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.
Rhu albumin is a recombinant form of human serum albumin produced from yeast. It finds applications as a stabilizer in cell culture media formulations. Rhu albumin is preferred over fetal bovine serum and human serum albumin for cell culture as it reduces the risk of contamination. It helps maintain osmotic pressure and acts as a buffer in cell culture media.
Market key trends:
Rhu albumin witnesses high demand from the biopharmaceutical industry for applications in mammalian cell culture media. With the rising production of biotherapeutics and increasing requirement for large-scale cell culture processes, the consumption of rhu albumin is projected to rise substantially over the forecast period. Further, rhu albumin eliminates concerns regarding transmission of viruses and prions associated with human serum albumin. Growing adoption of recombinant proteins for research and therapy is another factor propelling the rhu albumin market growth. Stringent regulatory policies regarding the use of fetal bovine serum and human serum albumin further boost the replacement of these products with rhu albumin for cell culture.
Threat of new entrants: Low capital required for new companies to enter the market poses threat to established players. However, existence of stringent regulations acts as a entry barrier.
Bargaining power of buyers: Fragmented nature of buyers leads to high bargaining power. Buyers can negotiate for better prices and demand additional services.
Bargaining power of suppliers: Few suppliers in the market results in high bargaining power. Suppliers can influence prices and supply schedules.
Threat of new substitutes: New alternative treatment options pose threat of substitution over the forecast period.
Competitive rivalry: Intense competition among existing players.
Strength: Wide applications in biopharmaceutical development and cell culture research. Growing R&D investments by key players.
Weakness: High manufacturing costs. Stringent regulatory framework increases compliance costs.
Opportunity: Rising demand from biopharmaceutical industry and academic research centers. Growing biosimilars market presents new opportunities.
Threats: Price erosion due to competition from local players. Supply chain disruptions due to COVID-19 pandemic
Market size: The Global Rhu Albumin Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing investments in pharmaceutical R&D and cell culture research.
Regional analysis: North America dominates the global market currently owing to strong biosimilars industry and increasing research activities in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period supported by rising biopharmaceutical industry, improving research infrastructure and growing healthcare spending in the region.
Key players: 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. Merck KGaA is one of the leading players due to its wide product portfolio and global presence.