The new report by Expert Market Research titled, ‘Global Albumin Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global albumin market, assessing the market based on its segments like types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2023)
• Forecast CAGR (2023-2028): 5.24%
The global market for albumin is being driven by the rising demand for human serum albumin in therapeutic and commercial applications for the treatment of fatal diseases that cause hypoalbuminemia. Human serum albumin is widely considered as a plasma replacement therapy, which is a key factor propelling the growth of the market.
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Further, the market has been benefitting from the research aimed at discovering the benefits of human serum albumin on COVID-19 infected patients. In addition, the commercial applications of albumin in drug delivery, vaccine production, as sealant in surgeries, and coatings for medical equipment are gradually gaining momentum, thereby adding to the market growth.
Albumin Industry Definition and Segmentation
Albumin refers to a protein secreted and circulated by the liver of humans and bovines and is considered as the most abundant protein found in the blood plasma. It serves the crucial purpose of transporting hormones, enzymes, and vitamins throughout the body.
On the basis of type, the market can be divided into:
• Bovine Serum Albumin
• Human Serum Albumin
• Recombinant Serum Albumin
Based on application, the market can be classified into:
• Drug delivery
• Culture Media Ingredients
• Vaccine Ingredients
The regional markets for the product include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Albumin Market Trends
The market growth of albumin can be associated with rapid adoption of advanced technological solutions such as nanotechnology, protein purification and molecular separation technologies in the process of drug development, along with other commercial uses of serum albumin. In addition to this, bovine serum albumin is expected to hold a significant share in the overall growth of the market, owing to its extensive application in several immunology, biochemistry, and biotechnology applications, along with its usage in cell culture applications.
Other uses of bovine serum albumin include its use as a dietary protein for fat reduction and as a biodegradable material in the edible food packaging industry. These factors are expected to positively influence the growth of the market in the forecast period.
Key Market Players
The major players in the market are Akron Biotech, Takeda Pharmaceutical Company Limited, Baxter International, Inc., Biotest AG, Celgene Corporation, Novozymes A/S, CSL Behring, and Grifols, S.A., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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