The global rHu Albumin Market Growth Accelerated by Wide Adoption in Therapeutics
Recombinant human albumin (rHu Albumin) is a medical biochemical protein product that is produced from genetically engineered yeast, fungi or plant cells. rHu Albumin possesses similar biochemical characteristics as human serum albumin and is employed as an effective plasma volume expander in emergencies and surgeries. rHu Albumin offers advantages over blood plasma-derived albumin such as lower risk of disease transmission and stable supply.
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 10% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing acceptance of rHu Albumin in therapeutics over plasma-derived albumin products is a key trend fueling the market growth. There is increasing clinical evidence highlighting the efficacy of rHu Albumin in numerous disease conditions including hypovolemia, shock, burns, and acute respiratory distress syndrome (ARDS). Its risk-free production process makes it a safer option compared to plasma-derived albumin with possibilities of transmission viral diseases. Growing awareness about the therapeutic potential of rHu Albumin along with the rising incidence of critical illnesses where albumin administration is essential is augmenting the adoption of rHu Albumin products globally.
Segment Analysis
The global rHu Albumin market is dominated by liquid rHu Albumin segment which accounted for nearly XX% market share in 2023. Liquid rHu Albumin products provide convenience in applications such as therapy and critical care. They provide advantages such as easy storage, transportation and usage which has led to higher demand and growth. The powder rHu Albumin segment is expected to witness growth at a higher rate during the forecast period owing to increased applications in therapeutic areas and longer shelf life.
Key Takeaways
The Global rHu Albumin Market Share 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 from 2023 to 2030.
Regional analysis: Asia Pacific region is expected to witness highest growth in the global rHu Albumin market during the forecast period 2023-2030. The presence of developing economies such as China and India providing major opportunities. Higher patient pool and improving healthcare infrastructure and expenditure is driving the market in the region.
Key players: 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. Merck KGaA dominates the market owing to its robust product portfolio and strong distribution network across regions. HiMedia Laboratories Pvt. Ltd provides biosciences grades rHu Albumin products and is a prominent player in India.
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