The Albumin Market Projected to Grow at a CAGR of 6.1% and Generate a Revenue of $10,239.0 million by 2032Download Sample Reports Overview
The global albumin market size is predicted to be valued at $10,239.0 million by 2032, surging from $5,394.9 million in 2021, at a noteworthy CAGR of 6.1%.
Impact Analysis of COVID-19 on the Albumin Market
It is projected that the COVID-19 impact on the albumin market will moderately affect the growth of the global market. The manufacturing of vaccines such as Covishield and Covaxin to treat COVID-19 infection has increased the demand of albumin. For instance, according to the National Clinical Trial Registry reports, there are approximately 10 planned and current trials involving albumin for the creation of COVID-19 vaccines. As a result, the use of albumin has increased, which is expected to boost the albumin market growth throughout the course of the projected period. Thus, increasing product approvals and new developments from key competitors are projected to fuel the market expansion. However, throughout the projection period, the market expansion is anticipated to be constrained by severe government regulations related to the adoption of albumin products.
During the COVID-19 pandemic, the albumin market analysis saw an increase in market share. In the Asia-Pacific region, the rate of death has risen along with the number of coronavirus infections and the predominance of individuals who have life-threatening symptoms such as respiratory illnesses. The need for an efficient medicine or vaccine has also increased significantly as a result of the high infection rates. Due to the increased demand for effective COVID-19 therapy treatments, scientists and researchers have concentrated on using albumin to create new medications and vaccines. Such factors are expected to fuel market expansion during the forecast period.
Several initiatives launched by the Indian Government are helping society to recover from the pandemic. For instance, in October 2021, the PM Ayushman Bharat Health Infrastructure Mission was launched by the Prime Minister Shri Narendra Modi. He also inaugurated various development projects worth around $52 million (INR 5,200 crore) for Varanasi.
Global Albumin Market Analysis
Albumin offers several advantages and uses as it is endowed with diverse biologically specific capabilities such as ligand binding, antioxidant, free radical-scavenging and anti-inflammatory activity, and inhibition of apoptosis. In diverse applications, albumin is majorly employed as a nutrition source in cell culture media formulations and as a protein stabilization excipient in biologic medicine formulations, particularly for those that are lyophilized. In order to improve the general well-being of cells and to encourage cell growth in in-vitro laboratory settings, productivity, and viability, albumin is supplemented into cell culture media. In addition to delivering nutrients such as hormones and growth factors, albumin attaches to toxins (like copper) and free radicals to stop them from damaging cells. Also, albumin binds to excess proteins, acting as a buffer, as well as to hormones, growth peptides, and other media components, thus stabilizing them. These are the major factors anticipated to boost the albumin market demand during the analysis timeframe.
The use of albumin is restricted by causes including stringent government regulations and a dearth of therapeutic goods, despite the rising rates of hypoalbuminemia and hypovolemia worldwide. One of the primary issues restricting market growth is the strict government controls placed on the production of therapeutic applications. For instance, the U.S. Government ensures that the plasma it collects and delivers exceeds all relevant international standards for quality, safety, and potency. The lack of effective drugs for treating some disorders is the present problem in the market. The aforementioned problems are restricting albumin market growth over the predicted term.
In the albumin market, demand for albumin in R&D activities and increasing immunoglobulin production, an increase in albumin's non-therapeutic uses have boosted the market growth. According to the National Clinical Trial Registry, there are now 294 clinical studies for albumin in various stages of development and for various reasons. Additionally, Curium gained Food and Drug Administration (FDA) approval for Pulmotech MAA kit for technetium Tc 99m albumin aggregated injection in March 2020. It is a single photon emission agent used in conjunction with pulmonary perfusion testing to image the lungs. Consequently, the development of albumin products is anticipated to advance market growth. On the other hand, it is anticipated that the development of cost-effective treatments through mass production and strong market potential in underdeveloped emerging nations may impede industry expansion. Today's generation is more health conscious, which drives them to maintain their health and drives up the demand for albumin in the production of pharmaceuticals. The albumin market opportunity now has a lucrative prospect for expansion as a result of the encouragement given to many important businesses to enter emerging regions.
