New York, USA, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global albumin market. As per the report, the market is anticipated to garner $10,239.0 million and rise with a CAGR of 6.1% in the 2022-2032 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the albumin market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
COVID-19 Impact on the Albumin Market Growth
The outbreak of the COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the albumin market. During the pandemic, the number of patients infected with COVID-19 surged at an alarming rate. The mortality rate was also increasing rapidly as no proper drugs or vaccines were invested to cure the disease. Hence, the demand for an efficient drug or vaccine surged significantly during the pandemic. Medical scientists were focused on developing medications and vaccines using albumin owing to the substantial demand for potent medicines to treat COVID-19. All these factors propelled the market growth during the disaster period.
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Factors Impacting the Albumin Market Growth
The growing cases of chronic ailments worldwide and the rising adoption of albumin for the development of various medicines are fueling the growth of the global albumin market. Additionally, the growing use of albumin owing to its various benefits, such as easy handling & storage, is estimated to unlock profitable opportunities for the market’s growth in the forecast period. However, stringent government rules on the use of albumin in various emerging nations is expected to deter the market’s growth.
The report segments the global albumin market into type, form, application, grade, and region.
Human Serum Sub-Segment to Grab a Foremost Share of the Market
Among the type segment, the human serum sub-segment is expected to observe the highest growth and hit $9,432.9 million in the estimated timeframe. This growth is mainly owing to the growing demand for human serum albumin in cell culture techniques.
Liquid/Solution Sub-Segment to Grow Remarkably
Among the form segment, the liquid/solution sub-segment is foreseen to garner $6,112.3 million in the forecast period. This growth is mainly because plasma comprises protein albumin, which is formed by the liver. Proteins from human blood plasma are greatly used to produce pharmaceutical albumin. This factor is boosting the growth of the sub-segment.
Therapeutics Sub-Segment to Lead the Market
Among the application segment, the therapeutics sub-segment is expected to hit $4,685.9 million in the forecast period. This growth is mainly because of the rising use of albumin in various therapeutic treatments that are used to control or cure certain ailments.
Technical and Diagnostic Sub-Segment to Observe Maximum Growth
Among the grade segment, the technical and diagnostic sub-segment is predicted to surpass $8,502.1 million in the forecast period. This growth is mainly because of the growing use of technical and diagnostic grade albumin in biotechnology applications, for instance, a blocking agent.
Asia-Pacific Region to Perceive Highest Growth
The report analyzes the global albumin market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is projected to observe increased growth with a CAGR of 6.47%in the projected period. This growth is mainly owing to the growing demand for albumin in the rapidly developing healthcare sector and rising expenditure of people in healthcare in the region.
Major Players of the Market
The report lists some of the foremost players functioning in the global albumin market including
- Octapharma AG
- China Biologic Products Holdings, Inc.
- Ventria Bioscience Inc.
- CSL Limited
- Grifols, S.A.
- Merck KGaA
- Novozymes
- Takeda Pharmaceuticals Company Limited
- Baxter International Inc.
- Thermo Fisher Scientific
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in May 2020, Bio Products Laboratory (BPL), a foremost producer of plasma-derived protein treatments, launched ALBUMINEX 5% (human albumin) solution for injection and ALBUMINEX 25% (human albumin) solution for injection, which will be immediately available in the US market.
Post COVID-19 Impact Insights on Albumin Market. Ask an Analyst or Schedule a call
More about Albumin Market:
- Everything About Albumin Blood Test that You Need to Know
- What is the Purpose of Albumin Blood Test and When is it Needed?
- Global Albumin Market to Rise at a CAGR of 6.1% and Surpass $10,239.0 Million by 2032, Owing to Extensive Usage of Albumin for Treating Chronic Diseases
