Rhu Albumin Market Is Poised To Witness Robust Growth Owing To High Demand Form Therapeutic Applications
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| Rhu Albumin Market |
Recombinant Human Albumin (rHu Albumin) is a sterile preparation of purified albumin produced by recombinant DNA technology. It has similar physical, chemical and biological properties to human serum albumin that is found in normal human blood. rHu Albumin is used for replacement therapy and volume expansion in conditions like burns, shock, surgery etc. The product has gained acceptance owing to its safety, as it eliminates the risk of transmitting infectious agents associated with plasma-derived albumin. Additionally, its availability and stability is better compared to plasma-derived albumin. The global rHu Albumin market is estimated to be valued at US$ 16.32 billion in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the rHu Albumin market are Auto Power, Volmac
Engg. (P) Limited, Club Car, LLC, Carrieall Car Private Limited, Speedways
Electric, GDrive Golf Carts, Maini Material Movement Pvt. Ltd., Nebula
Automotive Pvt. Ltd., Prevalence Ltd., and Yamaha Golf-Car Company. These
players are focusing on expanding their production facilities and product
portfolios to cater to the growing demand.
The key opportunities in the market include increasing approval for new
therapeutic indications. rHu Albumin is actively being researched for
additional therapeutic areas such as liver disease, acute lung injury etc.
which will drive the market growth.
Geographically, North America holds the major share in the global rHu Albumin
market due to increasing plasma collection centers and healthcare expenditure.
However, Asia Pacific is expected to witness highest growth owing to rising
healthcare infrastructure, growing incidences of chronic diseases and
increasing disposable income in developing countries such as China and India.
Many key players are also focusing on strengthening their distribution networks
in emerging markets to leverage opportunities.
Market Drivers
Growing patient pool for therapeutic conditions: The increasing prevalence of
chronic diseases such as liver cirrhosis, cancer etc as well as trauma and
burns cases is the major factor driving the growth of rHu Albumin market.
Product safety and stability: rHu Albumin provides a safer alternative to
plasma-derived albumin as it eliminates transfusion related safety issues. It
also has better shelf life and stability. This widespread acceptance as a safer
substitute is fueling sales.
Market Restraints
High production cost: rHu Albumin has a significantly higher production cost
compared to plasma-derived albumin which acts as a major restraint. Biosimilars
provide a relatively cheaper alternative.
Lower penetration in price sensitive developing markets: The high cost of rHu
Albumin prohibits its widespread adoption in developing regions. This limits
the market potential in such areas.
Segment
Analysis
The Rhu
Albumin Market Demand is dominated by human serum albumin sub segment.
Human serum albumin finds wide application in treatment of burns, shock,
tissue/organ transplantation, hypoalbuminemia, hypo or hypervolemia, ascites,
acute respiratory distress syndrome (ARDS), cardiopulmonary bypass surgery and
liver diseases. It is the most preferred alternative for plasma-derived albumin
in treatment of these conditions.
Global Analysis
North
America holds the largest share in the rHu Albumin market led by the United
States. Strong healthcare infrastructure, huge demand for rHu albumin in
treatment of chronic diseases and tissue/organ transplant surgeries along with
presence of key players drive the market growth. Europe is the second largest
market owing to rising funding for research and development of new recombinant
proteins and government support for biopharmaceutical industry in countries
like United Kingdom, Germany and France. Asia Pacific is the fastest growing
region attributed to improving access to healthcare, increasing patient pool of
cancer and liver diseases and growing biosimilars industry in China, India and
South Korea.
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