Various other factors such as increasing prevalence of chronic conditions, technological advancements, emerging markets in APAC and RoW, rising awareness about albumin as excipient, and increase in usage of albumin for non-therapeutic applications are also expected to propel the growth of the market.
The global albumin market Report is expected to grow at an approximate CAGR of 6.1% during forecast period.
Rising adoption of recombinant albumin-based drug delivery systems by pharmaceutical and biotechnology companies is one of the key factors driving the albumin (as excipient) market. For instance, in 2014, Novozymes Biopharma DK A/S announced that its albumin-based VELTIS technology is used by GlaxoSmithKline plc in the manufacturing of type II diabetes drug (Tanzeum and Eperzan) in Europe.
Some of the key players in the global albumin (as excipient) market are Albumedix A/S, Albumin Therapeutics, LLC, Baxalta Incorporated, Baxter International Inc., Biotest AG, CSL Behring LLC, Celgene, China Biologic Products, Inc., Grifols International, S.A, HiMedia Laboratories Pvt. Ltd., InVitria, Medxbio Pte Ltd., Mitsubishi Tanabe Pharma Corporation, Octapharma AG, RayBiotech, Inc., SeraCare Life Sciences, Sigma-Aldrich Co. (Merck KGaA), and others.
The Americas dominated the global market for albumin (as excipient) owing to the rising R&D investments and increasing prevalence of diabetes within the region. According to the 2015 data suggested by the Centres for Disease Control and Prevention (CDC), around 30.3 million Americans were suffering from diabetes.
In 2017, it was estimated that Europe stood second in the global albumin (as excipient) market. This can be attributed to the increasing technological advancements, and rising participation of human serum albumin in vaccines market players. For instance, in 2016, a Denmark based company, Novozymes launched its recombinant albumin business as a new independent called Albumedix.
Asia Pacific was projected to be the fastest growing region in 2017. Increasing healthcare expenditure drives the regional markets of the Asia Pacific region. As per the data suggested by the Australian Institute of Health and Welfare, from 2015 to 2016, the total health expenditure was USD 181 billion.
On the other hand, the Middle East and Africa held least share in the global albumin (as excipient) market due to inadequate economic development, especially within the African region.
The global albumin (as excipient) market is segmented based on type, application, end user, and region.
The global market for albumin (as excipient), by type is segmented into human serum albumin, bovine serum albumin, and recombinant albumin. The human serum albumin segment is anticipated to hold the largest market share owing to the increasing cases of chronic conditions such as, cardiac disorders, infectious diseases, and others.
Based on application, the market is segmented into drug formulation, drug delivery, vaccines, medical device coating, culture media & stabilizers, diagnostics, in vitro fertilization, and others.
Based on end user, the market is segmented into pharmaceutical & biotechnology industry, academic and research institutes, and others.
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