Albumin Market Size, Share, Supply, Demand, Segments and Forecast 2020-2026
The global albumin market is likely to gain traction from the rising usage of recombinant DNA technology to safely produce significant proteins and other components in the laboratory setting. This information is given by Fortune Business Insights™ in a recent study, titled, “Albumin Market Size, Share & Industry Analysis, By Product (Human Serum Albumin (HSA), Recombinant Albumin, and Bovine Serum Albumin (BSA)), By Application, and Regional Forecast, 2019-2026.”
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/albumin-market-102637
The study further states that the albumin market size was USD 4.29 billion in 2018 and is projected to reach USD 6.77 billion by 2026, exhibiting a CAGR of 6.0% during the forecast period.
Development of Fractionation Facilities to Skyrocket Demand
Usage of protein is upsurging day by day owing to their possession of several advantages. They are mainly used in the development of crucial drugs. Italy, the U.S., and Belgium, for instance, are exhibiting high demand for protein. It is, in turn, leading to the construction of multiple fractionation facilities for keeping up with the demand and supply balance. These facilities help in fragmenting plasma into albumin and other components. Development of such facilities is aiding the biotechnology and pharmaceutical industries in creating state-of-the-art products for research, diagnostics, and therapeutics applications. However, unavailability of therapeutic products may hinder market growth.
Therapeutic Segment to Dominate Owing to Rising Prevalence of Hypovolemia
Based on application, the market is grouped into diagnostics, research, and therapeutics. Amongst these, the therapeutics segment held 66.4% albumin market share in 2018. This segment is likely to remain in the dominant position throughout the forecast period stoked by the increasing prevalence of hypovolemia and other similar disorders. Therefore, the sales of drugs for treating these disorders are also rising. Companies, such as CSL Limited and Takeda are the major contributors to growth of this segment by developing innovative plasma-derived products. Several pharmaceutical, as well as biotechnology companies are also investing huge sums in research and development activities to unveil new therapeutic products.