Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 4.2 Billion | USD 9 Billion | 6.5% | 2021 |
FrequentlyAsked Questions
Rising cases of rare medical diseases are projected to propel the global market growth. Non-therapeutic use of albumin is also predicted to influence the global market growth along with the increase in the number of companies exploring the global market. Increasing albumin demand for R&D purposes is anticipated to become a major global market propeller.
According to Zion Market Research, the global albumin market was at a market value of $4.2B in 2021 and is projected to reach the global market value of $9B by 2028 at a CAGR of 6.5% during the forecast period.
Asia-Pacific is expected to garner the highest market share during the forecast period owing to increased albumin demand in regions like China and India. This is followed by North America and Europe caused by heavy investments in healthcare, R&D, and innovation in the pharmaceutical industry. The Middle East is expected to show steady growth in the global market. It is followed by Africa with slow anticipated growth owing to unrushed economic growth and less availability of treatment & research facilities.
The global albumin market includes key competitors like Baxter International Inc., Akron Biotech, Octapharma AG, HiMedia Laboratories Pvt. Ltd.Grifols, SA, 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.
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