Albumin Market Key Drivers, Overview 2024-2033: Strategic Examination

"The Business Research Company recently released a comprehensive report on the Global Albumin Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to advancements in biotechnology, increased demand for plasma-derived therapies, expanding applications in pharmaceuticals, high prevalence of liver diseases, regulatory approvals for albumin-based products, and globalization of healthcare leading to wider market access.

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%. The growth in the forecast period can be attributed to the increasing prevalence of liver diseases, expanding applications in regenerative medicine, rising geriatric population, evolving diagnostic techniques, shifting healthcare infrastructure towards outpatient care, and growing awareness about the importance of maintaining optimal protein levels. Major trends in the forecast period include expanding therapeutic applications, rising adoption in drug delivery systems, increasing demand in cell culture media, growth in personalized medicine, advancements in recombinant technology, heightened awareness of hypoalbuminemia treatment, and significant investment in research and development for innovative albumin-based products.

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Market Drivers and Trends:

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 ket*oacidosis (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.

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.

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Major Key Players of the Market:

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.

Albumin Market 2024 Key Insights:

• 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%.
• Impact Of Rising Diabetes Incidence On The Albumin Market
• Innovations In Animal- and Human-Origin-Free Recombinant Albumin
• North America was the largest region in the albumin market in 2023

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