Recombinant albumin or rHu Albumin is produced through recombinant DNA technology and is used as a blood volume expander, drug delivery agent and stabilizer of protein pharmaceuticals. rHu Albumin has physio-chemical properties similar to human serum albumin and is commonly used for the treatment of hypoalbuminemia, acute liver failure, burns and hypovolemia. It finds applications in shock reversal, hypovolemia, ascites and cardiopulmonary bypass surgeries. The growing prevalence of chronic diseases such as cancer, cardiovascular diseases and respiratory diseases has increased the demand for therapeutic proteins and biopharmaceuticals which require recombinant albumin as an excipient and stabilizer during formulation and delivery. rHu Albumin not only serves as a stabilizing agent for protein therapeutics but also boosts their therapeutic efficacy. Moreover, it faces less risks of pathogen transmission and allergic reactions as compared to plasma-derived albumin. Recombinant technology also ensures higher yield and purity of albumin as compared to other production methods.
The global rHu Albumin Market is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the rHu Albumin market is the increasing investment in its production capacity expansion by major players. For instance, in 2022, Albumin Therapeutics Ltd, the sole manufacturer of Alburex which is an rHu Albumin product, invested $30 million to expand its production facility in Dublin. The expansion is expected to double the manufacturing capacity of Alburex to over 7.5 million vials annually by 2026. Another key trend is the growing adoption of rHu Albumin for new disease indications such as peripheral artery disease, hypoalbuminemia related to liver cirrhosis and nutritional hypoalbuminemia. Its usage is also increasing in combination therapies and hybrid drug formulations which require albumin as an excipient and stabilizing agent. Moreover, ongoing research for developing long-acting recombinant albumin formulations using albumin binding technology also present significant opportunities in the market.
Threat of new entrants: The rHu Albumin market requires high R&D investments and regulatory approvals which make it difficult for new players to enter the market.
Bargaining power of buyers: The buyers have moderate bargaining power due to the availability of substitutes but brand loyalty gives advantages to existing players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitutes and contracts with buyers.
Threat of new substitutes: There is a moderate threat from new substitutes due to constant innovation, however, regulatory approvals make quick adoption challenging.
Competitive rivalry: The competition is high among the existing vendors due to their parity in product offerings and pricing.
Global rHu Albumin Market Size is expected to witness high growth. The global rHu Albumin Market is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030.
The market is expected to be dominated by North America due to growing healthcare expenditure and aging population driving the demand for albumin. Asia Pacific is likely to witness the fastest growth owing to rising medical tourism, increasing disposable incomes, and growing prevalence of chronic diseases in the region.
Key players related content comprises
Key players operating in the rHu Albumin market are Cerner Corporation, Elekta, Accuray, RaySearch Laboratories, Flatiron Health, Koninklijke Philips N.V., McKesson Corporation, Epic Systems Corporation, CureMD Healthcare, Varian Medical Systems, Inc. The key players are focusing on new product launches and acquisitions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it