A new Transparency Market Research report states that the global albumin market stood at US$704.9 mn in 2013 and is predicted to reach US$828.2 mn by 2020. It is predicted to expand at a CAGR of 2.30% from 2014 to 2020. The title of the report is “Albumin Market – Global Industry Analysis, Size, Share, Volume, Growth, Trends and Forecast 2014 – 2020.”
Albumin is the major protein found in blood and provides the protein required to repair tissues and maintain growth. Albumin is actually a family of globular proteins amongst which the most common are serum albumins. The proteins in the albumin family are partially soluble within concentrated salt solutions, are water-soluble, and undergo heat denaturation. Serum albumin is the major protein in the human blood plasma. Serum albumin binds cations, fatty acids, water, thyroxine, bilirubin, pharmaceuticals, and hormones. The primary function of this albumin is the regulation of the colloidal osmotic pressure of blood.
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As per the report, the enhanced product stability derived from the utilization of albumin in the form of an excipient is amongst the major factors propelling the growth of the market. The enhancement in molecular separation technology and protein purification also augments the growth of the market for albumin. On the other hand, the strict regulations and the rising issues related to health and cost are amongst the chief factors that may impede the growth of the market in the coming years.
On the basis of type, the albumin market is segmented into bovine serum, human serum, and recombinant albumin. Amongst these, the segment of human serum albumin led the market and stood at US$476.7 mn in 2013. On the other hand, the segment of recombinant albumin is predicted to be the most rapidly developing segment in the market and is poised to rise at a 2.70% CAGR from 2014 to 2020.
In terms of application, the market is segmented into vaccines, drug formulation and drug delivery, and component of medium. Amongst the application segments, the segment of drug formulation is predicted to rise at the swiftest CAGR of 2.40% in the forecast horizon.
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On the basis of geography, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). The U.S., within the region of North America, dominates the market for albumin and is trailed by Europe as well as Asia Pacific. The reason for the superiority of North America is owing to the proliferation of numerous research institutions and pharmaceutical companies within this region. Within the emerging economies, the advancements in drug delivery and drug formulations and the rising technology access emerged as key opportunities for investors, thus fuelling the growth of the market.
As mentioned in the report, the prime players operating in the market for albumin are HiMedia Laboratories Pvt. Ltd., CSL Behring LLC, InVitria, MedzBio Pte. Ltd., Novozymes A/S, Mitsubishi Tanabe Pharma Corporation, Octapharma AG, Sigma-Aldrich Corporation, RayBiotech, Inc., and Thermo Fisher Scientific, among others.