Rhu Albumin Market Estimated to Witness High Growth Owing to...

Rhu Albumin Market Estimated to Witness High Growth Owing to Increasing Applications in Medicine and Pharmaceutical Industry

Posted 2023-11-08 05:42:03

Market Overview:
Rhu albumin refers to recombinant human albumin which is produced through recombinant DNA technology and not from human blood plasma. It finds various applications in medicine and pharmaceutical industry due to its properties such as maintaining colloid osmotic pressure in the bloodstream, transporting molecules like hormones, fatty acids and synthetic medicines. Key uses of rhu albumin include treatment of burns, hypovolemia and hypoproteinemia. It is also used in cell culture media during biopharmaceutical manufacturing processes.

Market Dynamics:
The growth of the rhu albumin market is attributed to increasing applications in modern medicine as well as manufacturing of biopharmaceuticals. Recombinant technology helps in producing high purity rhu albumin which reduces the risk of pathogen transmission as compared to plasma-derived products. This is driving its adoption across healthcare facilities. Additionally, rising prevalence of burn injuries, chronic wounds and hypoproteinemia disorders is fueling the demand for rhu albumin therapy. Furthermore, expanding biopharmaceutical industry is augmenting the consumption of rhu albumin in cell culture media owing to its stability and serum-free production.

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The global Rhu Albumin Market Size is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: The Rhu Albumin market has high growth potential owing to increasing applications across biotechnology and pharmaceutical industries. Rhu albumin provides significant therapeutic benefits over other blood products. The market leaders have made heavy investments in R&D to develop novel applications of Rhu albumin.

Weakness: Manufacturing Rhu albumin involves complex fermentation and purification processes which increases the overall production costs. Additionally, high purity requirements associated with Rhu albumin add to manufacturing challenges.

Opportunity: Increasing demand for alternatives to human plasma-derived albumin products due to risk of transmission of infectious agents. Growing biopharmaceutical industry in emerging economies of Asia Pacific and Latin America will provide new opportunities for market players.

Threats: Stringent regulatory framework associated with manufacturing and approval of Rhu albumin products increases entry barriers. Threat from local manufacturers in emerging markets offering low cost alternatives.

Key Takeaways

The global Rhu Albumin market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing incidence of chronic diseases such as liver diseases and rising therapeutic applications of albumin. Albumin finds wide usage in therapeutic areas including oncology, neurology, burns, shock and others supporting market growth.

Regional analysis: North America is expected to dominate the global Rhu Albumin market over the forecast period owing to developed biopharmaceutical industry, rising research activities and increasing health expenditure in the region. Asia Pacific is anticipated to exhibit fastest growth owing to rising healthcare expenditure, increasing investments by market players and expansion of biotech industry in the region.

Key players operating in the Rhu Albumin market are Merck KGaA, HiMedia Laboratories Pvt. Ltd., Albumin Bioscience, Albumedix, ScienCell Research Laboratories, Inc., InVitria, Lazuline Biotech Private Limited, Lee Biosolutions, Inc., Abcam Plc, and Shandong Kingtone Biotechnology Co.,Ltd. Key players are focused on expanding their manufacturing facilities and product portfolios to strengthen market presence.