The albumin market is estimated to be valued at $8,129.1 million by 2028, surging from $4,157.2 million in 2020, at a noteworthy CAGR of 10.1%.
Impact Analysis of COVID-19 on the Albumin Market
The emergence of COVID-19 pandemic has positively impacted albumin market. As the infection rate and its transmission has increased, more people are being infected by the corona virus. To control this, many healthcare companies have paced up their research and development activities to develop vaccine for the treatment of the viral infection. These factors are likely to fuel the market growth of albumin in the future.
Albumin Market Analysis
As the research and developmental activities in scientific fields like cell culture and vaccine production have increased, the use of albumin as a growth medium has grown tremendously. This rising demand is expected to accelerate the growth curve of albumin market in the coming years. Albumin is loaded with impressive growth factors, and other valuable nutrients, minerals and growth factors which makes it a perfect choice for the growth of cells in the laboratory. Also, expanding application areas of albumin like, vaccine production & cell culture & research experiment in academic institutes are further expected to generate a huge revenue for albumin market in the future.
Factors such as high cost of albumin is likely to impede the growth of albumin market. The rising cost of albumin is due to the use of expensive techniques like gamma irradiations and filtration required to purify albumin after collection and before distribution. This factor is likely to hinder the growth of the market in future.
Top biopharmaceutical companies are focusing on developing animal derived medicinal products as they are more compatible and effective on humans. For this they have increased their research activities in cell culturing using albumin. Such factors are expected to open various opportunities for the biopharmaceutical countries in the forecast time period.
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Albumin Market, Segmentation
The albumin market is segmented based on type, application, and region.
Type:
The type segment of the market has been divided into human serum, bovine serum, and recombinant albumin. Among these, the recombinant albumin sub-segment is predicted to be the fastest growing market share in the global market and register an increase in the revenue from $1,011.20 million in 2020 to $2,099.60 million in 2028, at a CAGR of 9.8%. The growth is attributed to growing research and development activities in the drug design and formulation field and high demand for artificially developed vaccine in many countries,
Application:
The application segment of the market is divided into therapeutics, drugs formulation, and others. The therapeutics sub-segment of market is projected to have the highest share and reach $3,810.60 million by 2028 in a timeframe of 2021-2028. The growth of the sub-segment is projected to continuous expanding product portfolio of biopharmaceutical & biotechnological companies with medicines produced in introduction of albumin. Due to occurrence of diseases, the demand for albumin in therapeutics has increased. This factor is further likely to drive the sub-segment market in the future.
Region:
The Asia-Pacific albumin market is anticipated to grow at a CAGR of 10.3%, by generating a revenue of $2,365.60 million during the review period. The regional growth is attributed to the establishment of major companies in the market and their constant effort to develop potent vaccines and drugs for various diseases. Also, increasing cases of chronic cases among people like trauma, infection, and accidents have paced up the demand for albumin which has further propelled the market growth.
Key Players in the Albumin Market
The companies involved in the albumin market are
- Baxter International Inc.
- China Biologic Products, Inc
- CSL Limited
- Grifols, S.A.
- Merck KGaA
- Novozymes
- Octapharma AG
- Takeda Pharmaceuticals Inc
- Thermo Fisher Scientific
- Ventria Bioscience.
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Porter’s Five Forces Analysis for the Albumin Market
- Bargaining Power of Suppliers: Since there is limited number of suppliers, they demand a large amount for the raw material and the products from the customers.
Hence, the bargaining power of suppliers is high. - Bargaining Power of Buyers: Buyers are high in number but since the raw material and the product availability is less, they have to pay for the products asked by the suppliers or manufacturers.
Thus, the bargaining power of the buyers is low. - Threat of New Entrants: New companies entering the market have great opportunity to introduce alternative and less controversial albumin product at a less price.
Thus, the threat of the new entrants is high. - Threat of Substitutes: In case of albumin, various new alternatives are available in the market that prove to be equally efficient.
Thus, the threat of substitutes is high. - Competitive Rivalry in the Market: The competitive rivalry among industry leaders is very high as the opportunity to expand their business is vast, especially between the global players.
Therefore, competitive rivalry in the market is high.
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