Global Albumin Market Estimated to Surpass $8,129.1 Million and Grow at 10.1% CAGR in the 2021-2028 Timeframe [175-Pages] | Announced by Research Dive
Albumin market is expected to grow by 2028 due to prevalence of chronic diseases like diabetes, trauma, etc. Drug formation sub-segment expected to be highly lucrative. Market in North America region to witness better growth opportunities by 2028.
NEW YORK, July 22, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Albumin Market by Type (Human Serum, Bovine Serum, and Recombinant), Application (Therapeutics, Drugs Formulation, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
According to the report, the global albumin market is anticipated to generate a revenue of $8,129.1 million by 2028, growing at a CAGR of 10.1% during the forecast period 2021-2028.
Download an Exclusive PDF Sample of Albumin Market (Including Tables, TOC, and Figures)
Dynamics of the Albumin Market:
Drivers: Rising research and development activities regarding albumin along with growing demand for albumin-based products in the healthcare sector are some factors expected to drive the global albumin market during the forecast period. In addition, albumin provides several health benefits and has extensive therapeutic uses which is also anticipated to boost the market growth by 2028.
Opportunities: Increasing diseases and health conditions like blood loss and trauma along with rising technological advancements in research and drug development activities are some factors predicted to offer abundant market growth opportunities during the analysis timeframe. Moreover, wide range of applications of albumin has encourages several biopharmaceutical companies to introduce new medicines. This is also projected to create ample market growth opportunities by 2028.
Restraints: Sky-rocketing cost of albumin is the prime factor anticipated to impede the market growth.
Covid-19 Impact on the Albumin Market:
The outbreak of the disastrous Covid-19 pandemic has had a positive impact on the global albumin market, unlike most industries. Due to growing number of infected patients, severe symptoms of the corona virus, and prevalence of respiratory diseases, the demand for effective drugs, medicines, and vaccines rose rapidly. This encouraged scientists and researchers to focus on developing drugs and vaccines with the help of albumin. Factors like these are expected to boost the market growth amid the pandemic chaos.
What Factors boost the Albumin Market demand in Post COVID-19? Connect with our Expert Analyst
Segments of the Albumin Market:
The report has segmented the albumin market into multiple segments based on type, application, and regional analysis.
- By type, the recombinant sub-segment is predicted to have the fastest growth rate and generate a revenue of $2,099.60 million during the 2021-2028 forecast period due to increasing R&D activities by biotechnological companies to develop effective drugs and other medicinal formulations. In addition, people's growing preference for synthetic drugs over human derived drugs or vaccines is yet another factors estimated to bolster the sub-segment's growth by 2028.
- By application, the drug formation sub-segment of the global albumin market is projected to have the fastest growth rate and surpass $2,746.0 by 2028 due to the growing demand for new vaccines or drugs to combat emerging diseases like viral infection. In addition, rising research and development activities to develop new and potential drugs and vaccines against new variants of the corona virus is yet another factor estimated to propel the sub-segment's growth during the forecast period.
- By region, the albumin market in the North America region is anticipated to hold a dominant market share and gather a revenue of $3,064.70 million by 2028 due to the existence of well-established healthcare centers and biotechnological companies in the region and their continuous efforts for developing potential drugs and medicines using albumin. Moreover, growing prevalence of chronic diseases among people like trauma, blood-related disorders, road accidents, etc. is estimated to further uplift the market growth in the North America region by 2028.
Prominent Albumin Market Players:
Some prominent market players are
1. Ventria Bioscience
2. Novozymes
3. Thermo Fisher Scientific
4. China Biologic Products, In
5. Grifols
6. Baxter International Inc.
7. Octapharma AG
8. S.A., Merck KGaA
9. Takeda Pharmaceuticals Inc
10. CSL Limited
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in May 2020, Bio Products Laboratory (BPL), a renowned provider of plasma-derived protein therapies, announced the launch of ALBUMINEX 5% and ALBUMINEX 25%, which are human albumin-based solutions for injections for treating ascites, hypovolemia, and hypoalbuminemia. This product launch has, therefore, further augmented the market growth.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Albumin Market:
- What is the Purpose of Albumin Blood Test and When is it Needed?
- Global Albumin Market Predicted to Observe Prominent Growth with the Acquisitions like that of Hillrom by Baxter International Inc.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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