Albumin Market: Including Top Companies Grifols S.A., Octapharma AG, China Biologic Products Inc., Shire Plc, Ventria Bioscience, CSL Limited and more
Increase in prevalence of rare diseases and various life-threatening conditions, surge in demand for albumin, growing preferences for recombinant albumin, and rise in non-therapeutic application of albumin have boosted the growth of the global albumin market. However, stringent government regulations and risks associated with albumin hinder the market growth. On the contrary, development of cost-effective therapeutics through large-scale production is expected to create lucrative opportunities for the market players in the near future.
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The human serum albumin segment accounted for the largest share in 2016, owing to high usage as blood volumizer and applicability for treating variety of diseases and improved human serum albumin production due to the emergence of advanced technologies. However, the recombinant albumin segment is expected to grow at the high CAGR from 2017 to 2023.
The utilization rate of albumin for therapeutics is high owing to rise in prevalence of trauma and cases of burns as well as increase in the number of surgical procedures. However, drug formulation and vaccines segment is expected to grow at a high CAGR during the forecast period.
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Key Findings of the Albumin Market:
• The bovine serum albumin segment accounted for nearly one-eighth share of the global albumin market in 2016.
• The recombinant albumin segment is expected to grow at highest CAGR from 2017 to 2023.
• The component of media segment accounted for around one-fifth share of the global market in 2016.
• Europe accounted for around one-third share of the global market in 2016.
• LAMEA is expected to provide lucrative market growth opportunities from 2017 to 2023.
North America was the leading revenue contributor to the global albumin market in 2016, and is expected to dominate the market during the forecast period. This is attributed to the early approval of albumin products and high adoption of recombinant albumin in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness toward albumin products.
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