According to IMARC Group latest report titled “Albumin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on albumin market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global albumin market size reached US$ 6.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
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Factors Affecting the Growth of the Albumin Industry:
- Rising Prevalence of Chronic Diseases: The albumin market is experiencing growth due to the increasing prevalence of chronic diseases, such as liver disorders, cardiovascular diseases, and nephrotic syndrome. Albumin is a crucial component used in medical therapies for various conditions, including liver cirrhosis and hypoalbuminemia associated with chronic illnesses. As the global burden of chronic diseases continues to rise, the demand for albumin-based therapies is escalating, contributing significantly to market expansion.
- Growing Geriatric Population: The aging global population is a key driver for the albumin market. Elderly individuals often experience age-related health issues, leading to conditions that may require medical interventions, including albumin therapy. Additionally, aging is associated with a decline in albumin production by the liver, making albumin supplementation essential for managing health conditions in older adults. The increasing proportion of elderly individuals worldwide is fueling the demand for albumin products, driving market growth.
- Expanding Applications in Critical Care and Surgery: Albumin finds extensive applications in critical care settings and surgical procedures. It is used for volume expansion, maintenance of oncotic pressure, and as a plasma expander in critical care scenarios. In surgical settings, albumin plays a crucial role in managing patients undergoing major procedures. The continual advancements in surgical techniques and critical care practices contribute to the growing utilization of albumin, fostering market growth. As medical procedures become more sophisticated, the demand for albumin for therapeutic and supportive purposes is expected to increase, further propelling market expansion.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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.
- Ventria Bioscience Inc
Albumin Market Report Segmentation:
By Product:
- Human Serum Albumin
- Bovine Serum Albumin
- Recombinant Albumin
Human serum albumin represented the largest segment due to the rising prevalence of chronic liver and kidney diseases that necessitate regular monitoring and treatment of albumin levels.
By Application:
- Therapeutics
- Drug Formulation and Vaccine
- Component of Media
- Others
Therapeutics holds the largest share in the market due to the growing prevalence of chronic conditions like liver disease, kidney disorders, and diabetes, which necessitate the use of albumin-based treatments to regulate blood volume and protein levels.
By End User:
- Hospitals and Clinics
- Pharmaceutical and Biotechnology Companies
- Research Institutes
Hospitals and clinics dominate the market due to the increasing incidence of chronic diseases like liver and kidney disorders that requires consistent monitoring and treatment, often involving albumin-based products.
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
North America's dominance in the market is due to the high prevalence of chronic conditions like liver diseases, kidney disorders, and diabetes in the region.
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Global Albumin Market Trends:
The albumin market is witnessing notable trends that reflect the evolving landscape of healthcare and therapeutic interventions. Firstly, there is a growing emphasis on the development of recombinant albumin, leveraging biotechnological advancements to enhance albumin production. This trend aligns with the industry's focus on improving product quality, and scalability and reducing dependence on traditional sources. Secondly, there is an increased exploration of novel applications for albumin beyond traditional uses, including drug delivery systems and regenerative medicine. Albumin's unique properties make it a versatile component in various medical applications.
Additionally, there is a noticeable shift toward the use of albumin in personalized medicine, tailoring treatment approaches based on individual patient needs. As precision medicine gains prominence, albumin's role in targeted therapies and individualized healthcare is expected to expand, shaping the future of the albumin market.
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