Pune, India, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The albumin market size was valued at USD 6.14 billion in 2022 and is expected to be worth USD 6.35 billion in 2023. The market is projected to reach USD 8.76 billion by 2030, recording a CAGR of 4.7% during the forecast period.
Albumin is a form of protein found abundantly in plasma. It is made by the liver and plays a vital role in regulating the blood’s osmotic pressure. The number of people being diagnosed with hypoalbuminemia and other chronic diseases is increasing, which is expected to fuel market growth.
Fortune Business Insights™ displays this information in a report titled, "Albumin Market, 2023-2030."
Notable Industry Development:
July 2023: Grifols, S.A. acquired Prometic Plasma ReSources Inc’s (PPR) donation center from Kedrion Biopharma in Canada. The acquisition is a part of the company’s promise to increase the availability of life-saving plasma drugs across the country.
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Key Takeaways:
- As an alternative to Abraxane, American Regent, Inc. announced the release of paclitaxel protein-bound particles for injectable solution (Albumin-Bound).
- The U.S. Food and Drug Administration (FDA) gave Octapharma AG permission to enlarge its production plant in Springe, Germany, in order to add another location for Fraction II manufacturing.
- Sartorius AG (ALBUMEDIX) and Cell and Gene treatment Catapult (CGT Catapult) worked together to explore the use of albumin-based solutions from the company for advanced treatment applications, such as the production of viral vectors.
- International biopharmaceutical manufacturer of therapeutic goods derived from plasma, Kedrion Biopharma, said that it will be expanding its line of human serum albumin products into the Chinese market to treat uncommon disorders.
Discover the Leading Players Featured in the Report:
CSL Behring (CSL), (U.S.), Kedrion S.p.A. (Italy), Takeda Pharmaceutical Company Limited (Japan), Lazuline Bio (India), InVitria (U.S.), Biorbyt Ltd. (U.K.), Grifols, S.A. (Spain), Octapharma AG (Switzerland), Albumin Bioscience (U.S.), Aspira Chemical (U.S.), ALBUMEDIX (Sartorius AG) (Germany), Cyagen Biosciences (U.S.), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (U.S.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.7% |
| 2030 Value Projection | USD 8.76 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 6.35 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/albumin-market-102637
Drivers and Restraints:
Growing Incidence of Hypoalbuminemia and Other Chronic Diseases to Augment Market Growth
The demand for plasma-based therapies has increased significantly in recent years due to the growing cases of life-threatening diseases, infections, and cardiac surgeries. These scenarios can lead to hypoalbuminemia, which causes a decline in the production of albumin. These medical conditions can be effectively treated with the help of albumin-based therapeutics, which will fuel market growth.
However, strict regulations introduced by governments can impede the albumin market growth.
Segmentation:
Growing Sales of Medicines to Treat Hypoalbuminemia to Boost Demand for Human Serum Albumin
Based on product, the market is segmented into human serum albumin, recombinant albumin, and bovine serum albumin. The human serum segment dominated the albumin market share in 2022 as the sales of drugs to treat hypoalbuminemia has grown considerably in recent years.
Therapeutics to Extensively Use Albumin Due to Growing Product Approvals
Based on application, the market is segmented into therapeutics, diagnostics, and research. The therapeutics segment might capture the largest market share during the forecast period as national regulatory bodies are increasing their approval rates for products containing this protein to make them more accessible to patients.
Albumin to be Widely Used in Hospitals & Clinics Due to Its Rising Prescription of Medicines in These Settings
Based on end-users, the market is segmented into hospital & clinics, pharmaceutical & biotechnology industry, and research institutes. The hospital & clinics segment dominated the market share in 2022 as a rising number of albumin-based treatments are being prescribed across hospitals.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Product
- Human Serum Albumin
- Recombinant Albumin
- Bovine Serum Albumin
By Application
- Therapeutics
- Diagnostics
- Research
By End-user
- Hospital & Clinics
- Pharmaceutical & Biotechnology Industry
- Research Institutes
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Report Coverage:
The report analyzes the market in detail and highlights various major areas, such as leading products, end-users, applications, and key regions. It also provides valuable information regarding the market drivers and latest trends. Besides the abovementioned factors, the report covers many other factors that have helped the market grow.
Regional Insights:
Asia Pacific to Dominate Market Due to Growing Demand for Albumin-based Therapeutics
Asia Pacific held the highest share of the global market in 2022 as there is a robust demand for albumin-based therapeutics, especially in China. China is the largest market due to high demand for this product.
North America captured the second-largest market share due to the growing use of this product in R&D activities and growing demand for this product in the U.S.
Competitive Landscape:
Grifols, S.A, CSL Behring (CSL), and Takeda to Dominate Due to Diverse Product Ranges
Some of the key companies operating in the market include Grifols, S.A, CSL Behring (CSL), and Takeda Pharmaceutical Co. Ltd. Out of these firms, CSL Behring (CSL) dominated the market in 2022 as it is increasing its focus on entering merger & partnership agreements and getting approval for its novel products. These companies also have a vast product portfolio, which is helping them dominate the market.
FAQ’s
How big is the Albumin Market?
Albumin Market size was USD 6.35 Billion in 2023.
How fast is the Albumin Market growing?
The Albumin Market will exhibit a CAGR of 4.7% during the forecast period, 2023-2030
Related Reports:
Bovine Serum Albumin Market Share, Size, Trends and Forecast 2023-2030
Plasma Fractionation Market Size, Share| Global Forecast Report 2029
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