Albumin Market On Position to Reach $10,305 Million by 2023
Pune, Maharashtra, India, February 18 2021 (Wiredrelease) Allied Analytics –:Albumin is globular protein found in liquid component of blood called plasma. It is most abundant protein in plasma constituting around 50% of the total protein in the blood. It plays a vital role in maintaining proper oncotic pressure of blood and transporting hormones, fatty acids, and other compounds throughout the body. It is derived from blood plasma on fractionation, and is widely used to clinically to treat variety of diseases. Different types of albumin are used clinically. These include human serum albumin, bovine serum albumin, and recombinant albumin.
According to a new report published by Allied Market Research, titled, Albumin Market, by Product, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global albumin market was valued at $5,381 million in 2016, and is projected to reach $10,305 million in 2023, registering a CAGR of 9.6% from 2017 to 2023.
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The factors that drive the growth of the albumin market include increase in prevalence of life-threatening diseases and conditions namely surgical procedures, liver diseases, trauma and burns cases, and others. Moreover, rise in awareness about recombinant albumin products, upsurge in demand for albumin products, and growth in non-therapeutic application of albumin also fuel the growth of the market. However, stringent governmental regulations and reforms, and risk of side effects associated after using albumin products impede the market growth. Conversely, the development of cost-effective therapeutic along with large production of albumin and presence of untapped market in emerging economies are expected to provide lucrative growth opportunities for the market.
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The human serum albumin segment accounted for the largest share in 2016, owing to high usage as blood volumizer and applicability for treating variety of diseases and improved human serum albumin production due to the emergence of advanced technologies. However, the recombinant albumin segment is expected to grow at the high CAGR from 2017 to 2023.
The utilization rate of albumin for therapeutics is high owing to rise in prevalence of trauma and cases of burns as well as increase in the number of surgical procedures. However, drug formulation and vaccines segment is expected to grow at a high CAGR during the forecast period.
Key Findings of the Albumin Market:
The bovine serum albumin segment accounted for nearly one-eighth share of the global albumin market in 2016.
The recombinant albumin segment is expected to grow at highest CAGR from 2017 to 2023.
The component of media segment accounted for around one-fifth share of the global market in 2016.Europe accounted for around one-third share of the global market in 2016.
LAMEA is expected to provide lucrative market growth opportunities from 2017 to 2023.
North America was the leading revenue contributor to the global albumin market in 2016, and is expected to dominate the market during the forecast period. This is attributed to the early approval of albumin products and high adoption of recombinant albumin in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness toward albumin products.
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