rHu Albumin Market is Estimated to Witness High Growth Owing to the Growing Healthcare Sector

rHu Albumin Market


Recombinant human albumin (rHu Albumin) is a sterile clear colorless solution essentially consisting of purified albumin produced from yeast. rHu Albumin is used as a volume expander in surgery, burns, shock, trauma, and other conditions and has advantages such as low risk of infection and allergic reactions. With rising healthcare expenditure and growing number of surgeries, the demand for rHu Albumin is increasing.

The global rHu Albumin Market is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Growing geriatric population which is more prone towards various diseases and conditions requiring surgical interventions and critical care is expected to drive the global rHu Albumin market over the forecast period. According to the United Nations Population Fund (UNFPA), the number of people aged 65 years or above is projected to grow from 703 million in 2019 to 1.5 billion in 2050 worldwide. Growing elderly population suffering from chronic diseases will increase demand for rHu Albumin due to its use as plasma volume expanders during surgeries and treatment in critical care units.

Porter's Analysis

Threat of new entrants: The rHu Albumin market requires high investments for R&D which acts as a barrier for new players. Strict regulatory norms for the approval of new players further increases the entry barriers.

Bargaining power of buyers: The presence of many established players provides buyers with higher negotiating power and competitive prices. However, specialized nature of products restricts forward integration.

Bargaining power of suppliers: Due to specialized expertise and intellectual properties, suppliers have a certain control over pricing and raw material supply. Suppliers also have the bargaining power due to lack of substitutes.

Threat of new substitutes: No major substitute exists for rHu Albumin in therapeutic applications. R&D in alternate therapeutics poses minimal threat currently.

Competitive rivalry: The established players compete on the basis of pricing, product differentiation, clinical trials and portfolio expansion into new regions.

SWOT Analysis

Strength: High efficacy and safety profile of rHu Albumin leads to increasing demand. Growing target population and disease prevalence offer a large addressable market.

Weakness: High R&D and manufacturing costs increases the product price. Stringent regulations delay product approvals.

Opportunity: Emerging economies provide scope for regional expansion. Collaborations facilitate portfolio expansion into new therapeutic areas.

Threats: Reimbursement issues and pricing pressures from regulatory bodies can hamper revenue growth. Supply chain disruptions affect product availability.

Key Takeaways

Global rHu Albumin Market Size is expected to witness high growth during the forecast period driven by increasing target conditions and population. The global rHu Albumin Market is estimated to be valued at US$ 14.16 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030.

North America dominates currently due to concentration of key players and advanced healthcare infrastructure. However, Asia Pacific is expected to grow at the fastest pace owing to rising healthcare spending, supportive regulations and growing medical tourism.

Key players operating in the rHu Albumin market are Cerner Corporation, Elekta, Accuray, RaySearch Laboratories, Flatiron Health, Koninklijke Philips N.V., McKesson Corporation, Epic Systems Corporation, CureMD Healthcare, Varian Medical Systems, Inc. Regional analysis indicates that North America holds the highest market share currently owing to concentration of key players and advanced healthcare facilities. However, Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to rising healthcare spending, supportive regulations, and increasing prevalence of target diseases. 

Comments

Post a Comment

Popular posts from this blog

Security Robot Market is Estimated To Witness High Growth Owing To Increasing Demand for Enhanced Surveillance

Image
Security Robot Market The Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Security Robot Market encompasses advanced robotic technologies that are specifically designed and developed to enhance security and surveillance operations. These robots are equipped with features such as video surveillance, thermal imaging, facial recognition, and intrusion detection, among others. They are extensively used by security agencies and organizations across various sectors, including residential, commercial, industrial, and government, to enhance safety, reduce human intervention, and streamline security operations. Security robots offer real-time monitoring, remote control, and high accuracy, making them an ideal choice for surveillance in sensitive areas and remote locations. Market Dynamics:
Read more

The Global Methyl & Ethyl Chloroacetate Market Is Expected To Register A Cagr Of 7.9% In Terms Of Revenue Over The Forecast Period (2019-2027)

Image
  Methyl chloroacetate is a colourless liquid with a pungent odour that is used as a dyestuff, medicine, and pesticide intermediate. Methyl chloroacetate has several advantages, including a precise pH value, excellent purity, precise composition, and a longer shelf life. Ethyl chloroacetate is a clear liquid with a strong, fruity odour that is used in the production of dyes, chemical compounds, and other products. Ethyl chloroacetate's benefits include a balanced composition, stable chemical and physical properties, and optimum purity.   The global methyl & ethyl chloroacetate market was valued at US$ 760.6 Mn in 2018, and is expected to register a CAGR of 7.9% in terms of revenue over the forecast period (2019-2027), to reach US$ 1,562.8 Mn by 2027.   Over the forecast period, the global Methyl & Ethyl Chloroacetate Market is expected to grow significantly. The various benefits offered by methyl and ethyl chloroacetate have led to an increase in their use in end-use indus
Read more

The Ever-Evolving Landscape of the Scottish Whisky Market during the Forecast Period 2019-2027

Image
  Scottish Whisky Market The Scottish Whisky Market is a captivating landscape that has been evolving and transforming over the years. It is a world of tradition, craftsmanship, and heritage, where every drop of whisky tells a story. The history of Scottish whisky traces back centuries, with the earliest records dating back to the 15th century. Whisky production initially started in monasteries, where monks distilled spirits for medicinal purposes. Over time, whisky production moved from monastic settings to farms and then to commercial distilleries. This transition marked the beginning of an industry that would become synonymous with Scotland. Scottish Whisky Market Was Valued At US$ 4.97 Bn In 2018, And It Is Expected To Reach US$ 7.89 Bn By The End Of 2027, Exhibiting A CAGR Of 5.3% During The Forecast Period (2019 To 2027). One of the defining characteristics of the Scottish Whisky Market is its adherence to traditional production methods. Scotch whisky is made from malted b
Read more