by The recombinant human albumin (rHu Albumin) finds use as a colloid expander for volume replacement and as a carrier and stabilizing agent for various pharmaceuticals and diagnostic reagents. Albumin delivers important biological functions such as regulating blood plasma pH, osmotic pressure, and distribution of hormones and vitamins.
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 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the rHu Albumin market is the growing need for recombinant protein therapeutics. Albumin finds widespread application as a stabilizer and excipient for recombinant protein therapeutics owing to its stability and long plasma half-life. The recombinant protein therapeutics market has shown significant growth over the past few years due to increasing demand for specialized biologics in therapy areas such as oncology and autoimmune disorders. As research activities focusing on developing new biologics escalate, reliance on albumin would continue growing over the forecast period as an irreplaceable stabilizer and excipient for these protein therapeutics. This in turn would drive the demand for rHu albumin globally.
SWOT Analysis
Strength: Recombinant human albumin (rHu Albumin) is safe for human use and provides effective plasma volume expansion as it maintains colloid osmotic pressure similar to plasma. It poses minimal risk of disease transmission as it is free from any human or animal-derived impurities.
Weakness: High production cost of rHu Albumin limits its usage in developing regions. Strict regulations for production may increase approval timelines for new facilities.
Opportunity: Increasing prevalence of hypovolemia, acid-base imbalances, and other clinical conditions indicating albumin use presents an opportunity. Growth in usage in therapeutics like oncology drug delivery also supports market growth.
Threats: Availability of cheaper alternatives like crystalloids poses competition. Stringent regulations require considerable investment for new product launches.
Key Takeaways
Global rHu Albumin Market Size is expected to witness high growth. The market size is projected to reach US$ 25.30 Mn by 2030 from US$ 14.16 Mn in 2023, expanding at a CAGR of 7.8% during the forecast period.
Regional analysis: North America dominates the market currently due to advanced healthcare infrastructure and established biopharmaceutical industry. Asia Pacific is expected to register fastest growth aided by rising healthcare expenditure, shortage of donated blood and increasing number of plasma collection centers.
Key players: Key players operating in the rHu Albumin market are Cerner Corporation, Elekta, Accuray, RaySearch Laboratories, Flatiron Health, Koninklijke Philips N.V., McKesson Corporation, Epic Systems Corporation, CureMD Healthcare, Varian Medical Systems, Inc. The market is moderately consolidated and major players are focusing on new product approvals and regional expansion through strategic acquisitions and collaborations to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
