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Albumin Market Estimated to Surpass $10,239.0 Million by 2032 and Grow at 6.1% CAGR in the 2023-2032 Timeframe
Albumin Market
According to a report published by Research Dive, the global albumin market is anticipated to generate a revenue of $10,239.0 million by 2032, growing at a CAGR of 6.1% during the forecast period 2023-2032.
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Dynamics of the Market
Drivers: Rising research and development activities regarding albumin along with growing demand for albumin-based products in the healthcare sector are some factors expected to drive the global albumin market during the forecast period. In addition, albumin provides several health benefits and has extensive therapeutic uses which is also anticipated to boost the market growth by 2032.
Restraints: High cost and strict government regulations in developing countries are anticipated to impede market growth.
Opportunities: Increasing diseases and health conditions like blood loss and trauma along with rising technological advancements in research and drug development activities are some factors predicted to offer abundant market growth opportunities during the analysis timeframe. Moreover, a wide range of applications of albumin has encouraged several biopharmaceutical companies to introduce new medicines. This is also projected to create ample market growth opportunities in the coming years.
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Covid-19 Impact on the Albumin Market
The outbreak of the disastrous Covid-19 pandemic has had a positive impact on the global albumin market, unlike most industries. Due to growing number of infected patients, severe symptoms of the corona virus, and prevalence of respiratory diseases, the demand for effective drugs, medicines, and vaccines rose rapidly. This encouraged scientists and researchers to focus on developing drugs and vaccines with the help of albumin. Factors like these are expected to boost the market growth amid the pandemic chaos.
Segments of the Market
The report has segmented the albumin market into multiple segments based on type, form, application, grade, and regional analysis.
By type, the recombinant sub-segment is predicted to have the fastest growth rate and generate a revenue of $356.2 million during the forecast period due to the increasing R&D activities by biotechnological companies to develop effective drugs and other medicinal formulations. In addition, people's growing preference for synthetic drugs over human derived drugs or vaccines is yet another factors estimated to bolster the sub-segment's growth by 2032.
By form, the liquid/solution sub-segment generated $3,319.4 million in 2021 and is expected to have a dominant market share during the forecast period. This growth is majorly owing to the presence of albumin in plasma, essential for boosting plasma volume and albumin levels, which is manufactured from human blood plasma proteins for pharmaceutical purposes. In addition, albumin, comprising over 50% of plasma protein and contributing significantly to liver protein synthesis, underscores its pivotal role in medical applications, driving market expansion.
By application, the therapeutics sub-segment of the is projected to have the fastest growth rate and surpass $4,685.9 million by 2032. This is mainly due to the rising demand for novel drugs or vaccines to combat emerging diseases like viral infection. Additionally, the increasing R&D activities to develop new and potential vaccines & drugs is another factor predicted to propel the sub-segment's growth.
By grade, the technical and diagnostic grade sub-segment is expected to have a dominant market share and surpass $8,502.1 million by 2031, growing from $4,517.4 million in 2021. The widespread use of technical & diagnostic in biotechnology, particularly as a blocking agent in cell culture applications is the major driving factor. The formulation of diagnostic-grade albumin aims to minimize background interference in analyte detection. Varied preparation methods, like cold ethanol fractionation versus heat shock isolation, significantly influence albumin properties, catering to diverse biotechnological needs such as immunodetection.
By region, the Asia-Pacific albumin market in The Asia-Pacific albumin market share accounted for $3,145.2 million in 2021 and is projected to grow with a CAGR of 6.47%. The rising disposable income of the population and the region's rapidly expanding healthcare infrastructure are the major factors driving the market growth. Besides, the growing incidences of blood-related conditions in humans like blood infections is another factor expected to boost the regional market growth in the coming years. projected to drive the albumin market demand in the coming years.
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Prominent Market Players
The key players of the albumin market are Baxter International Inc., CSL Limited, China Biologic Products Holdings, Inc., Grifols, S.A., Novozymes, Merck KGaA, Octapharma AG, Thermo Fisher Scientific, Takeda Pharmaceuticals Company Limited, and Ventria Bioscience Inc. These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain market growth.
The report also summarizes many important facets including the financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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๐๐จ๐ง๐ญ๐๐๐ญ:
Mr. Abhishek Paliwal
Research Dive
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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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
