Albumin Market Size, Challenges, Growth, Future Potential Of Industry 2023
According to a new report titled Allied Market Research (Albumin Market, Products and Applications: Global Opportunity Analysis and Industry Forecast 2017-2023), the global albumin market value in 2016 is expected to reach $5,381 million. It reached $10,305 million in 2023, an annual average increase of 9.6% from 2017 to 2023.
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Factors driving the growth of the albumin market include increased prevalence of life-threatening diseases and conditions: surgical procedures, liver disease, trauma and burn cases. In addition, awareness of recombinant albumin products is increasing, demand for albumin products is skyrocketing, and the growth of non-therapeutic applications of albumin also promotes market growth. However, strict government regulations and reforms, and the risk of side effects after using albumin products, hinder market growth. Conversely, the development of cost-effective treatments, along with the mass production of albumin and the presence of an unexplored market in emerging countries, is expected to provide a favorable growth opportunity for the market.
The human serum albumin sector occupied the largest share in 2016, due to its high utilization rate with blood technology, its applicability to the treatment of various diseases and the improvement of human serum albumin production due to the emergence of advanced technology. However, the recombinant albumin segment is expected to grow at a high CAGR from 2017 to 2023.
The use of albumin for treatment is high because of the increased prevalence of trauma and burns and the number of surgical procedures. However, drug formulation and vaccine segments are expected to grow at high CAGRs during the forecast period.
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The main results of the albumin market:
• Bovine serum albumin segments accounted for about a quarter of the global albumin market in 2016.
• Recombinant albumin segment is expected to grow at the highest CAGR from 2017 to 2023.
• Media sector components accounted for about a fifth of the world market in 2016.
• Europe accounted for about one third of the world market in 2016.
• LAMEA is expected to provide profitable market growth opportunities from 2017 to 2023.
North America was the main source of revenue for the global albumin market in 2016 and is expected to dominate the market during the forecast period. This is due to the early approval of albumin products in this region and the high adoption of recombinant albumin.
However, the Asia-Pacific region is expected to grow at the highest CAGR during the study period due to improved economics, a surge in medical expenditures, and increased awareness of albumin products.
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