Rhu Albumin Market

Rhu Albumin Market Is Estimated To Witness High Growth Owing To Increasing Demand From Healthcare And Rising Investment In Clinical Trials

by

Rhu Albumin Market Is Estimated To Be Valued At US$ 84.9 Mn In 2022 And Is Expected To Exhibit A CAGR Of 10% Over The Forecast Period 2022 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.

Market Overview:

Rhu albumin is a recombinant form of human serum albumin produced through biotechnology methods. It is used as a volume expander in blood plasma replacement therapy and drug formulation. Rhu albumin is commonly used for hypovolemia, liver disease, and burns. It acts as a carrier molecule and helps increase the solubility and stability of various therapeutic drugs. The growing use of albumin in biopharmaceuticals, drug development, and clinical research is expected to drive the rhu albumin market during the forecast period.

Market Dynamics:

The rhu albumin market is expected to grow at a significant rate owing to the increasing demand from the healthcare sector and rising investment in clinical trials. Albumin finds wide application in therapeutics, drug discovery, and vaccine development, which is fueling market growth. Further, rising cases of chronic diseases like cancer that require biologics and biotherapies for treatment is contributing to the increased adoption of albumin. Albumin is also used as an efficacious plasma replacement fluid in surgery and critical care units, which is supporting market expansion. However, the high production cost of albumin and stringent regulatory norms associated with biosimilars may hamper market growth over the forecast period. Ongoing advancement in recombinant techniques to develop high purity and cost-effective albumin products will provide lucrative opportunities for market players.

Segment Analysis

The global Rhu Albumin market is divided into two key segments – Pharmaceutical Grade Rhu Albumin and Research Grade Rhu Albumin. The pharmaceutical grade Rhu Albumin segment currently dominates the market, accounting for nearly 70% share. This is because pharmaceutical grade Rhu Albumin is widely used in various biopharmaceutical applications such as cell culture and vaccine developments. Its excellent heat stability and low immunogenicity properties make it suitable for industrial production purposes.

PEST Analysis

Political: The market is positively impacted by supportive government policies and regulations for biopharmaceutical industry across major markets. For instance, governments providing subsidies for R&D activities involving stem cell and gene therapy research.
Economic: The strong economic growth in developing countries and increasing healthcare spending globally is accelerating the demand for novel biopharmaceutical products. This will drive the Rhu Albumin market during the forecast period.
Social: Rising incidence of chronic diseases worldwide and growing awareness about advantages of Rhu Albumin over human serum albumin are creating social demand for the market.
Technological: Advancements in recombinant DNA technology, cell culture techniques are enabling large scale, cost-effective production of Rhu Albumin. This is supporting its increasing adoption over animal and human-derived albumin.

Key Takeaways

The Global Rhu Albumin Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing R&D investments for developing genetically engineered therapeutic products. The market size is projected to reach US$ 200 Mn by 2030 from US$ 84.9 Mn in 2022.
North America is expected to remain the largest and fastest growing regional market during the analysis period. This is attributed to presence of major biotech companies and availability of state-of-art research infrastructure 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. These players are focusing on new product launches and strategic collaborations to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it