Competition is stiff in the global albumin market on account of the presence of many big names who are focused on product or service extensions. In the near future, competition is slated to increase further due to prominent players entering into partnerships or acquiring distributors to increase their sales and expand their businesses worldwide.
Grifols International, CSL Behring LLC, S.A., Octapharma AG, Sigma-Aldrich Co. LLC., Mitsubishi Tanabe Pharma Corporation, HiMedia Laboratories Pvt. Ltd., InVitria, Thermo Fisher Scientific Inc., and MedxBio Pte. Ltd. are to name a few prominent participants in the global albumin market.
A report by Transparency Market Research predicts the global albumin market to become worth US$10.359 bn by 2025 from US$4.8 bn in 2016 by clocking a CAGR of 9.2% from 2017 to 2025.
Large Elderly Population Drives Growth in Asia Pacific Market
Based on the product type, the global albumin market can be classified into bovine serum albumin (BSA) which is derived from fetal bovine serum, human serum albumin (HSA) which is derivative of human plasma, and recombinant albumin produced from recombinant yeast, rice and other culture sources. Among them, the human serum albumin segment holds maximum share in the market. This is because, human serum albumin finds widespread application as a blood volumizer in case of burns, shocks, and other rare diseases. Going forward, the segment is expected to rise at a CAGR of 9.2% from 2017 to 2025 on the back of demand for blood volumizer from emerging markets like China, Brazil, and India.
Geographically, the key segments of the global albumin market are North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Asia Pacific, of them, dominates the market with a leading share and going forward is expected rise at a robust 11.5% CAGR, powered primarily by the emerging markets in India and China. A burgeoning geriatric population and rising instances of rare diseases such as burns and surgeries are said to be catalyzing growth in the region.
Widespread Use of Albumin as Excipient Drug Drives Market
“Albumin is a water soluble globular protein found in serum and contributes 50% to 60% of blood plasma proteins. Albumin is produced in liver to get secreted or diffused into blood system. They have a crucial role in regulating blood volume and act as transporters for molecules such as hormones, bile salts, ions, etc. Owing to these functions albumin derived from human serum is widely used as blood volumizer in various conditions and in replacement therapies,” explains the lead analyst of the TMR report.
With growing instances of rare diseases, shocks, trauma and other fatalities, demand for human serum albumin is slated to receive a major boost. Besides, high acceptance of albumin as an excipient in drug delivery and in vaccines production is also predicted to catalyze growth in the market.
On the flipside, however, scarcity of plasma for fractionation is a major concern among the industry players which is anticipated to hamper growth for albumin market. Moreover use of alternatives to albumin in replacement therapies, and other medical applications is expected to restrain the growth for albumin market.
This review is based on the findings of a TMR report, titled, “Global Albumin Market (Type - Human Serum Albumin, Bovine Serum Albumin, and Recombinant Albumin; Application - Blood Volumizer, Drug Formulation and Vaccines, and Life Sciences) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast, 2017–2025.”
The report segments the global albumin market as follows:
Global Albumin Market, by Product Type
- Human Serum Albumin
- Bovine Serum Albumin
- Recombinant Albumin
Global Albumin Market, by Application
- Blood volumizer
- Drug Formulation and Vaccines
- Life Sciences
Global Albumin Market, by Region
- North America
- Asia Pacific
- Rest of the World