating in the global albumin market include Baxter International Inc., China Biologic Products, Inc., CSL Limited, Grifols, S.A., Merck KGaA, Novozymes, Octapharma AG, Takeda Pharmaceuticals Inc., Thermo Fisher Scientific, and Ventria Bioscience.
Key Benefits for Stakeholders
- This study offers a comprehensive analysis of the albumin market, highlighting current trends and providing future estimations to identify potential investment opportunities.
- Quantitative analysis of the market from 2023 to 2030 is presented, enabling stakeholders to make informed decisions and take advantage of the existing market opportunities.
- Through an extensive analysis of the market based on procedures and services, insights into industry trends are provided.
- Furthermore, a thorough analysis of key players and their strategies is conducted to gain a clear understanding of the competitive landscape and market outlook.
Table and Figures
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