Recombinant human albumin (rHu Albumin) is a protein produced through recombinant DNA technology, which has wide applications in various therapeutic areas. rHu Albumin is used as a plasma volume expander for the treatment of hypovolemia and adult respiratory distress syndrome (ARDS). It is also used as a carrier molecule to transport and deliver drugs to target organs or tissues. Growing applicability of rHu albumin in therapeutics such as drug delivery and ARDS treatment is expected to drive the market growth during the forecast period.
The global rHu Albumin Market is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rHu Albumin market is driven by its growing therapeutical applications. As mentioned in the heading, rHu Albumin is widely used as plasma volume expander and carrier for drug delivery. It effectively treats hypovolemia and ARDS due to its physiological nature and non-immunogenicity. rHu Albumin bound drugs show better solubility, stability and selectivity to target organs. These advantages have increased adoption of rHu Albumin as drug carrier in therapeutics such as cancer and cardiovascular drugs. Additionally, increasing spend on healthcare infrastructure and research activities in developing regions is also contributing to the market growth of rHu Albumin. However, availability of alternate plasma expanders and high development cost of rHu Albumin-based drugs may hinder the market growth during the analysis period.
Segment Analysis
The rHu Albumin market is segmented based on application into therapeutics, drug formulation, vaccine ingredients, culture media ingredient, and other applications. The therapeutics segment currently dominates the market due to the increasing usage of albumin in critically ill and injured patients. Albumin acts as an effective plasma expander for volume replacement in conditions like burns, shock, surgery, and serious blood loss injuries.
PEST Analysis
Political: Governments across countries are supporting biologics production to ensure adequate supplies of essential medical products. There are also regulations for ensuring product safety and quality.
Economic: The rising healthcare spending worldwide is driving the demand for rHu Albumin from the therapeutics segment. economically priced rHu Albumin also enhances its uptake over alternatives.
Social: Factors such as growing incidence of chronic diseases and increasing trauma and burn cases are increasing the social need for rHu Albumin.
Technological: Advanced production technologies are helping manufacturers increase yields and optimize quality control processes to produce cost-effective and safe rHu Albumin. Continuous technological upgrades will further support the market.
Key Takeaways
The Global rHu Albumin Market Share is expected to witness high growth over the forecast period supported by the growing need for albumin in critical care. The global rHu Albumin Market is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030,
Regionally, North America dominates currently due to significant healthcare spending and established biologics industry. However, Asia Pacific is anticipated to emerge as the fastest growing regional market due to rising healthcare investments, growing population, and increasing government support for biologics production.
Key players operating in the rHu Albumin market are Merck KGaA, HiMedia Laboratories Pvt. Ltd., Albumin Bioscience, Albumedix, ScienCell Research Laboratories, Inc., InVitria, Lazuline Biotech Private Limited, Lee Biosolutions, Inc., Abcam Plc, and Shandong Kingtone Biotechnology Co.,Ltd. Merck KGaA and HiMedia Laboratories Pvt. Ltd. are currently the prominent players due to their large product portfolios and global sales network. Other players are focusing on expanding their production capacities and regional presence through collaborations and acquisitions.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.