The Rhu Albumin Market is estimated to witness high growth owing to increasing demand for serum albumin. Serum albumin, also known as blood serum albumin, find wide applications in research, biopharmaceutical and medical industries. It is used as a buffering agent, excipient and stabilizer in different industry verticals.
Market Overview:
Rhu albumin are recombinant forms of human serum albumin derived from genetically engineered yeast, specifically Pichia pastoris. It possess similar structural and functional characteristics to the native human serum albumin. Rhu albumin find numerous applications as stabilizers in drug formulation, excipients for vaccines and diagnostics. It is also used as plasma substitute owing to its intravascular volume expansion and transport properties.
Market key trends:
Increasing demand for rhu albumin alternatives to serum-derived albumin and rising focus on recombinant production methods are some of the key factors fueling the rhu albumin market growth. Recombinant production methods are safer and devoid of risk of contamination. Moreover, they provide higher yields and help ensure product standardization. Rising healthcare spending in emerging nations is also anticipated to augment the market growth during forecast period. However, high costs associated with R&D and production of rhu albumin may hamper the market growth to some extent over the coming years.
The global Rhu Albumin Market Size is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The rhu albumin market requires huge capital investments for setting up manufacturing units which make it difficult for new players to enter the market.
Bargaining power of buyers: The presence of numerous substitute products like human serum albumin provides buyers with bargaining power.
Bargaining power of suppliers: Few players dominate the production of rhu albumin which gives them strong bargaining power over buyers.
Threat of new substitutes: New substitutes like fusion proteins and other advanced therapies pose a threat to rhu albumin.
Competitive rivalry: Strong competition exists among existing players to gain market share.
SWOT Analysis
Strength: Rhu albumin has higher stability, purity and safety profile compared to plasma-derived albumin. It can eliminate risk of transmission of pathogens.
Weakness: High costs involved in production, storage and transportation of rhu albumin. Strict regulations for its manufacturing.
Opportunity: Increasing research in biologics and biosimilars provide growth opportunities. Rising cases of chronic diseases and trauma injuries boost demand.
Threats: Threat from substitutes and narrow pool of key manufacturers make the market vulnerable. Pricing pressures from regulatory agencies and payers.
Key Takeaways
The global rhu albumin market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing prevalence of chronic kidney diseases and increasing number of trauma injuries and burns cases.
The market is dominated by North America due to presence of large pharma companies and healthcare infrastructure. Asia Pacific is expected to exhibit fastest growth rate owing to rising healthcare expenditure, growing population and increasing awareness.
Key players operating in the rhu albumin market are Merck KGaA, HiMedia Laboratories Pvt. Ltd., Albumin Bioscience, Albumedix, ScienCell Research Laboratories, Inc., InVitria, Lazuline Biotech Private Limited, Lee Biosolutions, Inc., Abcam Plc, and Shandong Kingtone Biotechnology Co.,Ltd. Merck KGaA dominates the market with its broad product portfolio and strong distribution network globally.
Comments
0 comment