Chronic diseases such as liver cirrhosis, kidney disease, heart failure, and certain cancers are becoming more prevalent globally. These conditions often lead to hypoalbuminemia, a decrease in serum albumin levels, which necessitates albumin supplementation. As the incidence of chronic diseases continues to rise, particularly in developed and developing countries, there is a growing demand for albumin-based therapies to manage associated complications and improve patient outcomes.
In addition to its traditional therapeutic uses, albumin is finding applications in various non-therapeutic areas such as cosmetics, wound care, and biotechnology. Its ability to bind water and other molecules, make it a valuable ingredient in skincare products, wound dressings, and tissue engineering scaffolds. Furthermore, albumin is utilized in biotechnology research and diagnostics as a stabilizer, blocking agent, and carrier protein. The expanding scope of non-therapeutic applications broadens the market potential for albumin beyond traditional medical settings.
Authors:
Mariam Faizullabhoy, Gauri Wani
Frequently Asked Questions (FAQ) :
The market size of albumin was reached USD 5.6 billion in 2023 and is set to register 6.5% CAGR from 2024 to 2032, driven by an increasing prevalence of chronic diseases and growing non-therapeutic applications of albumin.
Human serum albumin market held 82.6% revenue share in 2023 and is set to gain traction by 2032, attributed to its extensive therapeutic applications, biocompatibility, and safety profile.
North America albumin market is anticipated to reach USD 3.9 billion by the end of 2032, attributed to its advanced healthcare infrastructure, thriving pharmaceutical industry, high prevalence of chronic diseases, and stringent regulatory environment.
Albumedix Ltd, Akron Biotech, Baxter International Inc., Bristol-Myers Squibb Company, China Biologic Products Holdings Inc., CSL Behring LLC, Grifols (Biotest AG), Merck & Co., Inc., Octapharma AG are some of the major industry contenders.