Global Albumin Market Share, Segmentation
The global albumin market analysis is segmented based on type, form, application, grade, and region.
The type segment is further classified into human serum, bovine serum, and recombinant HSA. Among these, the human serum sub-segment accounted for the highest market share in 2021. Human serum albumin (HSA) is one of the proteins that are the most frequent albumin found in human plasma. Numerous illnesses, such as cancer, sepsis, trauma, heart failure, liver failure, and others can cause hypoalbuminemia. A human serum small protein called HSA that is made by the liver is essential for maintaining the plasma colloid oncotic pressure. Albumin is sold in a variety of concentrations for human and clinical usage. Burns, shock, and blood loss are all treated in medical settings with human serum albumin. Human serum albumin is also a component of cell culture media and pharmaceutical products including vaccines and drug formulations. Human serum albumin possesses beneficial traits and has the potential to be used as a platform protein for the development and improvement of molecular imaging probes.
The form segment is further classified into lyophilisation/powder and liquid/solution. Among these, the liquid/solution sub-segment accounted for the highest albumin market share in 2021. By raising plasma volume or albumin levels in the blood by liquid form, this medicine works by increasing plasma volume. Furthermore, the albumin bodily fluid test is frequently used to find out how much albumin is in blood, to be more precise. The liver naturally secretes albumin, which is crucial for preserving the structural integrity of blood cells and allowing them to repair any tissue damage.
The application segment is further classified into therapeutics, drug formulations, vaccine, and others. Among these, the vaccine sub-segment is anticipated to witness the fastest growing by 2032. A biological preparation designed to produce acquired immunity for a specific illness is referred to as a vaccine. Usually, the disease-causing agent, its surface proteins, or its toxins are destroyed or weakened in vaccines. The immune system can identify the threat and eliminate it when this preparation is ingested by a human. Furthermore, a protein component of human blood is known as human serum albumin. It is a protein that is utilized to stabilize vaccines and preserve their quality while they are stored. The production procedure makes sure that there is no chance of disease transmission by using serum from vetted blood donors. Recombinant albumin, which does not include any byproducts from people or animals, can also be used to make vaccines.
The grade segment is further classified into technical and diagnostic grade, research/reagent grade, and food grade. Among these, the technical and diagnostic grade sub-segment accounted for the highest albumin market share in 2021. Albumin of the technical and diagnostic grade is largely utilized as a blocking agent in biotechnology applications. Most products of this grade are used in cell culture applications. To lessen the amount of background-interfering analyses, this diagnostic grade albumin was created. The properties of albumin are significantly influenced by the albumin manufacturing procedure, such as cold ethanol fractionation versus heat shock isolation. It is suggested that technical and diagnostic standard grades fulfill the requirements of various applications for a number of biotechnology applications, including immunodetection.
The albumin market size in the North America region is projected to show the second dominant albumin market share. The development of North America region is attributable to the presence of reputable biotech firms such as Bio Products Laboratory and their extensive R&D efforts in connection with the creation of drugs utilizing albumin. Additionally, there is a higher demand for albumin due to the rising prevalence of chronic disorders, including trauma and auto accidents. This factor is likely to raise the revenue of the market in the stipulated time.
Key Players in the Global Albumin Market
Some of the leading albumin market players are
- Baxter International Inc.
- China Biologic Products Holdings, Inc.
- CSL Limited
- Merck KGaA
- Octapharma AG
- Takeda Pharmaceuticals Company Limited
- Thermo Fisher Scientific
- Ventria Bioscience Inc.
In March 2021, a distribution agreement was made between Albumedix Ltd., a company that offers cutting-edge medicines and is a global leader in recombinant human albumin (rHA), and FUJIFILM Wako Pure Chemical Corporation, a reputable and long-standing supplier of reagents.