Global Albumin Market to Rise at a CAGR of 6.1% and Surpass $10,239.0 Million by 2032, Owing to Extensive Usage of Albumin for Treating Chronic Diseases
Albumin is the most abundant protein found in the human blood which is made by the liver and it constitutes around 50%-60% of all the protein in the blood. The main function of albumin is to keep the fluid in your bloodstream and prevent the leaking of fluid into other tissues. Moreover, it helps in carrying various important substances, such as hormones, vitamins, fatty acids, ions, and enzymes throughout your body. Low albumin levels in the blood can result in serious kidney or liver problems and elevated albumin levels can be a sign of dehydration, diarrhoea, or other serious conditions.
Future Analysis of the Global Albumin Market
With the growing prevalence of chronic diseases across the globe and the increasing research & development activities of using albumin in various therapeutic areas, the albumin market is expected to witness remarkable growth during the analysis period. Besides, the increasing diseases and serious health conditions among individuals, such as blood loss, or trauma, are expected to fortify the growth of the market over the estimated timeframe. Moreover, the increasing technological advancements in biotechnological industries and the introduction of albumin products by leading companies are expected to create expansive growth opportunities for companies during the forecast period. However, the expensive techniques and skilled labor to extract and purify albumin may hinder the growth of the market over the analysis period.
According to the report published by Research Dive, the global albumin market is anticipated to garner a revenue of $10,239.0 million and exponentially grow at a healthy CAGR of 6.1% during the forecast period from 2022 to 2032. The major players of the market include Baxter International Inc., China Biologic Products Holdings, Inc., CSL Limited, Grifols, S.A., Merck KGaA, Novozymes, Octapharma AG, Takeda Pharmaceuticals Company Limited, Thermo Fisher Scientific, and Ventria Bioscience Inc.
Albumin Market Trends and Developments
The key companies operating in the industry are adopting various growth strategies & business tactics, such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global albumin market to grow exponentially. For instance:
- In April 2020, CSL Limited, a leading Australian multinational specialty biotechnology company that develops innovative biotherapies and influenza vaccines, collaborated with Biotest, BPL Group, LFB, and Octapharma, the global plasma leaders. With this collaboration, the companies aimed to develop a potential plasma-derived therapy for treating Covid-19 affected patients globally.
- In September 2021, Baxter International Inc., a leading American multinational health care company, acquired Hillrom, a renowned American medical technology provider. With this acquisition, Baxter aimed to expand its product portfolio by innovating a wide array of medical products and services for patients and clinicians all across the globe.
- In November 2021, Grifols, a leading Spanish multinational pharmaceutical and chemical manufacturer that focuses on developing medicines derived from plasma, launched its latest product named “ALBUTEIN FlexBag”. This albumin-based product is designed for easy use, reducing bubble accumulation during infusion, and helping medical staff and nurses avoid needle sticks. Additionally, this product is equipped with a flexible container that permits simple storage and greater convenience.
Most Profitable Region
The Asia-Pacific region is expected to be most dominant by 2032 and is predicted to grow at a CAGR of 6.47% over the analysis timeframe. This is mainly due to the rapidly expanding healthcare infrastructure and increasing disposable income of people in the region. Besides, the growing prevalence of blood-related conditions in humans like blood infections is another factor expected to boost the Asia-Pacific albumin market growth in the coming years.
Covid-19 Impact on the Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the albumin market. Due to the increasing rate of infection cases and growing complications in the patients, the demand for effective drugs and vaccines increased rapidly. This led researchers and scientists to focus on developing drugs and vaccines by using albumin. All these factors have boosted the growth of the market during the period of crisis.
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