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Albumin Market Increase in Demand in The Developing Countries Is Expected to Boost the Market Growth in The Coming Years

06-17-2019 11:35 AM CET | Health & Medicine

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Albumin Market

Albumin Market

Allied Market Research published a report, titled, “Albumin Market by Product (Human Serum Albumin, Bovine Serum Albumin, and Recombinant Albumin) and Application (Therapeutics, Drug Formulation & Vaccine, Component of Media, and Other Applications) - Global Opportunity Analysis and Industry Forecast, 2016–2023.” The report offers an all-inclusive study of key market trends, drivers & opportunities, market definition & scope, key market segments, market dynamics, top investment pockets, and competitive landscape. The report states that the global albumin market was estimated at $5.94 billion in 2017, and is expected to hit $10.31 billion by 2023, garnering a CAGR of 9.6% during the forecast period.

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Rise in the incidence of rare diseases and increase in the demand for non-therapeutic applications have fueled the growth of global albumin market. Moreover, mounting predilection for recombinant albumin for the treatment of burns, shock and blood loss spur the growth of the market. On the other hand, stringent government norms and certain threats related to albumin have happened to check the market growth to some extent. However, untapped opportunities in developing economies and development of cost-efficient therapeutics have created multiple opportunities in the segment.

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By product, Human serum albumin segment contributed to nearly three-fourths share of the total market in 2017. Based on application, the theraputic segment accounted for nearly half of the total market share in 2017 and would retain its top status till 2023. By region, North America accounted for more than one-third of the total market share in 2017 and is expected to dominate during the forecast period. This is due to rising adoption of recombinant albumin products, high-end healthcare infrastructure, and prevalence of trauma, shocks, burns, hepatic surgeries and liver related disorders in the region.

The key players analyzed in the report include China Biologic Products Inc., Octapharma AG, CSL Limited, Thermo Fisher Scientific, Baxter International Inc. Shire Plc, Albumedix Ltd., Grifols S.A., Ventria Bioscience, and Merck KGaA. They have adopted a number of strategies such as group effort, partnerships, mergers & acquisitions, developments, joint ventures, and others to attain a strong footholdhold in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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