Visiongain has published a new report on Albumin Market Report to 2031: Forecasts by Type (Human Serum Albumin, Bovine Serum Albumin, and Recombinant Albumin), By Application (Drug Delivery, Therapeutics, Culture Media Ingredient, Vaccine Ingredient, and Others) PLUS COVID-19 Recovery Scenarios.
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COVID-19 Impact on Albumin Market
The COVID-19 pandemic has deleteriously affected all the countries and industries. Similarly, the Albumin market is anticipated to take a hit. The target industry is now facing challenges to manage the interrupted demand and supply of components. Also, unpredictable and disturbing supply chain activities and the unavailability of human resources are anticipated to impact the target industry growth. Hence, the overall COVID-19 impact is expected to continue to moderate for the global key players operating in the industry.
Expanding Applications of Albumin
Rise in cases of life-threatening illnesses and conditions, particularly liver diseases, cardiac surgeries, and infections, causing hypoalbuminemia. Factors such as rising recombinant awareness of albumin and its health benefits among the population along with increasing adoption of albumin products and growth in the albumin products use for non-therapeutic applications around the globe. On the other hand, the development of an economical range of therapeutics along with mass production of albumin and there is significant potential in untapped markets in developing countries are creating lucrative opportunities for the target industry growth. For instance, on 10th June 2020, Biotest AG announced its international expansion in the Chinese albumin market. The company is the first to sell albumin in China with access to the major Human Albumin market with over 450 tonnes per year signifying a market value of around $2.96 billion. Also, the annual consumption has been rising with double-digit numbers in the past few years.
Development of Fractionation Facilities to Climb Sharply
The usage of protein is growing gradually due to their possession of numerous benefits. They are primarily used in the development of vital drugs. Developing countries such as the U.S., Italy, and Belgium, for example, are unveiling huge demand for protein. Hence, leading to the manufacture of numerous fractionation facilities to keep pace with the high demand and supply stability. These facilities aid in disintegrating plasma into albumin and other components. The development of such facilities is assisting the pharmaceutical and biotechnology companies in making state-of-the-art products for diagnostics, research, and therapeutic applications.
Emerging biosimilars market
The changing need for albumin use as a pharmaceutical excipient ((stabilizer, drug formulation) will also broaden current market opportunities for blood plasma product companies. Going forward, a huge number of biotech and biopharmaceutical companies are anticipated to develop recombinant versions of albumin to discover its potential in prolonging the half-life and constancy of biologics and biosimilars. At present, there is a minimum of 15 products under clinical trials that comprise the use of human albumin as a pharmaceutical excipient.
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The growing prevalence of acute and chronic diseases such as rheumatoid arthritis and blood disorders, the rising number of off-exclusively and off-patent biologic drugs, affirmative results in current clinical trials for biosimilars, and the growing demand for biosimilars in diverse clinical indications are propelling the global biosimilars market growth.
Biosimilars are a generic form of patented biologic drugs, thus they do not require to fulfill the strict needs of numerous regulatory authorities, which makes them cost-effective as compared to patented biologics drugs. The expiration of intellectual property rights for originator biologics in the coming years is anticipated to create lucrative opportunities for the biosimilars market.
Key players operating in the global Albumin market are Grifols S.A., China Biologic Products Inc., Merck KGaA, Shire Plc, Ventria Bioscience, Octapharma AG, CSL Limited, Thermo Fisher Scientific, Albumedix Ltd., and Baxter International Inc.
The key players have adopted new product development, product launches, product approval, agreement, partnerships, and merger as its key business development strategies to tap into the global Albumin market. For instance, on 27th May 2020, Bio Products Laboratory (BPL) announced that the company granted approval by the U.S. Food and Drug Administration for ALBUMINEX 5% and ALBUMINEX 25% (human albumin) solution for injection to treat ascites, hypovolemia, hypoalbuminemia including from acute nephrosis, acute respiratory distress syndrome (ARDS), burns, and cardiopulmonary bypass.
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