Albumin industry is projected to witness a CAGR of 6.5% during the period 2024-2032. This growth can be attributed to increase in demand for albumin in R&D activities.
Selbyville, Delaware, Oct. 29, 2024 (GLOBE NEWSWIRE) —
Albumin Market size will reach USD 10.1 billion by 2032. The advancements in albumin production technologies and the increasing adoption of albumin in clinical applications will stimulate industry development over 2024-2032.
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The demand for albumin is rising due to its widespread use in therapeutic areas, such as treating liver diseases, hypovolemia, and hypoalbuminemia, as well as its role in drug delivery and vaccine formulations.
In February 2024, global biotechnology leader CSL reported the top-line results from the Phase 3 AEGIS-II trial, which assessed the efficacy and safety of CSL112 (apolipoprotein A-I [human]) compared to placebo in reducing the risk of major adverse cardiovascular events (MACE) in patients following an acute myocardial infarction (AMI).
As healthcare infrastructure expands and more patients require albumin-based therapies, the albumin market is poised for significant progression.
Bovine Serum Albumin to Gain Prominence
The bovine serum albumin (BSA) segment will experience considerable growth from 2024 to 2032. This evolution is attributed to the increasing use of BSA in pharmaceutical research, diagnostics, and biotechnology applications. BSA is widely used as a standard in immunoassays, a stabilizer for enzymes, and a blocking agent in molecular biology. The rising demand for high-quality BSA in laboratories and research institutions fuels segment expansion. Furthermore, the growing focus on producing animal-free alternatives to meet the stringent regulatory standards will drive innovation in this segment.
Clinical Applications to Drive Market Expansion
The albumin market from clinical applications segment will witness robust growth during the forecast period, owing to the increasing use of albumin in various medical treatments. Albumin’s therapeutic applications include volume replacement therapy, shock treatment, and as a drug carrier in targeted drug delivery systems. The rising prevalence of chronic conditions such as liver cirrhosis, nephrotic syndrome, and burns, which often necessitate albumin therapy, is propelling demand in this segment.
Europe to Lead Market Growth
Europe will establish a notable presence in the global albumin market, registering a remarkable CAGR from 2023 to 2032. The region’s development is driven by strong healthcare infrastructure, increasing R&D investments, and a growing elderly population. Countries like Germany, the U.K., and France are leading in terms of demand due to the high prevalence of chronic diseases and the extensive use of albumin in medical treatments. Moreover, favorable regulatory frameworks and the presence of key market players in the region are accelerating the market expansion.
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Key Market Players
Companies operating in the albumin market include China Biologic Products Holdings Inc., Akron Biotech, Baxter International Inc., Albumedix Ltd, Grifols (Biotest AG), Octapharma AG, Bristol-Myers Squibb Company, CSL Behring LLC, Merck & Co., Inc., Thermo Fisher Scientific Inc.
These players are expanding their market share through strategic partnerships, research and development investments, and innovative product launches. By offering comprehensive support services such as clinical training and technical assistance, key players are enhance customer satisfaction and foster long-term relationships. These strategies, combined with a focus on product innovation, are helping companies solidify their competitive position in the rapidly evolving market.
For instance, in October 2022, Grifols announced the expansion of its albumin production capacity to meet the growing demand in the European market.
In July 2024, CSL Behring, a global leader in biotechnology, announced that two hemophilia B patients received treatment with the gene therapy HEMGENIX® (etranacogene dezaparvovec) at Hemophilia Treatment Centers in France. This significant milestone marks HEMGENIX® as the first gene therapy to be administered as a treatment for hemophilia B in a real-world setting in Europe.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Data collection
1.4 Forecast parameters
1.5 Data validation
1.6 Data sources
1.6.1 Primary
1.6.2 Secondary
1.6.2.1 Paid sources
1.6.2.2 Unpaid sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing prevalence of chronic diseases
3.2.1.2 Growing non-therapeutic application of albumin
3.2.1.3 Increase in demand for albumin in R&D activities
3.2.1.4 Technological advancements in biotechnology
3.2.2 Industry pitfalls & challenges
3.2.2.1 Irrational uses and adverse effects associated with albumin
3.2.2.2 Stringent regulatory requirements
3.3 Growth potential analysis
3.4 Regulatory landscape
3.5 Technological landscape
3.6 Porter’s analysis
3.6.1 Supplier power
3.6.2 Buyer power
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.6.5 Industry rivalry
3.7 PESTEL analysis
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