Albumin Market to Reach $9.9 billion, Globally, by 2032 at 6.2% CAGR: Allied Market Research

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Feb 15, 2024, 10:01 ET

Rise in number of surgical procedures, surge in awareness regarding blood donations, and rise in use of plasma derived albumin in drug development drive the growth of the global albumin market.

PORTLAND, Ore., Feb. 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Albumin Market by Type (Human Serum Albumin, Bovine Serum Albumin, and Recombinant Albumin), Application (Therapeutics, Drug Formulation & Vaccines, Component of Media, and Other), and Sales Channel (B2C and B2B): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global albumin market was valued at $5.4 billion in 2022, and is projected to reach $9.9 billion by 2032, registering a CAGR of 6.2% from 2023 to 2032.

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Prime determinants of growth

Surge in healthcare infrastructure, rise in number of surgical procedures, and increase in awareness regarding the use of albumin are the factors that drive the growth of the global albumin market. However, stringent regulatory requirements hinder market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the albumin market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size In 2022	$5.4 Billion
Market Size In 2032	$9.9 Billion
CAGR	6.2 %
No. Of Pages In Report	189
Segments Covered	Type, Application, Sales Channel, And Region
Drivers	Rise In Number Of Surgical Procedures
	Surge In Awareness Regarding Blood Donations
	Rise In Use Of Plasma Derived Albumin In Drug Development
Opportunity	Growth Opportunities In Emerging Markets
Restraint	Stringent Government Regulations

What is the Impact of Recession 2023 on Albumin Market?

During a recession, the impact on the healthcare industry, including albumin, is moderate.
The economic downturns may hinder technology investment. However, the growing number of surgical cases and the rising focus on postoperative care can drive interest in albumin.

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The human serum albumin segment to maintain its lead position during the forecast period.

By type, the human serum albumin segment dominated the market in 2022, accounting for almost two-thirds of the global albumin market and is expected to register highest CAGR of 6.5% during the forecast period owing to the widespread use and diverse applications of human serum albumin in various medical interventions. As a critical component of blood plasma, human serum albumin finds extensive utilization in therapeutic treatments, including fluid resuscitation, wound healing, and the management of hypoalbuminemia. Its compatibility.

The therapeutics segment to maintain its lead position during the forecast period.

By application, the therapeutics segment dominated the market in 2022, accounting two-fifths of the global albumin market and is expected to register highest CAGR of 6.7% during the forecast period. This is attributed to the increasing recognition of albumin's therapeutic benefits across diverse medical applications. Its role in addressing critical health challenges such as liver diseases, trauma, and surgical interventions and ability to maintain fluid balance, transport crucial substances, and mitigate protein deficiencies underscores its significance in therapeutic treatments. In addition, ongoing R&D efforts continue to unveil new therapeutic applications for albumin, further propelling its demand.

The B2B segment to maintain its lead position during the forecast period.

By sales channel, the B2B segment dominated the market in 2022, accounting almost three-fifths of the global albumin market, owing to increased collaborations and partnerships among pharmaceutical and biotech companies. The B2B model facilitates bulk purchases, ensuring a steady supply of albumin for research, manufacturing, and development activities, thus driving market growth. However, the B2C segment is expected to register highest CAGR of 6.7% during the forecast period owing to direct sale of products from a business (such as pharmaceutical and biotech companies) to individual consumers or end-users. This approach enhances market accessibility, fosters customer engagement, and potentially leads to increased sales and market share, as businesses establish direct connections with end-users in the dynamic albumin market. 

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North America maintains its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global albumin market revenue, owing to growing access to advanced technologies and a well-developed network of healthcare & research facilities. In addition, the growing aging population and high incidence of diseased conditions owing to surgical interventions, contribute to the sustained demand for albumin products. However, the Asia-Pacific segment is projected to register highest CAGR of 7.0% during the forecast period owing to increasing healthcare infrastructure development, rising awareness about albumin applications, a surge in surgical procedures, and growing initiatives taken by key players by adopting new strategies.

Leading Market Players:

Merck KGaA
Sartorius AG
Octapharma AG
Thermo Fisher Scientific Inc.
Ventria Bioscience Inc.
Grifols S.A.
CSL
China Biologic Products Holdings Inc.
Lazuline Bio
Takeda Pharmaceutical Company Limited

The report provides a detailed analysis of these key players of the global albumin market. These players have adopted different strategy such investment, strategic alliance, product approval, clinical trials, expansion, agreement and acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

About Allied Market Research:

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