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The global albumin market size touched USD 6.14 billion in 2022 and is predicted to reach USD 6.35 billion in 2023. The market is anticipated to touch USD 8.76 billion by 2030, recording a CAGR of 4.7% over 2023-2030.
Fortune Business Insights™ presents this information in its latest report titled “Albumin Market Size, Share & COVID-19 Impact Analysis, By Product (Human Serum Albumin, Recombinant Albumin, and Bovine Serum Albumin), By Application (Therapeutics, Diagnostics, and Research), By End-user (Hospital & Clinics, Pharmaceutical & Biotechnology Industry, and Research Institutes), and Regional Forecast, 2023-2030”.
Albumin is a form of protein made by the liver that is abundantly found in the plasma. This protein plays a key role in stabilizing the osmotic pressure of the blood. Factors, such as expansion of plasma fractionation facilities and rising incidence of hypoalbuminemia are expected to bolster the albumin market growth.
Growth in Medical Research & Development Activities During COVID-19 Fueled Market Expansion
The COVID-19 outbreak had a favorable impact on the market progress as medical researchers increased their research & development activities to find out and prove the effects of albumin on COVID-19-positive patients. Many leading companies in the market saw a major rise in their revenue from the albumin segment due to the pandemic as the demand for albumin-based products increased considerably.
Sartorius AG and CGT Catapult Forge Alliance to Revolutionize Therapy Manufacturing
In June 2023, Sartorius AG (ALBUMEDIX) partnered with Cell and Gene Therapy Catapult (CGT Catapult) to explore utilizing its albumin-based solutions in cutting-edge therapy applications, notably viral vector production. This collaboration aims to advance the efficacy of advanced therapies through innovative manufacturing techniques.
Growing Network of Plasma Fractionation Facilities to Boost Market Progress
The rising use of plasma in the drug development process has fostered the expansion of plasma fractionation facilities. Many nations, such as Italy, Australia, and Spain are increasing their network of these facilities to keep up with the growing demand for plasma among pharmaceutical companies. Fractionation facilities help split plasma into albumin and other components.
However, strict government regulations in several countries may stifle market growth.
Takeda, Grifols, S.A., and CSL Behring to Lead Market Growth Due to Vast Product Portfolios
Companies, such as Grifols, S.A., Takeda Pharmaceutical Co. Ltd., and CSL Behring (CSL) are dominating the market as they have an expansive product range that cater to unique needs of their customers. These companies are focusing on getting the approval for their novel products from reputed regulatory agencies and entering partnerships and mergers to expand their presence.
Notable Industry Development:
List of the Companies Profiled in the Report:
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Further Report Findings
Table of Segmentation
CAGR of 4.7% from 2023-2030
Value (USD billion)