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Global Albumin Market Overview Covering Forecast Market Size And Growth Rate 2033 | Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., Takeda Pharmaceutical Company Limited, Merck KGaA
Albumin Global Market Report 2024
As per the report, the albumin market size has grown strongly in recent years. It will grow from $6.03 billion in 2023 to $6.57 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The albumin market size is expected to see strong growth in the next few years. It will grow to $9.33 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
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Impact Of Rising Diabetes Incidence On The Albumin Market
The rising incidence of diabetes is expected to propel the growth of albumin market going forward. Diabetes is a metabolic disease characterized by high blood sugar levels over a prolonged period. The number of diabetes cases is rising because of poor nutrition, a lack of physical activity, hormonal conditions, and obesity. Albumin is an important biomarker in diabetes that can guide insulin therapy, monitor glycemic control, aid in diagnosis, and predict complications such as diabetic (DKA). Maintaining normal albumin levels is crucial for the overall management of diabetes. For instance, in January 2022, according to the National Library of Medicine, a US-based government library, in 2021, the global prevalence of diabetes was estimated at 10.5%, affecting approximately 536.6 million individuals aged 20-79 years. By 2045, this figure is projected to increase to 12.2%, impacting around 783.2 million people. Therefore, the rising incidence of diabetes is expected to propel the growth of albumin market going forward.
Innovations In Animal- and Human-Origin-Free Recombinant Albumin
Major companies operating in the albumin market are developing innovative products, such as an animal- and human-origin-free recombinant albumin, to better serve customers with advanced features. An animal- and human-origin-free recombinant albumin refers to a type of albumin that is manufactured using a non-mammalian expression system, such as yeast, and does not contain any components derived from animals or humans. For instance, in March 2023, Albumedix, a UK-based manufacturer of recombinant human albumin (rHA), and Heartseed Inc., a Japan-based clinical-stage biotech company, partnered to launch Recombin, a critical excipient that will be used in the production of Heartseed's investigational cell therapy, HS-001, as its first-in-human clinical trial commences. This collaboration marks a significant milestone in the development of HS-001, which is poised to revolutionize the treatment of various diseases. The inclusion of recombination in the manufacturing process ensures the optimal performance and stability of the cell therapy, further solidifying its potential for therapeutic success.
The albumin market covered in this report is segmented -
1) By Type: Human Serum Albumin, Bovine Serum Albumin, Recombinant Albumin
2) By Application: Therapeutics, Drug Formulation And Vaccines, Component Of Media, Other Applications
3) By Sales Channel: Business-To-Consumer (B2C), Business-To-Business (B2B)
4) By End-User: Hospitals And Clinics, Pharmaceutical And Biotechnology Companies, Research Institutes
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Major companies operating in the albumin market are Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., Takeda Pharmaceutical Company Limited, Merck KGaA, Baxter International Inc., CSL Limited, Grifols SA, Mitsubishi Tanabe Pharma Corporation, Octapharma AG, Kedrion S.p.A., Biotest AG, Jiangxi Boya Bio-Pharmaceutical Co. Ltd., BPL (Bio Products Laboratory), Kamada Ltd., Proliant Biologicals, SeraCare Life Sciences Inc., HiMedia Laboratories, Albumedix Ltd., Medxbio Pte Ltd., Ventria Bioscience Inc., China Biologic Products Holdings Inc.
Contents of the report:
1. Executive Summary
2. Albumin Market Report Structure
3. Albumin Market Trends And Strategies
4. Albumin Market - Macro Economic Scenario
5. Albumin Market Size And Growth
…..
27. Albumin Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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