At 6.5% CAGR, Global Albumin Market Size & Share Will Hit US$ 9.55 Billion by 2028 | Industry Trends, Demand, Growth, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, Aug. 18, 2022 /PRNewswire/ -- As per Zion Market Research study, The global albumin market grasped a market value of USD 4.25 billion in 2021. The market is expected to expand at a CAGR of 6.5 percent to reach around USD 9.55 billion by 2028.
Albumin Market: Overview
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Key Industry Insights & Findings of the Albumin Market Reports:
- As per the analysis shared by our research analyst, the Albumin Market is expected to grow annually at a CAGR of around 6.5 % (2022-2028).
- Through the primary research, it was established that the Albumin Market was valued at approximately USD 4.2 billion in 2021 and is projected to reach roughly USD 9 billion by 2028.
- 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.
- 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.
- 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.
- World leaders have started investing in large-scale production which can reduce expenses making the global market cost-effective and providing for more opportunities in the global market.
- 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.
- 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.
Zion Market Research published the latest report titled "Albumin Market By Product (Human Serum Albumin, Bovine Serum Albumin, And Recombinant Albumin), By Application (Therapeutics, Diagnostics, Drug Delivery, Vaccine Ingredient, Culture Medium Ingredient & Stabilizer, In-Vitro Fertilization, And Others), By End-User (Pharmaceutical & Biotechnology Industry, Research Institutes, And Others), And By Region: Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
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.
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.
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Global 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 for 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 demands is anticipated to provide growth opportunities in the global market during the forecast period.
Global 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 the 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 to 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, the global competition has been increasing tremendously which is projected to create challenging situations in the global market.
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List of Key Players in Albumin Market:
- 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.
Key questions answered in this report:
- What are the growth rate forecast and market size for Albumin Market?
- What are the key driving factors propelling the Albumin Market forward?
- What are the most important companies in the Albumin Market Industry?
- What segments does the Albumin Market cover?
- How can I receive a free copy of the Albumin Market sample report and company profiles?
Report Scope:
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Recent Developments
- In March 2020, FDA approved the use of the Pumotech MAA kit to 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.
Regional Dominance:
- Rising health awareness amongst the consumer group and better healthcare policies.
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 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.
Global Albumin Market is segmented as follows:
Albumin Market: By Product Outlook (2022-2028)
- Human serum albumin
- Bovine serum albumin
- Recombinant albumin
Albumin Market: By Application Outlook (2022-2028)
- Therapeutics
- Diagnostics
- Drug delivery
- Vaccine ingredient
- Culture medium
- Ingredient & stabilizer
- In-vitro fertilization
Albumin Market: By End-User Outlook (2022-2028)
- Pharmaceutical & biotechnology industry
- Research institutes
Albumin Market: By Region Outlook (2022-2028)
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
Press Release For Albumin Market: https://www.zionmarketresearch.com/news/global-albumin-market
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