Global Albumin Market: Snapshot
Albumin has found wide applications as a robust pharmaceutical excipient in the stabilization of protein therapeutics. It is used as a drug carrier for microparticles and nanoparticles for sustained-release of injectable drugs. Albumin is also widely used in cell culture media as a supplement to bring about growth and productivity of cells and promote overall cell health. The extraordinary properties of albumin helps facilitate stabilization of drugs by lowering oxidation, aggregation, and surface absorption. It also lessens denaturation of the active ingredient that can result from the preparation of a low-dilution solution of the active ingredient.
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Albumin has enjoyed considerable demand globally because of the higher stability of products having albumin as an excipient. Additionally, the improvement in molecular separation and protein purification technologies, coupled with rising popularity of recombinant albumin, is predicted to further fillip the global market for albumin in the near future. Countering the growth in the market is the stringent norms pertaining to the use of albumin and its high cost. Concerns over albumin’s effect on the human health is another factor deterring its uptake. Going forward, the increasing demand for customized, serum-free, and chemically defined media will also likely hamper the global albumin market.
The report also discusses the challenges faced by the albumin market across the world. Strict rules and regulations regarding the usage of albumin, high cost associated with it, and the concerns pertaining to the impact of albumin on human health are the major issues that the global albumin market is currently dealing with. The rising demand for serum-free, customized, and chemically defined media is likely to hamper the global albumin market over the forecast period.
According to the report, the global albumin market is evaluated on three front: type, application, and regional distribution. Based on type, the market is segmented into the bovine serum albumin, human serum albumin, and recombinant albumin markets. The human serum albumin market dominated the overall albumin market, generating a revenue of US$476.7 mn in 2013. The market segment is likely to retain its position, expanding at a CAGR of 2.20% between 2014 and 2020 and reach US$557 mn by 2020. However, the recombinant albumin market is likely to register the fastest growth, at a CAGR of 2.70% over the forecast period.
The report states that the global market for albumin is classified into drug formulation and delivery, component of medium, and vaccines on the basis of application. Among these, the drug formulation and delivery market is estimated to post the fastest CAGR of 2.40% from 2014 to 2020 and reach US$395.9 mn by the end of the forecast period.North America, Asia Pacific, Europe, and the Rest of the World are the key regional markets for albumin in the global arena, cites the research report. North America occupies the leading position in the worldwide albumin market, wherein the U.S. accounts for the largest share. The presence of a huge pharmaceutical industry, which is one of the major end users of albumin, is the main reason for the dominance of North America in the global albumin market.
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Asia Pacific and Europe also contribute significantly to the global albumin market. China is the biggest market for albumin in the Asia Pacific region, notes the research study.Octapharma, CSL Behring, InVitria, HiMedia Laboratories, MedxBio Pte. Ltd., Novozymes, Mitsubishi Tanabe Pharma, Sigma-Aldrich Corp., RayBiotech Inc., and Thermo Fisher Scientific are some of the major companies operating in the global market for albumin, states the market report.
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