Albumin Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Market Size and Share Analysis:

By type, the human serum albumin segment held an albumin market size of USD 2.10 billion in 2024. By quality grade, the GMP grade segment held the major share and it is expected to witness a CAGR of 7.72% over the forecast period. By application, the culture media ingredient (for pharmaceutical) segment is expected to witness a CAGR of 6.93% over the forecast period. Asia-Pacific regional market is projected to experience the fastest growth rate with a CAGR of 8.58% over the forecast period (2024-2029).

Albumin is increasingly used in various applications, including drug delivery systems, treatment for liver cirrhosis, and as a volume expander in surgeries. In addition, albumin is used in the cryopreservation of hematopoietic stem cells (hSCs). For instance, in April 2023, a research article published in the Journal of Blood and Biotherapies highlighted that 5% human albumin was appropriate for the thawing solution and was easily prepared. Companies are interested in employing human serum albumin to expand the targeted immunotherapeutic products category. It is attributed to the composition of lipids, amino acids, hormones, peptides, metals, and other significant molecules in albumin, thus supporting the cultivation of cells. Furthermore, in June 2023, Protgen Ltd conducted a Phase II/III clinical study of recombinant human serum albumin(rHSA) in cirrhotic ascites patients. Developing these albumin products tailored to specific therapeutic needs can help companies differentiate themselves and cater to niche markets.

Overview of Market Segments Covered:

By type, the bovine serum albumin segment held the major share of 41.52% with USD 2.79 billion in 2024, and it is expected to witness a CAGR of 7.54% over the forecast period (2024-2029). It has been widely used as a material for the administration of medicinal products. Various research studies were conducted by Indian researchers in which they used bovine serum albumin as a precursor to synthesize temperature- and pressure-dependent phase transition from sol–gel–sol using a single-step hydrothermal method to develop an efficient and effective ultraviolet rays-B (UVB) blocker.For instance, according to an article published in the Nanotechnology Journal in April 2022, it was observed that the topical administration of the H-110 sample was effective in protecting the skin from UVB-induced skin damage. Such a benefit is anticipated to increase its adoption in curing skin cancer. This is expected to aid the growth of bovine serum albumin market segment over the forecast period.

Recombinant human albumin is garnering increasing attention as a substitute for plasma-derived albumin. This is gaining popularity due to its consistent quality, lower risk of contamination, and ethical sourcing compared to plasma-derived albumin. Opportunities for market players lie in the expansion of biopharmaceutical applications and personalized medicine. However, high production costs, regulatory hurdles, and market competition are the major challenges in segment growth, says this albumin market analysis and research report. The global increase in chronic diseases (liver cirrhosis, kidney disease, and cancer) and the aging population, who require albumin supplementation for albumin deficiency or protein malnutrition, are driving the demand for the above-mentioned segments.

By quality grade, the GMP grade segment held albumin market size worth USD 3.71 billion in 2024. By application, the culture media ingredient (for pharmaceutical) segment held a market size of USD 2.85 billion in 2024. The GMP-grade segment is expected to have the largest share in the quality-grade segment through market research owing to the increasing adoption of GMP-grade albumin in pharmaceutical and biotech products.

The albumin market is segmented by type, quality grade, and application. By type, the market is segmented into human serum albumin, bovine serum albumin, recombinant human albumin, and recombinant bovine albumin. By quality grade, the market is segmented into GMP grade, CGMP grade, food grade, and diagnostic grade. By application, the market is segmented into pharmaceuticals, culture media ingredients (for pharmaceuticals), culture media for cultivated meat, diagnostics, and medical coating. Bovine albumin is used by various end users majorly in laboratories for research and vaccine production, though it has a smaller share of the market.

Regional Market Scope of this Report:

By geography, the North American region held the major share of 37.04% in the market studied with USD 2.49 billion in 2024, and it is expected to witness a CAGR of 7.53% over the forecast period. North America market is expected to grow over the forecast period owing to the presence of key market players and their strategic activities, the rise in cancer cases, which leads to hypoalbuminemia, and a surge in research and development activities to develop albumin-based products. For instance, according to the 2023 report of the American Cancer Society, about 41,210 new cases of liver and intrahepatic bile duct cancer are expected to be diagnosed in the United States in 2023, which is expected to have a positive impact on the albumin industry in the country. Similarly, according to the Canadian Cancer Society data published in July 2023, 3,500 Canadians were diagnosed with liver cancer in 2022. These cancers mainly affect adults and are more common in men than women. Thus, the high prevalence of Hepatocellular carcinoma (HCC) is expected to bolster the demand for albumin-based products, which is further likely to augment the market growth in the region over the forecast period.

By geography, the global market is segmented into North America (United States, Canada, Mexico), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific), Middle East and Africa (GCC, South Africa, Rest of Middle East and Africa), and South America (Brazil, Argentina, Rest of South America). Emerging markets, particularly in Asia-Pacific, and parts of Africa, are witnessing an increase in demand for albumin-based treatments. As South Korea expands its biopharma exports, especially in countries like China, Japan, and India, the growth of the market in the region is also fueling domestic market growth in South Korea.

Competitive Landscape and Ecosystem Analysis:

Some of the key players in the albumin market are Akron Biotech, Baxter International Inc., Grifols (Biotest AG), Bristol-Myers Squibb Company, Biotest AG, and Merck KGaA, Novozymes AS, Octapharma AG, CSL Behring, Medxbio Pte Ltd, China Biologic Products Holdings Inc., Thermo Fisher Scientific, Albumedix Ltd, and Ventria Bioscience Inc., among others. In terms of market share, few of the major players currently dominate the market. Furthermore, few companies are involved in the collaborations for expanding the production capacity which is likely to drive the market growth. For instance, in May 2024, ARTES and Basic Pharma entered a strategic collaboration to produce recombinant Human Serum Albumin derived from Hansenula yeast. With the rising need for better healthcare treatments and the increasing prevalence of diseases, a few other smaller players are expected to enter the market.