Press release
Albumin Market : Why it matters and 5 key areas for action
Albumin Market
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Significant surge in non-therapeutic application of albumin, increasing production of immunoglobulins & plasma collection, and growth in the development of plant-based albumin are expected to drive the growth of the global albumin market. On the other hand, stringent regulations imposed by several government bodies on the adoption of albumin products impede the growth to some extent. However, increase in the number of cancer surgeries that lead to cause hypoalbuminemia is expected to create lucrative opportunities in the industry.
Impact of COVID-19 on Albumin Market-
Increasing use of albumin for the production of vaccines such as Covaxin and Covishield for the treatment of COVID-19 infections has impacted the global albumin market positively.
Persistent innovations by prominent players and growing number of product approvals have again been beneficial for the industry.
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The global albumin market is analysed across type, application and region.
By type, the human serum albumin segment held the largest share in 2020, garnering around two-third of the total market. This segment is also expected to cite the fastest CAGR of 6.8% during the forecast period.
By application, the therapeutics segment generated the highest market share in 2020, accounting nearly two-fifths of the global market. This segment would also exhibit the fastest CAGR of 6.7% during the forecast period.
By region, the market across North America held the lion's share in 2020, garnering nearly half of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.7% during the forecast period.
The key players of the analysed in the global albumin market report include Takeda Pharmaceuticals Inc, Thermo Fisher Scientific, Ventria Bioscience, Baxter International Inc., China Biologic Products, Inc., Merck KGaA, Novozymes, Octapharma AG and CSL Limited, Grifols, S.A. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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By type, the human serum albumin segment was the highest contributor to the market in 2020.
On the basis of application type, the therapeutics segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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Exploring the Growing Demand for Albumin in the Global Albumin Market
Introduction:
Albumin is a protein that is primarily produced by the liver and is found in human blood plasma. It plays a crucial role in maintaining the osmotic pressure of blood and transporting various substances such as hormones, fatty acids, and drugs. Albumin is widely used in various medical applications such as blood volume expansion, treatment of burns, liver diseases, and hypovolemic shock. With the growing prevalence of chronic diseases suchโฆ
Albumin Market: Therapeutic Action of Albumin on Liver Function and Blood Circul โฆ
The use of albumin to treat multiple types of deficiencies, including those related to blood volume, is giving an impetus to market growth. It is a high-utility, human-derived protein that has applications across a spectrum of medical operations. Conditions such as hypoalbuminemia, caused by severe injuries, and rapid protein loss due to third-degree burns can be effectively managed through intravenous administration of albumin. Furthermore, albumin administration is the last resortโฆ
