by Recombinant Human Albumin (rHu Albumin) is a recombinant form of human albumin produced in genetically modified yeast. rHu Albumin finds applications in a variety of therapeutic areas including burns, shock, liver diseases, and blood volume replacement. It is used as a plasma expander to increase blood volume and manage complications arising due to low blood volume. rHu Albumin is commonly administered to patients undergoing large volume paracentesis, hepatic transplantation, and reconstructive surgery requiring fluid administration.
The global rHu Albumin Market is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing demand from therapeutics market: The increasing prevalence of chronic liver diseases, burns, and various surgical procedures has significantly propelled the demand for rHu Albumin from the therapeutics industry. As per the data by the American Burn Association, over 450,000 burn injuries are treated annually in the United States. Since rHu Albumin plays a vital role in fluid replacement therapy for burn patients, the growth in burn incidences is expected to drive the demand in the coming years.
Rising therapeutic applications: Apart from traditional indications such as hypovolemia, rHu Albumin is increasingly finding newer therapeutic uses in critical care, cardiology, nephrology, and neurology. For instance, rHu Albumin is approved for management and prevention of hepatic encephalopathy. It also demonstrates antioxidant and anti-inflammatory properties which could potentially expand its use in critical care in the long run. The rapid increase in therapeutic applications is anticipated to fuel the growth of the rHu Albumin market during the forecast period.
Segment Analysis
rHu Albumin market is segmented based on end-user and application. The hospital segment dominates the overall market and accounted for over 45% market share in 2023. Growing number of trauma cases and accident admissions in hospitals drives the demand of rHu Albumin from hospitals to manage blood loss during surgeries. Therapeutic segment is the fastest growing application segment in rHu Albumin market growing at around 8.5% CAGR during the forecast period. Increasing use of Albumin for treatment of burns, shock, liver diseases, and hypoproteinemia is boosting the growth of therapeutic segment.
PEST Analysis
Political: Approvals from regulatory bodies like FDA for new applications and guidelines over products quality and safety positively impact the market growth.
Economic: Rising healthcare spending across developed markets propels the demand for quality rHu Albumin products.
Social: Increasing incidence of chronic diseases and trauma cases necessitate use of Albumin therapeutically.
Technological: Sophisticated production technologies adopted by manufacturers to develop high purity rHu Albumin bolster the market.
Key Takeaways
Global rHu Albumin Market Size is expected to witness high growth. The global rHu Albumin Market is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030.
The North America region dominates the rHu Albumin market and accounted for over 35% market share in 2023. Presence of leading manufacturers and rising product adoption in the therapeutic and surgical segments drives the regional market growth.
Key players operating in the rHu Albumin market are Cerner Corporation, Elekta, Accuray, RaySearch Laboratories, Flatiron Health, Koninklijke Philips N.V., McKesson Corporation, Epic Systems Corporation, CureMD Healthcare, Varian Medical Systems, Inc. Cerner Corporation holds the dominant market share owing to its diversified product portfolio for rHu Albumin. RaySearch Laboratories adopts strategies like new product launches to strengthen its market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
