The presence of scores of prominent companies focused on product extension and service expansion increasingly account for the intense competition in the global albumin market, finds Transparency Market Research (TMR). The strategic landscape is further likely to heat up with well-placed players seeking to consolidate their position by entering into collaborations and partnerships with various pharmaceutical and biotechnology companies in various parts of the world. They are also inclined to acquire distribution rights to expand their sales across various geographic regions, in order to get a firm foothold in the global market, notes TMR.
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Top players operating in the global albumin market include MedxBio Pte. Ltd., Thermo Fisher Scientific Inc., InVitria, HiMedia Laboratories Pvt. Ltd., Mitsubishi Tanabe Pharma Corporation, Sigma-Aldrich Co. LLC., Octapharma AG, Grifols International, and CSL Behring LLC, S.A.,
The opportunities in the global albumin market is projected to surge from US$4.8 bn in 2016 to US$10.359 bn by 2025 end. The market is estimated to garner a healthy CAGR of 9.2% during 2017–2025.
The key varieties of albumin used are human serum albumin (HSA), bovine serum albumin, and recombinant albumin. Of these, HSA, the most widely found protein in human plasma, contributed the major share in the global market in 2016. The segment is expected to retain its dominance and will clock 9.2% CAGR during 2017–2025. The growth is driven by extensive application of HSA as blood volumizer helpful in a variety of conditions such as chronic diseases, rare blood conditions, and transfusion therapies.
Regionally, Asia Pacific presently holds the sway accounting for the leading share. The regional market is projected to expand at a promising CAGR of 11.5% from 2017 to 2025. The growth is fueled by substantially rising demand for albumin in emerging economies, notably India and China. This can be attributed to its potential application for treating rare diseases and burns.
Abundant Applications of Albumin as Blood Volumizer power Market’s Growth
Serum albumin, the most abundant protein found in blood plasma occupies a vital role in regulating blood volume by regulating colloid osmotic pressure and acts as carrier proteins for various molecules, including hormones, bile salts, and ions. This is a key factor promoting its use for blood volumizer in various conditions and in a range of replacement therapies.
The wide popularity of recombinant albumin for being used as pharmaceutical excipient is a notable factor accentuating the market. The substantial use of human serum albumin as an excipient for various biotechnology products is contributing to the attractive revenue in the market. Moreover, the market is benefitting from the use of albumin reagent in various life sciences procedures.
The rising instance of shocks, burns, and traumatic injuries among worldwide population is boosting the demand for albumin. The wide application of albumin in a variety hypovolemic conditions is a noteworthy factor boosting the market. Bovine serum albumin is the type derived from cows is frequently used a component of cell culture media, thereby accentuating the market’s growth. Its vast potential in protein chemistry research and cell culture media is catalyzing the growth of the overall market.
Rise in Production of Vaccines and Emerging Medical Applications to unlock Promising Prospects
The rising volume of elderly population in a number of developing and developed countries is a notable factor boosting the market. The rapidly rise in incidence of rare diseases, such as rare blood conditions, is expected to favor the expansion of the demand for albumin. The rise in production of vaccine in various parts of the world and a notably rising demand for biologics in several developing and developed nations are notable factors contributing to the rapid expansion of the market.
However, the growth of the albumin market is severely constrained by the lack of plasma fractionation in the pharmaceutical manufacturing industry and the emergence of viable alternatives for replacement therapies. Nevertheless, the market is expected to get a robust fillip from rising medical and clinical applications over the assessment period. Emerging, attractive prospects in this regard are medical imaging and nuclear medicine, expected to unlock promising prospects in the global market.