Blood Albumin Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global blood albumin market is anticipated to grow at a significant CAGR of 4.9% during the forecast period (2022-2028). Blood albumin helps to keep fluid in the bloodstream so that it doesn't leak into other tissues. It also carries various substances all over the body, including hormones, vitamins, and enzymes. Comparatively, low blood albumin affects the kidney and lungs. The global blood albumin market is growing due to the increasing demand for blood albumin for research and development purposes. The rising prevalence of hypoalbuminemia globally due to increasing cancer patients, liver diseases, infections, and cardiac procedures is also driving the growth of the market. According to the National Cancer Statistics in 2020, an estimation of 1.8 million new cases of cancer were registered in the US alone. Moreover, the increasing use of blood albumin injection for the treatment of cardiopulmonary bypass surgery is also anticipated to boost the market growth. The North American region is anticipated to hold the major share in the global blood albumin market due to the increasing life-threatening disorders like liver and kidney disease. The market is also growing due to the presence of key market players in this region such as Bio Products Laboratory Ltd. and Merck & Co., Inc.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new drug launches, to stay competitive in the market. For instance-

•In December 2021, Calliditas Therapeutics AB received USFDA approval for the first drug to decrease urine protein caused by rare kidney disease.
•In November 2021, USFDA approved sirolimus protein-bound particles for injectable suspension for adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumors.
•In July 2021, Pfizer, Inc. announced its collaboration with Arvinas, Inc. to develop and commercialize PROTAC Protein Degrader ARV-471 to treat breast cancer.
•In May 2020, Bio Products Laboratory Ltd. launched ALBUMINEX 5% solution and ALBUMINEX 25% solution for injection in the US market for the treatment of hypovolemia, ascites, hypoalbuminemia including from burns, acute nephrosis, acute respiratory distress syndrome, and cardiopulmonary bypass.

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Market Coverage
•The market number available for - 2022-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Type
•By Application
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- Merck & Co., Inc., Biotest AG, Bristol-Myers Squibb Co., Novozymes, Takeda Pharmaceutical Co. Ltd., and Grifols, S.A., among others.

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Global Blood Albumin Market Report by Segment
By Type
•Human Serum Albumin
•Bovine Serum Albumin
•Recombinant Albumin
By Application
•Drug Delivery
•Therapeutics
•Culture Media Ingredient
•Vaccine Ingredient
•Other Applications

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 

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This release was published on openPR.