Global Albumin Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Albumin Market from 2024 to 2033?
The albumin market has experienced significant growth. It is expected to rise from $6.03 billion in 2023 to $6.57 billion in 2024, at a CAGR of 9.0%. The historical growth can be attributed to advancements in biotechnology, rising demand for plasma-derived therapies, expanding pharmaceutical applications, the high prevalence of liver diseases, regulatory approvals for albumin products, and the globalization of healthcare providing broader market access.
The albumin market is expected to grow substantially, reaching $9.33 billion by 2028 at a CAGR of 9.1%. This growth is driven by liver disease prevalence, regenerative medicine applications, the aging population, advanced diagnostic techniques, outpatient care shifts, and protein level awareness. Major trends include expanding therapeutic applications, drug delivery system adoption, cell culture media demand, personalized medicine growth, and R&D investments in innovative products.
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What Factors Are Encouraging Growth in the Albumin Market?
The albumin market is expected to grow due to the rising incidence of diabetes. Diabetes, characterized by prolonged high blood sugar levels, is increasing due to poor nutrition and obesity. Albumin serves as a vital biomarker in diabetes management, aiding in insulin therapy and monitoring glycemic control. For example, in January 2022, the National Library of Medicine estimated that global diabetes prevalence was around 10.5%, affecting 536.6 million individuals. By 2045, this is projected to rise to 12.2%, impacting approximately 783.2 million people. Therefore, the growing incidence of diabetes is expected to propel the albumin market.
Which Segments Play a Vital Role in the Albumin Market?
1) By Type: Human Serum Albumin, Bovine Serum Albumin, Recombinant Albumin
2) By Application: Therapeutics, Drug Formulation And Vaccines, Component Of Media, Other Applications
3) By Sales Channel: Business-To-Consumer (B2C), Business-To-Business (B2B)
4) By End-User: Hospitals And Clinics, Pharmaceutical And Biotechnology Companies, Research Institutes
What Trends Are Driving Change in the Albumin Market?
Companies in the albumin market are innovating with products like animal- and human-origin-free recombinant albumin. In March 2023, Albumedix from the UK and Heartseed Inc. from Japan collaborated to launch Recombin, a crucial excipient for Heartseed’s cell therapy, marking a significant advancement in treatment efficacy.
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What Regions Are Contributing Significantly to the Growth of the Albumin Market?
North America was the largest region in the albumin market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the albumin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Albumin Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the albumin market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Albumin Market Include
1. Albumin Market Executive Summary
2. Albumin Market Segments
3. Albumin Market Size And Template Market Growth Rate
4. Key Albumin Market Trends
5. Major Albumin Market Drivers
……
25. Key Mergers And Acquisitions In The Albumin Market
26. Top Albumin Companies
27. Albumin Market Opportunities And Strategies
28. Albumin Market, Conclusions And Recommendations
29. Appendix
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Industry: Healthcare Services
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The Business Research Company offers the albumin market research report 2024 with industry size, share, segments and market growth
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