April 20, 2024

Rhu Albumin Market Stimulated By Rising Demand For Biosimilar Products

The global recombinant human albumin (rHu Albumin) market is witnessing significant growth driven by the increasing prevalence of chronic diseases and growing demand for therapeutic proteins. The Global rHu Albumin Market is estimated to be valued at US$ 16.32 Bn in 2024 and is expected to exhibit a CAGR of 21.% over the forecast period from 2024 to 2030.

Recombinant human albumin is a protein that mimics human serum albumin, which is essential for maintaining proper fluid balance between blood vessels and body tissues. rHu Albumin finds wide applications in therapy areas such as hematology, oncology, burns treatment, liver diseases, and organ transplantation owing to its non-toxic, non-inflammatory and non-immunogenic properties. The increasing demand for biosimilar products along with the advantages of rHu Albumin over plasma-derived albumin products are fueling the growth of the rHu Albumin market.

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.

The market is witnessing several opportunities such as increasing investments in healthcare infrastructure in emerging nations, rising healthcare expenditures, and growing adoption of biosimilars over conventional therapies.

Advancements in microbial fermentation technology and recombinant DNA techniques have enabled large-scale production of recombinant therapeutic proteins such as rHu Albumin, driving its demand over traditional plasma-derived products.

Market Drivers
The rapid growth of the Rhu Albumin Market Growth can be attributed to the rising geriatric population globally that is more susceptible to chronic diseases. Additionally, the increasing prevalence of lifestyle diseases such as cancer and diabetes is generating high demand for therapeutic proteins like rHu Albumin. Other factors such as advancements in pharmaceutical biotechnology, availability of improved recombinant techniques, and emergence of technologically advanced healthcare facilities are also fueling the growth of the global rHu Albumin market.

Current challenges in rHu Albumin market

The rHu Albumin market is facing few challenges currently including increasing production cost due to rising prices of raw materials and stringent regulatory norms regarding the approval of albumin products. Albumin production requires large pools of plasma as the raw material which has witnessed substantial price increase in recent years. Additionally, the regulatory procedures for approval and licence of albumin therapeutics have become more complex over time throughout key regions imposing compliance challenges. Managing these increased costs while adhering to evolving quality standards is testing the capabilities of market players.

SWOT Analysis
Strength: Developed production infrastructure and expertise in fermentation-based albumin manufacturing. Weakness: Rising dependency on outsourced plasma imports increases supply chain risks. Opportunity: Emerging economies with increasing patient pool and healthcare investments provide new growth avenues. Threats: Entry of biosimilars and newer recombinant protein therapies can capture market share.

Geographical regions
In terms of value, North America accounts for the majority share in the rHu Albumin market currently owing to higher patient access and affordability in countries like the US. However, Asia Pacific region is emerging as the fastest growing market led by China due to large population base, increasing healthcare spending and faster uptake of innovative biologics. Overall, developing economies in Asia and Latin America will drive the future expansion of rHu Albumin market globally over the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it