Albumin Market Statistics 2019: Innovation and Product Optimization to Boost Growth

The high prevalence of different types of life-threatening cases and the rapid increase in adoption of albumin-based therapies are driving the growth of the albumin market in recent years. Recently, a paradigm shift has been observed in the development of recombinant albumin by recombinant technology in yeast, rice, and bacterial strains as this type of product offers additional benefits to patients in terms of safety. In addition, recombinant albumin is highly preferred as a pharmaceutical excipient, and increased vaccine production is expected to supplement the growth of the recombinant albumin market. In addition, increased strategic development by key players is expected to drive market growth during the forecast period.

Albumin Market report offers an all-inclusive study of key market trends, drivers & opportunities, market definition & scope, key market segments, market dynamics, top investment pockets, and competitive landscape. The report states that the global albumin market was estimated at $5.94 billion in 2017, and is expected to hit $10.31 billion by 2023, garnering a CAGR of 9.6% during the forecast period.

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Rise in the incidence of rare diseases and increase in the demand for non-therapeutic applications have fueled the growth of global albumin market. Moreover, mounting predilection for recombinant albumin for the treatment of burns, shock and blood loss spur the growth of the market. On the other hand, stringent government norms and certain threats related to albumin have happened to check the market growth to some extent. However, untapped opportunities in developing economies and development of cost-efficient therapeutics have created multiple opportunities in the segment.

The key players analyzed in the report include

China Biologic Products Inc.

Octapharma AG

CSL Limited

Thermo Fisher Scientific

Baxter International Inc. Shire Plc

Albumedix Ltd.

Grifols S.A.

Ventria Bioscience

Merck KGaA.

They have adopted a number of strategies such as group effort, partnerships, mergers & acquisitions, developments, joint ventures, and others to attain a strong footholdhold in the industry.

By product, Human serum albumin segment contributed to nearly three-fourths share of the total market in 2017. Based on application, the theraputic segment accounted for nearly half of the total market share in 2017 and would retain its top status till 2023. By region, North America accounted for more than one-third of the total market share in 2017 and is expected to dominate during the forecast period. This is due to rising adoption of recombinant albumin products, high-end healthcare infrastructure, and prevalence of trauma, shocks, burns, hepatic surgeries and liver related disorders in the region.