According to a recent estimate by Emergen Research, the market for synthetic blood substitutes worldwide is expected to reach USD 15.40 billion by 2027. Due to their expanding use in conditions such as cardiovascular disease, anemia, malignant neoplasm, injuries, neonatal conditions, maternal conditions, organ transplants, and other conditions, synthetic blood substitutes like Hemopure, Oxyglobin, and Hemotech are experiencing double-digit market growth. Additionally, the need for artificial blood replacements is likely to be fueled by obstetric issues associated with blood transfusions that, if improperly managed, can lead to health complications and even death.
For critically unwell patients, artificial blood or blood is utilized as a red blood cell substitute. The only function of artificial blood is to deliver oxygen and carbon dioxide to the body. The component is not fully capable of performing the functions of a red blood cell. In the upcoming year, the market is anticipated to be driven by the rising need for blood transfusions. In addition, efforts to produce effective artificial oxygen carriers for the human body are growing. For instance, American Chemical Society researchers attempted to create synthetic red blood cells in June 2020 that replicate natural ones’ functions. These are the main trends that are now in the industry.
One of the major factors impacting the growth of the industry is the lack of human blood for transfusions. A surgical procedure or traumatic injury results in the need for transfusions for more than 4.5 million Americans each year, and the demand for transfusions is outpacing the supply. The Pacific Heart, Lung, and Blood Institute reports that there is a severe shortage of human blood that can be used for medical procedures. In their lifetime, around 33.0% of Americans are predicted to require a transfusion due to a serious life-threatening condition. Since current projections do not account for the need for blood in situations of major civilian fatalities, terrorist attacks, and conflicts, which would drive market demand, the shortage in the coming years could be severe.
Some Key Highlights from the Report :
In September 2019, KaloCyte, a preclinical-stage biotech company working on creating a synthetic RBC replacement for use in situations where stored RBCs are not available, formed an association with Baltimore’s expanding biotech scene as a member of the University of Maryland (UM) BioPark.
The hemoglobin obtained from a particular strain of E. coli bacterium is used to make synthetic hemoglobin-based replacements. In comparison to RBCs, the modified hemoglobin is more stable and has a better oxygen-carrying capacity.
Low hemoglobin levels, percutaneous coronary intervention, coronary artery bypass grafting, non-ST-segment elevation acute coronary syndromes, and other conditions frequently require the administration of blood transfusions to patients. Thus, cardiovascular illnesses constitute a prominent application area for the market.
The market for artificial blood substitutes is growing as a result of increasing strategic efforts by key market players to raise consumer awareness of these products.
The artificial blood replacements market also offers you a thorough study of each country’s market growth. Additionally, it gives specific information about the positioning of market participants geographically. The historical timeframe for the data is from 2010 to 2019.
Key participants include Hemarina, Sagart Corporation, FLUORO2 Therapeutics, Biopure Corporation, Alpha Therapeutic Corporation, KaloCyte, Baxter, Green Cross Corporation, North Field Laboratories, and Alliance Pharmaceutical Corporation, among others.
Emergen Research has segmented the global synthetic blood substitutes market based on source, type, application, end-user, and region:
Source Outlook (Revenue, USD Billion; 2017-2027)
- Human Blood
- Animal Blood
- Synthetic Polymers
- Stem Cells
Type Outlook (Revenue, USD Billion; 2017-2027)
- Hemoglobin-Based Oxygen Carriers (HBOCs)
- Perfluorocarbon (PFCs)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Cardiovascular Diseases
- Malignant Neoplasm
- Injuries and Trauma
- Neonatal Conditions
- Maternal Conditions
- Organ Transplant
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Blood Banks
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- the U.S.
- the UK
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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