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US Albumin Market Segmentation and Forecast Analysis up to 2031
According to the report, the global albumin market was valued at US$ 1.61 Bn in 2020 and is projected to expand at a CAGR of 8.1% from 2021 to 2031. Albumin is the most abundant protein found in plasma (almost 60% of human plasma), which is produced in the liver. It plays a crucial role in regulating blood volume by maintaining the oncotic pressure in the blood. Albumin has been used as a drug carrier in various systems, including albumin fusion proteins, albumin-drug nano particles, and pro-drugs. It has been used to treat diseases such as rheumatoid arthritis, diabetes, cancer, and hepatitis as a drug carrier.
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Rise in Prevalence of Hypoalbuminemia
The global albumin market is driven by rise in prevalence of chronic liver diseases, life-threatening infections, disorders, and heart surgeries leading to hypoalbuminemia and development of novel albumin products by players such as CSL Limited and Grifols. Rise in need of albumin in R&D activities, increase in non-therapeutic application of albumin, and surge in plasma collection & immunoglobulins production are factors likely to accelerate the growth of the global albumin market.
Significant rise in adoption of albumin injection for cardiopulmonary bypass surgery and increase in use of albumin to treat hypoalbuminemia in patients with chronic injuries are projected to boost the growth of the global albumin market. Additionally, surge in number of product approvals is anticipated to present significant opportunities in the global albumin market during the forecast period.
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Recombinant Albumin to be Most Lucrative Segment
The recombinant albumin segment is anticipated to grow at a rapid pace during the forecast period. This can be attributed to the shift toward adoption of recombinant albumin for a range of applications including vaccine production, drug formulation, and cell culture media. Moreover, recombinant serum albumin has been utilized as an excipient in vaccine and drug manufacturing.
• Novel advancements in the field of biotechnology and surge in research & developments in stem cell therapies have led to a shift toward reliable and safer alternative such as recombinant serum albumin
• Significant support from governments of developing and developed countries for overall healthcare safety also augments the market
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North America to Dominate Global Market
In terms of region, the global albumin market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020, owing to increase in demand for albumin in clinical research activities, rise in focus on non-therapeutic applications of albumin, and surge in manufacturing of immunoglobulins. The expansion of innovative companies is anticipated drive the albumin market in North America. For instance, in December 2021, Evolve Biologics, a Canada-based biotechnology company, announced plans to open its first commercial manufacturing facility in Sachse, the U.S. in 2024. The site will focus on two plasma-derived therapeutics: human serum albumin and intravenous immunoglobulin. The total project cost was US$ 200 Mn of the 200,000-square-footfacility.
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Competition Landscape
The global albumin market is fragmented in terms of number of players. Key players in the global market include Biotest AG, CSL Behring LLC, HiMedia Laboratories Pvt. Ltd., Grifols International, S.A., Medxbio Pte Ltd., InVitria, RayBiotech, Inc., Octapharma AG, Sigma-Aldrich Co. (Merck KGaA), SeraCare Life Sciences, and Takeda Pharmaceutical Company Limited (Shire).
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