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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