The report has also detected a highly competitive scenario owing to the presence of several well-established players and it is expected to further intensify in the near future as the prominent companies indulge in collaborations or acquisitions to strengthen their distribution network and increment consumers.
As per the projections of the TMR report, the demand in the global albumin market will increase at a notable CAGR of 9.2% during the forecast period of 2017 to 2025. By the end of 2025, the report has estimated that the opportunities in this market will translate into a revenue of US$10.40 bn, considerably up from its evaluated worth of US$4.80 bn in 2016. Going forward, the analysts of the report expects the key companies to adopt premium pricing module in order to meet their desired profits. Development of novel products is also expected to pave a way to greater shares for these companies.
Human Serum Albumin Most Profitable Product Segment
Based on product type, the TMR report segments the global albumin market into human serum albumin (HSA), recombinant albumin, and bovine serum albumin (BSA). Among these, the segment of human serum albumin, which is derived from human plasma, currently serves the maximum demand, owing to its widespread applications such as blood volumizer in case of shocks, burns, and other specific diseases. During the forecast period, this segment is projected to match the global growth rate and produce significant demand from emerging economies such as India, China, and Brazil. Application-wise, the report segments the worldwide albumin market into drug formulation and vaccines, blood volumizer, life sciences, and others.
Geographically, the report picks out Asia Pacific as most lucrative region, rising on emerging economies of China and India, which have a large pool of geriatrics and incidences of burns and surgeries is increasing. The demand in the Asia Pacific albumin market is projected to increment at an above-average CAGR of 11.5% during the forecast period of 2017 to 2025. On the other hand, current demand coming from the developed regions of North America and Europe are expected to slide-down as a result of growing preference for alternatives of albumin.
Prevalence of Rare Diseases Driving Demand
The report observes that essentially, albumin is produced in liver of human beings and contains nearly 50 to 60% of blood plasma proteins that are found in serum. These albumin are utterly important for the proper circulation of blood in volume as it serves as transporter of various molecules such as ions, bile salts, and hormones. Presently, albumins are frequently used to increase volume of blood during disorderly medical conditions and replacement surgeries. As the percentage of rare diseases such as shocks, fatalities, and trauma increases across the world, the demand for serum albumin will continue to gain traction, besides being driven by its use for vaccination and production and growing adoption of albumin as excipient in drug delivery. On the other hand, lack of plasma for fractionation is the primary restraint challenging the global albumin market from attaining its true potential. In addition to that, advent of alternatives for replacement therapies and other healthcare applications will obstruct this market during the forecast period of 2017 to 2025.
The information presented in this review is based on a Transparency Market Research report, titled, “Albumin Market (Type – Human Serum Albumin, Bovine Serum Albumin, and Recombinant Albumin; Application – Blood Volumizer, Drug Formulation and Vaccines, and Life Sciences) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”