Market Overview –
The albumin market revolves around the production, distribution, and utilization of albumin, a vital protein found in blood plasma. Human serum albumin (HSA) and bovine serum albumin (BSA) are the two primary types used in various medical, pharmaceutical, and biotechnological applications. Albumin serves diverse functions in the body, including maintaining osmotic pressure, transporting hormones and drugs, and regulating pH levels.
The albumin (as excipient) market size was estimated to be around USD 0.9 billion in 2022 and is expected to increase at a compound yearly growth rate (CAGR) of 5.9% from USD 0.95 billion in 2023 to USD 1.46 billion by 2032.
The albumin market, particularly emphasizing macroaggregated albumin, is witnessing steady growth. As a vital component in various medical applications, including diagnostics and therapeutics, albumin's demand remains high. Macroaggregated albumin plays a crucial role in nuclear medicine, particularly in lung perfusion scans. This specialized application contributes to the market's continued expansion and innovation.
Market growth is propelled by the increasing demand for albumin in medical treatments, including volume expansion therapy, drug delivery, and plasma protein replacement therapy for patients with liver diseases, burns, and other medical conditions. Albumin is also utilized in diagnostic tests and research experiments due to its unique properties and versatility.
Key Players –
Albumin companies include Albumedix A/S, Albumin Therapeutics, LLC Baxalta Incorporated, Baxter International Inc., Biotest AG, CSL Behring LLC, China Biologic Products Inc., Grifols International, HiMedia Laboratories Pvt. Ltd., among others.
Market Segmentation
Based on the Application, the Albumin (as Excipient) Market has been segmented into in-vitro fertilization, medical device coating, drug formulation, vaccines, drug delivery, culture medium & stabilizers, diagnostics, and others.
Based on the end-users, the Albumin (as Excipient) Market has been segmented into academic and research organizations, the pharmaceutical and biotechnology sector, and others based on the propulsion types.
Based on the region, the Albumin (as Excipient) Market has been segmented into the Americas, Europe, Asia Pacific, the middle east, and Africa.
Regional Classification
The global Albumin market was boosted by rising R&D spending and rising diabetes rates in the Americas. According to data from the Centers for Disease Control and Prevention (CDC), around 30.3 million Americans have diabetes. During the historic forecast period, Europe was anticipated to be the second-largest market for Albumin. This is due to technological advancements and increased market participation. During the historic forecast period, it was expected that the Asia-Pacific region would expand the fastest. The Asia Pacific region's regional marketplaces are driven by an increase in medical spending. Between 2015 and 2016, the Australian Institute of Health and Welfare reported a total health investment of USD 181 billion. Even though albumin was most popular in Europe and North America, the Middle East and Africa had the smallest share of the total albumin market.
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