Albumin Market Size, Share Report, Analysis, Trends, Growth 2032

Albumin Industry Prospective:

The global albumin market size was at a market value of USD 4.2 Billionin 2021 and is projected to reach a global market value of USD 9 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.

The report analyzes the albumin market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global albumin market.

Albumin Market: Overview

Albumin is a family of water-soluble globular proteins found in the human body. Albumin is created in the body by the liver, lower levels of which indicate liver or kidney problems.

Albumin is a carrier of other important components like enzymes, vitamins, and hormones throughout the body and helps in volumizing blood flow. It is used in the treatment of a variety of diseases including diabetes, cancer, trauma, renal dialysis, liver diseases, acute respiratory distress, nephrosis, and hepatitis.

Covid-19 Impact:

Covid-19 had a positive impact on the global albumin market because of the high demands for vaccines like AstraZeneca (Covishield) and Covaxin. The global market is projected to show steady growth during the forecast period owing to the multi-purpose benefits and use of albumin protein in healthcare.

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Albumin Market: Growth Drivers

Rise in rare medical cases along with non-therapeutic use of Albumin to propel global market growth

With advancements in technology, the detection of rare diseases which can be effectively treated with albumin has increased. This is projected to instill a rise in the global market value of albumin.

The extensive use of albumin in vaccine preparation is expected to boost the global market during the forecast period. The growing awareness of recombinant albumin products & their benefits is expected to become a chief global market driver during the projection period.

Furthermore, the rise in competition and subsequent expansion of companies in the global market is expected to push the global market growth.

Albumin Market: Restraints

Irrational usage and adverse reactions related to albumin to restraint global market growth

An increase in the irrational use of albumin is anticipated to restrain the global albumin market growth during the forecast period. Irrational use includes hypoproteinemia and nutritional support. This is caused by a non-essential or unsuitable prescription of albumin. Adverse reactions like ankle & leg swelling, itching or skin rash, breathing difficulties, and discoloration of lips & fingertips due to albumin-related products are anticipated to restrain the global market growth.

Increase in preference for serum-free solutions to cause a glitch in global market growth

The global market is witnessing a rise in demand for serum-free solutions given the lesser risk of contamination in serum-free solutions along with easier purification. The shift in preference is anticipated to act as a restraining agent in the global market.

Albumin Market: Opportunities

Potential untapped market and cost-effective large-scale production to provide growth opportunities to the global market

A lot of undeveloped or developing economies have a tremendous amount of untapped potential in the global market. This provides a great opportunity for market leaders to explore. World leaders have started investing in large-scale production which can reduce expenses making the global market cost-effective and providing more opportunities in the global market.

Increasing awareness of better health to bring growth opportunities in the global market

There has been a rising awareness amongst the general population for better health. This has ultimately emphasized the drug development process. The rise in drug demand is anticipated to provide growth opportunities in the global market during the forecast period.

Albumin Market: Challenges

Government regulations and substitute products pose challenges to the global market growth

There are several government regulations laid down by every country. These regulations hamper the smooth development and distribution of albumin creating unfavorable conditions for global market growth. There has been an increase in the development of substitutes like sodium chloride solutions for albumin. The rise in alternatives to albumin poses a major challenge in the global albumin market.

Supplier’s bargaining power and increasing competition create challenging situations in the global market

With the rise in demand for albumin, there has been a significant shift in the bargaining power of the suppliers. Additionally, global competition has been increasing tremendously which is projected to create challenging situations in the global market.

Albumin Market: Segmentation

The global albumin market is segmented by product, application, end-user, and region.

Based on product, the global market is segmented into human serum albumin, bovine serum albumin, and recombinant albumin. The most widely used albumin products are human serum albumin and bovine serum albumin. They are expected to continue the growing trend during the forecast period because of their rich compositions and cost-effectiveness.

Based on application, the global market is segmented into therapeutics, diagnostics, drug delivery, vaccine ingredient, culture medium, ingredient & stabilizer, and in-vitro fertilization. The market share for vaccine ingredients is projected to grow extensively during the forecast period.

Based on end-user, the global market is segmented into the pharmaceutical & biotechnology industry and research institutes. Both industries are projected to contribute significantly to the global market in response to rising consumer drug demand and the need for detailed research in the field.

Albumin Market Report Scope:

Recent Developments:

• In March 2020, FDA approved the use of the Pumotech MAA kit for Curium Pharma. The kit is used to prepare technetium Tc 99m Albumin aggregated injection. The injection is used for lung imaging and evaluation of pulmonary perfusion. The injection acts as a single-photon emission agent.
• May 2020 witnessed the announcement by Bio Products Laboratory for the US launch of Albuminex 5% and Albuminex 25% solutions to be used for injection. The injection is FDA-approved and is used in treatment related to burns, cardiopulmonary bypass, acute nephrosis, and ARDS.

Albumin Market: Regional Landscape

The unexplored market size of Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period owing to increasing demand for vaccines and heavy investments in the healthcare sector. This is followed by Europe and North America because of greater awareness and acceptance of the drugs. These regions have a high per capita capacity for medical expenditure and are expected to carry the same growing trend in the global market during the projection period.

The Middle East has been showing steady signs of market growth caused by rising health awareness amongst the consumer group and better healthcare policies. Africa is projected to grow relatively slower because of poor infrastructure and a lack of research or treatment facilities. The slow economic growth along with restricted access to resources is also a contributing factor to the slow development during the forecast period.

Albumin Market: Competitive Landscape:

The global albumin market includes key competitors like 

• Baxter International Inc.
• Akron Biotech
• Octapharma AG
• HiMedia Laboratories Pvt. Ltd.Grifols
• SA and Takeda Pharmaceuticals Inc
• Mitsubishi Tanabe Pharma Corporation
• Merck KGaA
• Thermo Fisher Scientific Inc.
• China Biologic Products, Inc
• Sigma-Aldrich Co. LLC.
• Novozymes
• CSL Limited
• Ventria Bioscience
• Medxbio Pte Ltd.

The global albumin market is segmented as follows:

By Product:

• Human serum albumin
• Bovine serum albumin
• Recombinant albumin

By Application:

• Therapeutics
• Diagnostics
• Drug delivery
• Vaccine ingredient
• Culture medium
• Ingredient & stabilizer
• In-vitro fertilization

By End-user

• Pharmaceutical & biotechnology industry
• Research institutes

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa