by Market Overview:
Rhu Albumin is a recombinant form of human serum albumin produced in genetically modified yeast, which can be used as a plasma volume expander to treat conditions like hypovolemia, ascites, burns, and cirrhosis. Rhu albumin is preferred over plasma-derived albumin as it carries no risk of transmission of infectious agents.
Market key trends:
One of the key trends in the Rhu Albumin Market is the increasing adoption of recombinant human albumin (Rhu) in therapeutics. Rhu albumin carries lesser risks compared to plasma-derived albumin as it is not derived from blood plasma pools from human donors. With advancements in recombinant DNA technology, Rhu albumin can be produced more cost-effectively which has increased its acceptability among pharmaceutical manufacturers and healthcare providers. Additionally, the availability of Rhu albumin in preservative-free form is another key trend driving its demand, especially for patients requiring repeated administration.
The Rhu Albumin market has been witnessing increased adoption supported by growing demand from the pharmaceutical and life sciences industry. Rhu albumin finds wide application in drug formulation and development owing to its stability profile. Rising investments in healthcare infrastructure and healthcare expenditure have positively impacted the demand for rhu albumin.
SWOT Analysis
Strengths: Highly stable and non-toxic in nature. Easy availability from plant sources makes it cost-effective.
Weaknesses: Limited shelf life requiring cold chain transport. Possibility of allergic reaction in a few individuals.
Opportunities: Growing biologics manufacturing presents new areas of application. Untapped emerging markets offer scope for expansion.
Threats: Stringent regulatory framework for biosimilar approval. Threat from alternative serum albumin products.
The global Rhu Albumin Market Size is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global Rhu Albumin market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing investments in the biopharmaceutical industry and growth in monoclonal antibody therapeutics.
The North American region currently dominates the market holding around 35% share due to well well-developed pharmaceutical sector and increasing life science research in the region. Asia Pacific is expected to exhibit the fastest growth over the coming years propelled by rising healthcare spending, lower manufacturing costs, and the emergence of China and India as new biosimilars growth centers.
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. Merck KGaA dominated the global sales in 2023.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
