New York, USA, April 27, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global albumin market is estimated to garner a revenue of $8,129.1 million by 2028 and grow at a stable CAGR of 10.1% over the forecast period from 2021-2028. The detailed report provides a concise outlook of the albumin market’s present scenario including chief aspects of the market such as growth elements, challenges, hindrances, and several opportunities during the estimated period of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market:
Drivers: Rising research and development activities regarding albumin along with growing demand for albumin-based products in the healthcare sector are some factors expected to drive the global albumin market during the forecast period. In addition, albumin provides several health benefits and has extensive therapeutic uses which is also anticipated to boost the market growth by 2028.
Opportunities: Increasing diseases and health conditions like blood loss and trauma along with rising technological advancements in research and drug development activities are some factors predicted to offer abundant market growth opportunities during the analysis timeframe. Moreover, wide range of applications of albumin has encourages several biopharmaceutical companies to introduce new medicines. This is also projected to create ample market growth opportunities by 2028.
Restraints: High cost of albumin is the major factor anticipated to restraint the market growth.
Download a PDF Sample of the Albumin Market (Including Tables, TOC, and Figures)
Covid-19 Impact on the Global Albumin Market:
The Covid-19 pandemic has had a positive impact on the global albumin market unlike most industries. Due to growing number of infected patients, severe symptoms of the corona virus, and prevalence of respiratory diseases, the demand for effective drugs, medicines, and vaccines rose rapidly. This encouraged scientists and researchers to focus on developing drugs and vaccines with the help of albumin. Factors like these are estimated to bolster the market growth amid the pandemic stress.
Segments of the Albumin Market:
The report has divided the market into multiple segments based on type, application, and regional analysis.
Type: Human Serum Sub-segment to be Highly Dominant
Based on type, the human serum sub-segment is anticipated to hold a dominant market share and garner a revenue of $4,315.90 million during the analysis years due to the rising usage of human serum albumin in cell culture techniques that are widely practiced in research labs and academic institutes. In addition, rising awareness among people for blood donation and the requirement of albumin to create new effective drugs and medicines are some factors predicted to further bolster the sub-segment’s growth by 2028.
Application: Therapeutics sub-segment to be Highly Progressive
By application, the therapeutics sub-segment of the global albumin market is projected to have the largest market share and surpass $3,810.60 million during the analysis period due to the growing use of albumin for treating several diseases like live diseases, kidney diseases, and blood loss. Furthermore, the rising use of albumin as blood volume enhancer is beneficial for treating blood disorders. This is yet another factor expected to propel the sub-segment’s growth rate by 2028.
Region: Albumin Market in the Asia-Pacific Region to Witness Better Growth Opportunities
By regional analysis, the market in the Asia-Pacific region is estimated to have the fastest growth rate of 10.3% CAGR during the forecast timeframe due to rising healthcare infrastructures and better disposable income of people in the region. In addition, growing cases of blood disorders among people is also anticipated to uplift the albumin market growth in the Asia-Pacific region by 2028.
How COVID -19 Pandemic has Positive Growth for Albumin Market? Get in Touch with our Expert
Significant Albumin Market Players:
Some significant market players are
- Novozymes
- China Biologic Products, Inc
- Grifols
- Octapharma AG
- Baxter International Inc.
- Thermo Fisher Scientific, S.A.
- Merck KGaA
- Ventria Bioscience
- CSL Limited
- Takeda Pharmaceuticals Inc.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in March 2022, Glooko, a renowned provider of data management solutions for diabetes and other chronic conditions, announced its acquisition of DIABNEXT, a Paris-based company that offers a digital health platform to treat diabetes, with an aim to improve health outcomes. The latter’s mobile app supports Glooko’s product portfolio and can also track diabetes data to enable the physicians to connect with their patients easily and provide remote care. This acquisition will, therefore, augment the market growth to greater levels.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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