Albumin Market Forecasts to 2030 – Global Analysis By Product Type (Bovine Serum Albumin, Human Serum Albumin and Recombinant Albumin), Application, End User and By Geography

Albumin Market Forecasts to 2030 – Global Analysis By Product Type (Bovine Serum Albumin, Human Serum Albumin and Recombinant Albumin), Application, End User and By Geography

According to Stratistics MRC, the Global Albumin Market is accounted for $6.5 billion in 2023 and is expected to reach $10.3 billion by 2030 growing at a CAGR of 6.7% during the forecast period. A necessary protein produced by the liver, albumin is present in blood plasma. It is essential to many physiological processes that occur in the human body. As a carrier protein, albumin moves different materials throughout the circulation, including vitamins, fatty acids, hormones, and medications.

According to the American Cancer Society 2023 Cancer Statistics, about 1.93 million cancer cases are estimated to be reported in 2023 in the United States. The high burden of cancer is expected to augment the demand for HSA, thereby boosting segment growth over the forecast period.

Market Dynamics:

Driver:

Growing aging population

People are increasingly vulnerable as they become older to a variety of health problems, including chronic diseases, liver disease, and ailments that need to be treated with medicine. Among elderly persons, hypoalbuminemia a disorder marked by low blood levels of albumin is common. As a result, there is an increased need for therapies and treatments based on albumin to address various medical disorders. Thus the aging population is linked to rising healthcare costs, which in turn makes sophisticated medical treatments like albumin-based therapies more accessible, which fuels market expansion.

Restraint:

Availability of substitute products and alternatives

Price pressure in the albumin market might result from the availability of substitute goods, as businesses aim to maintain their competitiveness. This may lead to lower profit margins or price reductions for goods based on albumin, which would impact revenue streams. Healthcare professionals and patients may choose to use replacement goods or alternatives in place of albumin if they are accepted and show equivalent efficacy. Sales and market expansion may be impacted by this decline in the demand for albumin-based treatments thus hampering the growth of the market.

Opportunity:

Expanding biopharmaceutical industry

Pharmaceutical goods are formulated with albumin to increase the medications' solubility, stability, and bioavailability. It improves the effectiveness of biopharmaceuticals by stabilizing proteins and serving as a medication delivery system. Because albumin is biocompatible and can encapsulate medications, it is frequently used in the development of innovative drug delivery systems, such as those based on nanoparticles. Growing interest in biopharmaceutical R&D leads to alliances and partnerships between albumin suppliers and pharmaceutical firms, which promotes innovation and market expansion.

Threat:

High cost of production

Budget-conscious hospitals, healthcare systems, and providers could be hesitant to spend money on pricey albumin products, which would restrict utilization or make people, choose less costly options. Due to the high manufacturing costs, pharmaceutical businesses or manufacturers who produce albumin may see a decrease in their profit margins. Their capacity to fund R&D and innovation to advance albumin-based therapy may be impacted by this thereby impeding the market.

Covid-19 Impact

In order to treat severe COVID-19 patients, there was an increase in demand for critical care treatments during the early stages of the pandemic, particularly albumin. In several instances, albumin was utilized to replenish lost volume and provide supportive care for patients in severe condition. The pandemic-related resource reallocation and limitations on non-essential research activities may have caused several clinical studies and research projects pertaining to albumin or its possible uses to be postponed or interrupted.

The bovine serum albumin segment is expected to be the largest during the forecast period

The bovine serum albumin segment is estimated to have a lucrative growth, due to larger demands of the research, diagnostics, and biotechnology industries, human serum albumin (HSA) is predominantly employed for therapeutic purposes in the healthcare industry. The marketplaces for bovine serum albumin serve various businesses and serve relatively different goals. The biopharmaceutical and biotechnology sectors both use bovine serum albumin and it is employed in the creation and manufacturing of specific vaccinations, medical devices, and biologic medications thus encouraging the growth of the market.

The diagnostics segment is expected to have the highest CAGR during the forecast period

The diagnostics segment is anticipated to witness the highest CAGR growth during the forecast period, because in order to evaluate health and disease states, a number of clinical tests and assays quantify albumin, a critical biomarker. Serum albumin levels are frequently assessed in blood tests as part of liver function tests or full metabolic panels. Atypical albumin levels may suggest malnourishment, disorders of the liver or kidneys, or other medical conditions. Changes in albumin levels can be used as markers to diagnose certain medical problems in addition to regular blood testing. Thus hypoalbuminemia, or low serum albumin levels, can indicate a number of illnesses, including liver disease, renal problems, malnourishment, and inflammatory diseases.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the North America's modern medical facilities, long-standing healthcare infrastructure, and high healthcare spending all contribute to the region's significant market position in the worldwide albumin industry. Additionally, strict regulatory frameworks set by health agencies like Health Canada and the U.S. Food and Drug Administration (FDA) govern the albumin market in North America. Adherence to regulatory requirements is crucial for both product approvals and market access boosts the growth of the market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the medical field, albumin particularly human serum albumin (HSA) that is frequently utilized for a range of therapeutic purposes. Albumin is used by the medical systems in the area to treat injuries, liver illnesses, critical care, operations, and other ailments. Moreover, the biopharmaceutical sector has grown significantly in the Asia Pacific area. China and India are becoming as major actors in the biotechnology and pharmaceutical industries, helping to produce and market goods based on albumin.

Key players in the market

Some of the key players profiled in the Albumin Market include Kedrion S.p.A., Lazuline Bio, Albumin Bioscience, Aspira Chemical, ALBUMEDIX, Merck KGaA, Thermo Fisher Scientific Inc., Cyagen Biosciences, CSL Behring (CSL), Takeda Pharmaceutical Company Limited, InVitria, Grifols, S.A., Biorbyt Ltd., Octapharma AG, Akron Biotech, Novozymes AS, China Biologic Products Holdings Inc., Baxter International Inc., Bristol-Myers Squibb Company and Medxbio Pte Ltd

Key Developments:

In December 2023, Aspira Launches with More Than 30 Years of Expertise and Industry Insight in the Outdoor Recreation Space and the company will continue to support and manage ReserveAmerica®, the renowned online marketplace for outdoor recreation activities

In November 2023, KEDPLASMA, a Kedrion Biopharma company and a leader in the US in the collection of high-quality plasma, is proud to announce a comprehensive remodeling initiative aimed at enhancing the experience of its donors and raising the standard of excellence in its collection centers.

In November 2023, Aspira™ announced that it has acquired Mission Management, provider of the Astra and Campground Manager software platforms.

Product Types Covered:
• Bovine Serum Albumin
• Human Serum Albumin
• Recombinant Albumin



Applications Covered:
• Drug Delivery
• Vaccines
• Diagnostics
• In Vitro Fertilization
• Medical Device Coating
• Culture Medium & Stabilizer
• Other Applications

End Users Covered:
• Research Institutes
• Pharmaceutical & Biotechnology Companies
• Hospitals
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:

- Market share assessments for the regional and country-level segments

- Strategic recommendations for the new entrants

- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030

- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)

- Strategic recommendations in key business segments based on the market estimations

- Competitive landscaping mapping the key common trends

- Company profiling with detailed strategies, financials, and recent developments

- Supply chain trends mapping the latest technological advancements