The increasing use of recombinant albumin in drug delivery, a recombinant DNA technology, is showing strong impact on human life. It is used to make proteins and other components in the laboratory. Recombinant albumin is preferred by manufacturers for R & D of new drugs for the treatment of hypoalbuminemia.
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In August 2018, Novartis partnered with Albumedix, a specialist in recombinant human albumin. This partnership allowed Novartis to expand its business by developing multiple therapies for drug delivery applications. Furthermore, in March 2021, Aledix announced a partnership with Fujifilm Wako Pure Chemical Corporation to supply recombinant human albumin to the Japanese and Chinese markets.
U.S. In, human albumin is indicated to restore and maintain blood circulation where volume deficiency has been noted. U.S. The FDA regulates the sale and distribution of albumin as fractionated plasma products. In 2019, the U.S. The FDA approved two albumin brands, Albuminex and Cadbumin. Additionally, the increase in drug development and drug discovery activities in the biopharmaceutical industry is fueling the growth of the albumin market.
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North America accounted for most of the global albumin market in 2020 and is expected to remain dominant during the forecast period. This is due to increase in production of immunoglobulin, increase in number of approvals for albumin products, increase in presence of major players and increase in development of technology for healthcare in this region.
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Key Finding:
- By type, the human serum albumin segment was the largest contributor to the market in 2020.
- Based on application type, the therapeutics segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
- By region, North America accounted for the largest revenue share in 2020, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
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