Global Albumin Market to Reach $10.31 Billion by 2023, Growing at a CAGR of 9.6%, According to Allied Market Research
Recently, VCBeat (WeChat Official Account: vcbeat) learned from foreign media sources that Allied Market Research has published a report titled “Albumin Market by Product (Human Serum Albumin, Bovine Serum Albumin, and Recombinant Albumin) and Application (Therapeutics, Drug Formulations and Vaccines, Culture Media Components, and Other Applications) – Global Opportunity Analysis and Industry Forecast, 2016–2023.” The report indicates that the global albumin market was valued at $5.94 billion in 2017 and is projected to reach $10.31 billion by 2023, representing a compound annual growth rate (CAGR) of 9.6% from 2017 to 2023. VCBeat has compiled the key highlights of this report for you.
The rising burden of rare diseases and the surge in non-therapeutic applications are driving growth in the albumin market. Furthermore, hospitals’ increasing preference for recombinant albumin in the treatment of burns, shock, and blood loss is conducive to the development of the albumin market. However, stringent government regulations and risks associated with albumin constrain market growth. Nevertheless, untapped opportunities in developing countries and the development of cost-effective therapies will offer profitable prospects for the market.
Image source: Allied Market Research official website
Human Serum Albumin Segment to Dominate in Terms of Revenue During the Forecast Period
Driven by a surge in therapeutic applications and an increase in burn patients, trauma cases, hypoalbuminemia, and surgical procedures, human serum albumin accounted for approximately three-quarters of total revenue in 2017. This segment is expected to remain dominant during the forecast period. However, propelled by advancements in the pharmaceutical industry, rising demand for albumin-based drug formulations and vaccines, and supportive regulatory frameworks, the recombinant albumin market is projected to grow at a compound annual growth rate (CAGR) of up to 11.4% from 2017 to 2023. The study also analyzes the bovine serum albumin market.
The Therapeutic Applications Market Will Maintain Its Leading Position During the Forecast Period
The therapeutic application segment accounted for approximately half of the total market share in 2017 and is expected to maintain its dominant position through 2023. This trend is driven by increased albumin usage in surgery, trauma management, hypoalbuminemia treatment, and burn care. However, owing to albumin’s unique ability to adsorb hydrophobic molecules and serve as a carrier for drug particles, the pharmaceutical formulation and vaccine segment is projected to register the highest compound annual growth rate (CAGR) of 10.5% from 2017 to 2023. The study also analyzes the cell culture media ingredient market and other application segments.
The Asia-Pacific Albumin Market Is Expected to Grow the Fastest During the Forecast Period
Driven by rising demand for albumin products, increasing prevalence of heart disease, and a strategic focus by key market players on the development of advanced-technology products, the Asia Pacific region is projected to grow at a compound annual growth rate (CAGR) of up to 11.0% from 2017 to 2023. However, North America accounted for more than one-third of total revenue in 2017, owing to the widespread adoption of recombinant albumin products, well-established healthcare infrastructure, and the high prevalence of trauma, shock, burns, hepatic surgeries, and liver-related diseases.
Market Leader
The key players in the albumin market analyzed in the report include China Biologic Products, Grifols SA, Octapharma AG, Ventria Bioscience, Shire Plc, Albumedix Ltd, CSL Limited, Thermo Fisher Scientific, Merck KGaA, and Baxter International Inc. These companies have adopted various strategies, such as collaborations, partnerships, mergers, acquisitions, expansions, or other approaches, to secure their position in the industry.