Albany NY -- (SBWIRE) -- 02/13/2020 -- Transparency Market Research has published a latest report that talks in detail about the global albumin market. According to the research report, the global albumin market is expected to reach a valuation worth US$1200 mn by the end of 2026. To achieve this valuation, the market is expected to grow at a rate of 5% CAGR over the course of the given forecast period of 2018 to 2026.
Asia Pacific Region to Showcase Maximum Growth Potential
According to the research report, the Asia Pacific region is expected to show maximum growth potential as compared to the other regional segments of North America, Latin America, Europe, and Middle East and Africa. The growth of the Asia Pacific region is high because of the growing demand for albumin in countries such as India and China. However, the rate of adoption is slightly lower due to lack of awareness and benefits of the product and its therapeutic benefits.
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Precisely keeping this in mind, the government and healthcare regulatory bodies have initiated several awareness campaigns. This has been particularly helpful for the growth of the albumin market in the region. Organization such as PPTA have conducted awareness programs such as International Plasma Awareness Week to aid in boosting the awareness about donation of plasma. It also raised awareness about the different therapeutic benefits of and plasma protein therapies available in the market. This has thus helped in the overall development of the albumin market in the Asia Pacific region.
The biotechnology and pharmacy industry segment is expected to dominate the global albumin market in the coming years of the forecast period. The segment was initially valued at US$500 mn in the year 2017. The growing research and development activities across the industry is helping to drive the growth of the global albumin market. This coupled with the growing investments provided by both private as well as public sector is also expected to help in the growth of the global albumin market.
Drug Delivery Segment to Continue to Dominate
The drug delivery segment accounts for nearly 25% of the overall market share in 2017. This trend is projected to continue over the course of the given forecast period. The usage of human serum albumin nanoparticles as a favored drug delivery system with applications for a wide range of diseases is expected to help the growth of the global market.
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The ongoing collaborations and joint ventures among the leading manufacturers in the global albumin market is expected to provide significant boost to the growth of the market. For example, in May 2015, Serendex Pharmaceutical announced that the company has initiated the phase I trials of Molgradex. This drug candidate is used for treating rare pulmonary diseases. The drug uses Novozymes' Recombumin, a recombinant human albumin for more effective delivery of the therapeutic to the lungs.
The competitive landscape of the global albumin market is a consolidated one and features only a handful of leading players. Some of the big names in the global albumin market include names such as Octapharma AG, Baxter, Grifols International SA, and CSL Behring LLC. The newer and promising entrants in the albumin market refer to the established brands that are keen on developing and manufacturing albumin as an excipient. Moreover, the leading players in the market are adopting strategies such as merger, acquisitions, and joint ventures to stay ahead of the competitive curve.