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Albumin Excipient Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Albumin Excipient Market
According to The Business Research Company's, The albumin excipient market size has grown strongly in recent years. It will grow from $4.56 billion in 2023 to $4.91 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to biopharmaceutical industry growth, increased adoption of biologics, risen prevalence of chronic diseases, clinical advancements and drug innovation, increased focus on drug delivery.
The albumin excipient market size is expected to see strong growth in the next few years. It will grow to $6.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to continued biopharmaceutical expansion, growing biologics pipeline, rising geriatric population, global vaccination initiatives, increasing drug development investments. Major trends in the forecast period include biodegradable and biocompatible properties, collaborations and partnerships in research, regulatory compliance and quality standards, application in cell therapy, customization and tailored solutions.
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Market Drivers and Trends:
The rising prevalence of chronic diseases is expected to propel the growth of the albumin excipient market going forward. A chronic disease is a form of illness that lasts three months or more and can deteriorate with time. Albumin is used as a blood volumizer and is the most abundant circulating protein in plasma that acts as a versatile protein carrier for drug targeting and for improving the pharmacokinetic profile of peptide or protein-based drugs is involved in the treatment of various diseases, including cancer, and diabetes. For instance, in January 2023, according to The National Center for Biotechnology Information, the US-based National Library of Medicine, which the federal government operates, the number of people in the USA aged 50 and older who have at least one chronic condition would increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the albumin excipient market.
Product innovations are a key trend gaining popularity in the albumin excipient market. Major companies operating in the albumin excipient market are introducing innovative solutions to sustain their position in the market. For instance, in November 2021, Grifols, S.A., a Spain-based healthcare company, introduced ALBUTEIN FlexBag (Albumin [Human] U.S.P.) in 5% and 25% concentrations, providing healthcare professionals with a more convenient option. The 5% concentration received U.S. Food and Drug Administration (FDA) approval in July 2021, featuring 250 mL and 500 mL bags, while the 25% concentration, approved earlier in the year, offers 50 mL and 100 mL bags. The ALBUTEIN FlexBag is available in various sizes and presented in an eco-friendly bag without plasticizers, offering a sustainable choice for healthcare professionals.
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Major Key Players of the Market:
Albumin Therapeutics LLC;Biotest AG;CSL Behring;Grifols S.A.;HiMedia Laboratories LLC;InVitria Inc.;Medxbio Pte Ltd.;Octapharma AG;RayBiotech Inc.;SeraCare Life Sciences Inc.;Sigma-Aldrich Pty. Ltd.; Hualan Biological Engineering Inc.;Kedrion Biopharma;LFB USA Inc.;Shanghai RAAS Blood Products Co. Ltd.;Baxter International Inc.;Bristol-Myers Squibb Company;Merck KGaA;Thermo Fisher Scientific Inc.;Albumedix A/S; Bio Products Laboratory Ltd.;Shire Plc.;Ventria Bioscience Inc.;Novartis AG;China Biologic Products Holdings Inc.;ProMetic Life Sciences Inc.;Sanquin;Biopharma;Takeda Pharmaceutical Company Limited;FUJIFILM Irvine Scientific Inc.
Albumin Excipient Market 2024 Key Insights:
• The albumin excipient market will grow to $6.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Chronic Disease Rise Fuels Albumin Excipient Market Growth
• Innovative Product Strategies Propel Market Growth
• North America was the largest region in the Albumin Excipient market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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