Albumin Market

Albumin Market Overview

The Albumin market was valued at $4,813.5 million in 2020, and is estimated to reach $8,956.07 million by 2030, growing at a CAGR of 6.4% from 2021 to 2030.

Albumin is the most abundant protein, which is found in blood plasma. Therapeutically, it is used to replace lost fluids and helps to restore blood volume following trauma, burns, surgeries, infections, and liver diseases. It assists in the stabilization of drugs by reducing aggregation, oxidation, and surface absorption. Different types of serum albumin are widely used for clinical applications. Human serum albumin and bovine serum albumin are obtained from human plasma and bovine plasma, respectively.

Growth of the global albumin market is majorly driven by increase in prevalence of life-threatening disorders, special liver diseases, infections, and cardiac surgeries leading to hypoalbuminemia as well as development of new albumin products by large number of key players. Factors that fuel the growth of the albumin market are increase in demand for albumin in R&D activities, rise in non-therapeutic application of albumin, development of plant-based albumin, rise in production of immunoglobulins & plasma collection . According to the World Health Organization approximately 235 million major surgical procedures were performed in 2019 across the globe. According to the National Cancer Statistics in 2020, around 1,806,590 new cases of cancer were reported in the U.S. Therefore, the growth in number of cancer surgeries can lead to cause hypoalbuminemia, which is anticipated to boost the growth of the market.

In addition, increase in use of albumin injection for cardiopulmonary bypass surgery, and surge in use to treat hypoalbuminemia in patients with severe injuries, and pancreatitis are the factors that enhance the growth of the market.  Furthermore, increase in number of product approvals are expected to provide remunerative opportunities for the expansion of the global albumin market during the forecast period.

COVID-19 Scenario Analysis

The COVID-19 outbreak is anticipated to have a positive impact to fuel the growth of the global albumin market. Rise in use of albumin for the production of vaccines such as Covishield and Covaxin for the treatment of COVID-19 infection results in increase in the usage of albumin. For instance, according to the National Clinical Trial Registry, there are about 10 planned and ongoing trials related to albumin for the development of vaccines for COVID-19 virus.  Thus, rise in production of vaccines has increased the usage of albumin, which is anticipated to drive the albumin market during the forecast period.

Thus, new innovations by key players and rise in number of product approvals propel the growth of the market. However, stringent government regulations associated with the adoption of albumin products are expected to restrict the market growth during the forecast period.

Albumin Market Segmentation

The albumin market is segmented on the basis of type, application, end user, and region. By type, the market is categorized into human serum albumin, bovine serum albumin, and recombinant albumin. On the basis of application, it is divided into therapeutics, drug formulation & vaccines, component of media, and other. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Segment Review

By type, the human serum albumin segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in R&D activities in the pharmaceutical industry, rise in demand for drug development, and surge in adoption of albumin products. However, the recombinant albumin segment is expected to witness considerable growth during the forecast period, owing to increase in number of surgeries due to hypoalbuminemia and rise in number of key players for development of albumin.

By application, the therapeutics segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to increase in prevalence of burns and trauma cases, rise in number of cardiac disorders, and increase in demand for albumin in drug discovery. However, the drug formulations and vaccines is expected to witness considerable growth during the forecast period, due to increase in number of cancer cases.

North America garnered the major share in the albumin market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in number of life-threatening disorders such as liver and kidney diseases, presence of key players, development of the healthcare sector, and presence of new albumin products in the region. However, Asia-Pacific is expected to register the highest CAGR of 7.7% from 2021 to 2030, owing to increase in prevalence of chronic diseases led to increase number of surgeries results in cause of hypoalbumenia and development of healthcare infrastructure.

The key players that operate in the global albumin market include Baxter International Inc., China Biologic Products, Inc, CSL Limited, Grifols, S.A., Merck KGaA, Novozymes, Octapharma AG, Takeda Pharmaceuticals Inc, Thermo Fisher Scientific, and Ventria Bioscience.

Key Benefits for Stakeholders

• The study provides an in-depth analysis of the albumin market, and the current trends & future estimations to elucidate imminent investment pockets.
• It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing market opportunities.
• Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
• Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

 Albumin Market Report Highlights