Stringent Quality Control Standards for Drug Development to Drive Global Albumin Market at 2.3% CAGR: Transparency Market Research

Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) recently published a market study on the global albumin (excipient) market for the forecast period 2014-2020. TMR, a leading market research company based in the U.S., states that the global albumin (excipient) market would be valued at US$828.2 million by 2020, increasing from US$704.9 million in 2013 at a CAGR of 2.3% between 2014 and 2020.The report, titled "Albumin Market - Global Industry Analysis, Size, Share, Volume, Growth, Trends and Forecast 2014 - 2020", is available for sale on the company website.

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TMR analysts state that excipients play a vital role in drug formulations and vaccine development in the pharmaceutical sector. Excipients help stabilize and protect active pharmaceutical ingredients (API) in a composition against degradation, aggregation, or oxidation that APIs could undergo during various stages such as production, transport, and storage.Albumin, as an excipient, finds wide applications in drug development, vaccine manufacture, drug delivery, and media component in vaccine production, which collectively drive the albumin market.Due to chances of contamination of finished products, such as recent incidents of contamination of animal virus of biopharmaceutical products, manufacturers are working on innovative ways to reduce such occurrences.

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However, manufacturers need to adhere to strict standards, provide details of the country of origin (BSE free) of the excipient, and also give details of the tissue used and manufacturing process in the course of the compliance and approval procedure.For the purpose of the study, the global albumin market is examined on three fronts, namely albumin type, geography, and applications. Based on the type of albumin, the market is divided into human serum albumin, recombinant albumin, and bovine serum albumin.As per TMR's findings, human serum albumin accounted as the largest segment and was valued at US$476.7 million in 2013. The segment is expected to maintain dominance over the overall market and will be valued at US$557.0 million in 2020, growing at a 2.2% CAGR between 2014 and 2020.

Bovine serum finds application in the production of vaccines such as MMR II, Zostavax, Varivax, and RotaTeq, which falls in the range of below 1ppm. Additionally, research is also underway to increase virus output and manufacturing quality, as pointed out in the research report.In recent years, end user preference has switched towards recombinant human albumin, which is used in several applications such as a drug carrier across specific therapeutic modalities and in nano formulations.Among the primary applications of albumin, which includes drug formulation and drug delivery, component of media, and vaccines, the drug formulation and drug delivery segment will reach US$395.9 million in 2020, as per the study's findings.

The leading market players of the contrast media injectors market profiled by the report are Mallinckrodt Pharmaceuticals, Bracco Imaging S.p.A., Medrad, Inc., VIVID IMAGING, Ulrich Medical GmbH, Medtron AG, and Nemoto Kyorindo.

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Source:Transparency Market Research