Global rHu Albumin Market, by Source (Oryza sativa, Pichia pastoris, Others ), by Application (Cell Culture Media (Nutrient and stabilizer, Medium Supplement), Stem Cell Therapy, Drug Formulations, Cryopreservation, and Others), by End User (Pharmaceutical and Biotechnological Industry, Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 84.9 Million in 2022, and is expected to exhibit a CAGR of 10.0% during the forecast period (2022-2030).
Market players are expanding their manufacturing facilities, which is expected to increase their market presence and create opportunities, and is thus, expected to drive growth of the market over the forecast period. For instance, in April 2021, Albumedix, a science-driven, biotechnology company, announced the completed expansion of the company’s commercial-scale manufacturing facility, alongside with the establishment of a new Technology Centre equipped with state-of-the-art laboratories at its UK-based campus in Nottingham.
Increasing investments by market players is expected to augment market growth over the forecast period. For instance, in February 2018, Merck KGaA, a multinational chemical, pharmaceutical, and life sciences company, announced that the company would invest US$ 19.5 million in its new manufacturing and distribution center for the life science business. The new center is located in Mumbai, India.
Global rHu Albumin Market - Impact of Coronavirus (COVID – 19) Pandemic
The COVID-19 pandemic has affected several markets across the globe. The COVID-19 pandemic has affected the demand and supply of healthcare products in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and impacting firms and markets financially.
The impact of COVID-19 on the global rHu albumin market was significant, owing to increasing use of rHu albumin in vaccine production. For instance, in April 2022, Albumedix Ltd., a global leader in recombinant human albumin (rHA), specializing in the enablement of advanced therapies and biopharmaceuticals, had announced the expansion of its existing collaboration with Valneva SE, a specialty vaccine company focused on the prevention of infectious diseases with significant unmet medical needs. VLA2001 contains Albumedix Recombumin rHA, which is used in the vaccine's manufacturing process and final formulation.
Browse 26 Market Data Tables and 34 Figures spread through 160 Pages and in-depth TOC on Global rHu Albumin Market, by Source (Oryza sativa, Pichia pastoris, Others), by Application (Cell Culture Media (Nutrient and stabilizer, Medium Supplement), Stem Cell Therapy, Drug Formulations, Cryopreservation, and Others), End User (Pharmaceutical and Biotechnological Industry, Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the global rHu albumin market:
- Global rHu albumin market is expected to exhibit a CAGR of 10.0% over the forecast period (2022-2030). North America is expected to account for major market share over the forecast period (2022-2030), owing to increasing funding for vaccine production. For instance, on May 18, 2022, The National Institute of Allergy and Infectious Diseases (NIAID), which is part of the National Institutes of Health, has allocated US $577 million for the establishment of nine antiviral drug discovery (AViDD) centers for pandemic pathogens.
- Some of the major players operating in the global rHu albumin market include 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.
