According to a new report published by
Allied Market Research, titled, Albumin
Market, by Product, and Application: Global Opportunity Analysis and Industry
Forecast, 2017-2023," the global albumin market was
valued at $5,381 million in 2016, and is projected to reach $10,305 million in
2023, registering a CAGR of 9.6% from 2017 to 2023.
Albumin is globular protein found in liquid
component of blood called plasma. It is most abundant protein in plasma
constituting around 50% of the total protein in the blood. It plays a vital
role in maintaining proper oncotic pressure of blood and transporting hormones,
fatty acids, and other compounds throughout the body. It is derived from blood
plasma on fractionation, and is widely used to clinically to treat variety of
diseases. Different types of albumin are used clinically. These include human
serum albumin, bovine serum albumin, and recombinant albumin.
Click Here
To Access Free Sample Report: https://www.alliedmarketresearch.com/request-sample/2583
The factors that drive the growth of the
albumin market include increase in prevalence of life-threatening diseases and
conditions namely surgical procedures, liver diseases, trauma and burns cases,
and others. Moreover, rise in awareness about recombinant albumin products,
upsurge in demand for albumin products, and growth in non-therapeutic
application of albumin also fuel the growth of the market. However, stringent
governmental regulations and reforms, and risk of side effects associated after
using albumin products impede the market growth. Conversely, the development of
cost-effective therapeutic along with large production of albumin and presence
of untapped market in emerging economies are expected to provide lucrative
growth opportunities for the market.
The human serum albumin segment accounted
for the largest share in 2016, owing to high usage as blood volumizer and
applicability for treating variety of diseases and improved human serum albumin
production due to the emergence of advanced technologies. However, the
recombinant albumin segment is expected to grow at the high CAGR from 2017 to
2023.
The utilization rate of albumin for
therapeutics is high owing to rise in prevalence of trauma and cases of burns
as well as increase in the number of surgical procedures. However, drug
formulation and vaccines segment is expected to grow at a high CAGR during the
forecast period.
For
Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/2583
Key Findings of the Albumin Market:
- The bovine serum albumin segment
accounted for nearly one-eighth share of the global albumin market in
2016.
- The recombinant albumin segment is
expected to grow at highest CAGR from 2017 to 2023.
- The component of media segment accounted
for around one-fifth share of the global market in 2016.
- Europe accounted for around one-third
share of the global market in 2016.
- LAMEA is expected to provide lucrative
market growth opportunities from 2017 to 2023.
North America was the leading revenue
contributor to the global albumin market in 2016, and is expected to dominate
the market during the forecast period. This is attributed to the early approval
of albumin products and high adoption of recombinant albumin in this region.
However, Asia-Pacific is expected to grow at the highest CAGR during the study
period, due to increase in affordability, surge in healthcare expenditure, and
rise in awareness toward albumin products.
