Global Albumin Market to Reach US$ 9.8 Billion by 2032, Impelled by Surging Prevalence of Chronic Diseases

July 05, 2022 | Healthcare

The latest report by IMARC Group, titled “Albumin Market Report by Product (Human Serum Albumin, Bovine Serum Albumin, Recombinant Albumin), Application (Therapeutics, Drug Formulation and Vaccine, Component of Media, and Others), End User (Hospitals and Clinics, Pharmaceutical and Biotechnology Companies, Research Institutes), and Region 2024-2032,” finds that the global albumin market size reached US$ 6.1 Billion in 2023. Albumin refers to a water-soluble globular protein produced by the liver and found in blood plasma. It enters the bloodstream and prevents fluids from leaking out of the blood vessels into other tissues. It also maintains the blood volume, regulates intravascular colloid osmotic pressure (COP), and carries hormones, vitamins, and enzymes throughout the body. It is widely used as a blood volumizer to treat rare diseases, liver disorders, blood loss, shocks, surgical complications, and burns. Besides this, albumin finds extensive applications in manufacturing drug delivery systems, therapeutics, culture media, and vaccines.

Global Albumin Market Trends:

Albumin is extensively utilized for treating renal dialysis, liver failure, hypovolemia, acute respiratory distress syndrome, cardiopulmonary disorders, nephrosis, and hypoalbuminemia. As a result, the surging prevalence of chronic diseases represents the primary factor driving the market growth. Moreover, the expanding geriatric population that is more prone to developing such medical ailments is positively influencing the market growth. Furthermore, albumin is rapidly gaining traction as a pharmaceutical stabilizer to reduce the denaturation of protein-active ingredients. In line with this, the growing usage of human serum albumin (HSA) to replenish proteins in human plasma and regulate plasma colloid oncotic pressure has augmented the product demand. Apart from this, the rising adoption of HSA in pharmaceutical preparations, such as drug formulations and vaccines, is another major growth-inducing factor. In addition, the introduction of albumin-based nanoparticles and extensive investments in drug development and drug discovery activities in the biopharmaceutical industry have catalyzed market growth. Other factors, including the emerging non-therapeutic applications of albumin, increasing production of immunoglobulins, advancements in protein purification and molecular separation technologies, and product innovations, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 9.8 Billion by 2032, expanding at a CAGR of 5.4% during the forecast period (2024-2032).

Market Summary:

  • Based on the product, the market has been categorized into human serum, bovine serum, and recombinant albumin. 
  • On the basis of the application, the market has been segmented into therapeutics, drug formulation and vaccine, component of media, and others.
  • The market has been classified based on the end user into hospitals and clinics, pharmaceutical and biotechnology companies, and research institutes. 
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Albumedix Ltd., Biotest AG, Celgene Corporation (Bristol-Myers Squibb Company), CSL Limited, Grifols SA, HiMedia Laboratories, Medxbio Pte Ltd, Merck KGaA, Octapharma AG, Takeda Pharmaceutical Company Limited, Thermo Fisher Scientific Inc., and Ventria Bioscience Inc.

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Global Albumin Market to Reach US$ 9.8 Billion by 2032, Impelled by Surging Prevalence of Chronic Diseases
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