Albany, NY -- (SBWIRE) -- 08/22/2017 -- Global Albumin Market: Snapshot
Prominent companies operating in the global albumin market are focusing on product and service extensions to grow their shares. This is serving to stoke competition in the market. In the near future, the competition is slated to intensify further on account of the savvy players striking partnerships or acquiring distributors to augment sales and expand businesses, globally.
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At the forefront of driving growth in the global albumin market is the enhanced stability of products such as vaccines containing albumin as an excipient. Apart from this, the enhancement in molecular separation and protein purification technologies, coupled with rising use of recombinant albumin, is expected to fuel the global albumin market significantly over the forecast period.
On the flipside, however, strict rules pertaining to the use of albumin, their expensiveness, and concerns about their impact on human health are posing a roadblock to the market.
A report by Transparency Market Research predicts the global human albumin market to become worth US$10.359 bn by 2025 from US$4.8 bn in 2016 by clocking a CAGR of 9.2% from 2017 to 2025.
Demand for Blood Volumizer from Emerging Economies Makes Blood Human Serum Albumin Leading Segment
Based on the types of product, the global albumin market can be classified into bovine serum albumin (BSA) extracted from fetal bovine serum, human serum albumin (HSA ) which is extracted from human plasma, and recombinant albumin produced from recombinant yeast, rice and other culture sources. Among them, the human serum albumin segment holds maximum share and going forward is expected to rise at a robust CAGR of 9.2% from 2017 to 2025. This is because, human serum albumin finds widespread application as a blood volumizer in case of burns, shocks, and other rare diseases. Demand for blood volumizer from emerging markets like China, India, and Brazil is expected to fuel this growth over the forecast period.
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The recombinant albumin segment is projected to expand at a CAGR of 6.0% from 2017 to 2025. It finds widespread application in drug formulation, drug delivery, diagnostics, and in many of the life sciences procedures. Bovine serum albumin market is expected to grow at CAGR of 2.6% during forecast period. It mainly finds application as a major component of cell and microbial culture media. High demand of recombinant albumin and bovine serum albumin as an excipient in drug delivery and vaccine production is expected to drive demand for these segments in the foreseeable future.
China and India Majorly Fuelling Growth in Asia Pacific Market
Geographically, the key segments of the global albumin market are North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Asia Pacific, of them, dominates the market with a leading share and going forward is expected rise at a robust 11.5% CAGR, powered primarily by the emerging markets in India and China. A large pool of elderly and rising instances of rare diseases, burns and surgeries are said to be catalyzing growth in the region.
In the years ahead, however, North America and Europe are projected to lose their market share because of the rise in preference for albumin alternatives and ambiguity in use of albumin as proven blood volumizer.
Some of the key players operating in the global albumin market are Medxbio Pte. Ltd.CSL Behring LLC, Grifols International, S.A., Octapharma AG, Kedrion S.p.A., Baxalta Inc., Octapharma AG, InVitria, Kedrion S.p.A., Mitsubishi Tanabe Pharma Corporation, Albumedix A/S, Sigma-Aldrich Co. LLC. (Merck KGaA), Thermo Fisher Scientific, Inc., and HiMedia Laboratories Pvt. Ltd.