by The Rhu Albumin Market is estimated to be valued at US$ 84.9 Mn in 2022 and is expected to exhibit a CAGR of 10% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Rhu albumin refers to recombinant human albumin produced through bioengineering techniques. It is used as an essential component in advanced wound care therapies and culture media solutions owing to its ability to maintain osmotic pressure and act as a transportation medium for molecules.
Market Dynamics:
The growth of the market is primarily driven by the rising adoption of rhu albumin as a plasma substitute or enhancer for advanced wound dressings in burn and chronic wound treatment. Rhu albumin improves the effectiveness of such therapies by maintaining a moist environment that facilitates faster wound healing. Additionally, the increasing demand for serum-free culture media from biopharmaceutical companies is also boosting the need for rhu albumin. Its serum-like properties support cell growth and differentiation without the risk of contamination from animal-derived raw materials.
Market Key Trends
The rhu albumin market has been witnessing rising demand from the biopharmaceutical industry owing to the high preference for recombinant human albumin over animal or plant-derived albumin. Rhu albumin plays a critical role in drug formulations and therapeutic solutions as it acts as a carrier molecule and helps extend the half-life of drugs in the human body. The growing preference for recombinant proteins over blood plasma-derived products due to lower risk of contamination is a key trend driving the uptake of rhu albumin.
SWOT Analysis
Strengths: Wide range of applications in drug delivery, vaccine development, diagnostics, etc. Offers high purity, stability and consistency as a recombinant product.
Weaknesses: High production cost compared to other albumins. Requirement of specialized bioreactors for large-scale production.
Opportunities: Increasing R&D in immunotherapy and gene therapy presents growth opportunities. Growing biologics market creates more demand.
Threats: Stringent regulatory norms for biologic drugs apply pricing pressures. Rapid changes in technology can disrupt production methods.
Key Takeaways
The Global Rhu Albumin Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand from biopharmaceutical companies for production of therapeutics and vaccines.
The market size for rhu albumin was valued at US$ 84.9 Mn in 2022. North America dominated the market and accounted for over 30% of global revenues owing to extensive R&D in novel biologics by pharmaceutical companies in the region.
Asia Pacific is anticipated to be the fastest growing market during the forecast period led by countries like China, India and South Korea. Increasing government funding for healthcare infrastructure and growth of the biotechnology industry are fueling regional market growth.
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. These players are focusing on expanding manufacturing capacities and diversifying product portfolios through strategic collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
