by Market Overview:
Rhu Albumin, commonly known as recombinant human albumin, is a sterile preparation of purified albumin produced from yeast. It is used as a plasma volume expander in conditions like shock, burns, hypovolemia, and hypoproteinemia. Rhu albumin has the ability to maintain intravascular volume and help prevent or correct hypovolemia. It has an extended half-life compared to human albumin and does not carry the risk of transmitting infectious agents. Some key application areas of Rhu albumin include resuscitation of patients in intensive care, emergency room, surgery, and other areas where rapid restoration of circulating volume is required.
Market Dynamics:
The increasing prevalence of chronic conditions requiring plasma volume expansion therapy is a major driver for the Rhu albumin market. As per estimates, about 5 million patients in the US require volume expansion each year due to conditions like liver disease, burns or injuries from accidents. Additionally, the growing geriatric population who are more prone to chronic illnesses will also propel market growth during the forecast period. Another key growth driver is the increasing preference for recombinant products over plasma-derived products due to the lower risk of transmitting infections. Rhu albumin eliminates concerns regarding the transmission of viruses and is also more stable than human albumin. Furthermore, recombinant albumin has benefits like long shelf life and availability throughout the year as production is not dependent on blood donation. These advantages are increasing its adoption compared to plasma-derived alternatives.
The global Rhu Albumin Market Size 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global Rhu Albumin market is divided into four main segments: Human Serum Albumin, Bovine Serum Albumin, Recombinant Albumin, and Yeast Derived Recombinant Albumin. Among these, the Recombinant Albumin segment accounted for the largest market share of around 35% in 2023. The demand for Recombinant Albumin is high due to less risk of disease transmission and ease of large-scale production through recombinant DNA technology.
PEST Analysis
Political: The growth of the Rhu Albumin market is supported by various government regulations and policies regarding the production and approval of recombinant albumin products.
Economic: The rising per capita healthcare expenditure and growing biopharmaceutical industry are the major macroeconomic factors fueling the demand for Rhu Albumin.
Social: The increasing prevalence of chronic diseases and growing awareness about albumin therapeutics is positively impacting social factors.
Technological: Advancements in recombinant DNA technology have enabled efficient large-scale production of recombinant human albumin with high purity and safety, thereby augmenting the technological front of this market.
Key Takeaways
The global Rhu Albumin market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand for recombinant therapeutics and ease of large-scale production. Regionally, North America dominated the market with around 35% share in 2023 led by advanced healthcare infrastructure and presence of key players in the US and Canada. The Asia Pacific region is poised to experience the fastest growth rate during the analysis period owing to rising healthcare spending, growing medical tourism and increasing disease burden.
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 dominates the market with over 20% revenue share in 2023 due to its strong product portfolio and global footprint across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. 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.
