The Albumin (as Excipient) Market is expected to grow at a CAGR of 5.9% and is expected to reach a value of USD 1.46 billion during the forecast period.
Market Overview
The Albumin (as Excipient) Market is expected to grow at a CAGR of 5.9% and is expected to reach a value of USD 1.46 billion during the forecast period. When it comes to the manufacture of drugs, the choice of excipient is crucial. Albumin has been proven to improve the lyophilized cake shape, the melting qualities of API from lyophilized granules, and the mobility of the drug substance when employed as an excipient in the preparation. The rising use of transgenic albumin-based drug carriers by biotechnology and pharmaceutical companies is one of the major factors driving the albumin industry. GlaxoSmithKline plc is using Novozymes Biopharma DK A/S’ albumin-based VELTIS breakthrough in the production of type II diabetic medications in Europe, according to a recent release.
The rising incidence of chronic diseases, technological innovations, the emergence of new markets in APAC and the Rest of the World, increased awareness of Albumin mas an excipient, and the rising use of Albumin for non-therapeutic implementations are all expected to contribute to the market’s continued growth. Due to a rise in the occurrence of life-threatening diseases and conditions, such as liver injury, infections, and cardiac surgery, hypoalbuminemia is becoming increasingly widespread. Growing acceptance of albumin products, development of albumin market outlook products for non-therapeutic purposes across various areas, and increased recognition of recombinant Albumin are all contributing to the market’s growth.
Market Segmentation
Based on the Application, the Albumin (as Excipient) Market Report has been segmented into in-vitro fertilization, medical device coating, drug formulation, vaccines, drug delivery, culture medium & stabilizers, diagnostics, and others.
Based on the end-users, the Albumin (as Excipient) Market has been segmented into academic and research organizations, the pharmaceutical and biotechnology sector, and others based on the propulsion types.
Based on the region, the Albumin (as Excipient) Market has been segmented into the Americas, Europe, Asia Pacific, the middle east, and Africa.
Regional Classification
The global market for Albumin was boosted by rising R&D spending and rising diabetes rates in the Americas. According to data from the Centers for Disease Control and Prevention (CDC), around 30.3 million Americans have diabetes. During the historic forecast period, Europe was anticipated to be the second-largest market for Albumin. This is due to technological advancements and increased market participation. During the historic forecast period, it was expected that the Asia-Pacific region would expand the fastest. The Asia Pacific region’s regional marketplaces are driven by an increase in medical spending. Between 2015 and 2016, the Australian Institute of Health and Welfare reported a total health investment of USD 181 billion. Even though albumin was most popular in Europe and North America, the Middle East and Africa had the smallest share of the total albumin market.
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