Artificial blood substitutes play a vital role in medical applications, offering an alternative to conventional blood transfusions. Particularly beneficial in emergencies and situations where traditional blood is inaccessible or incompatible, these substitutes efficiently transport oxygen to body tissues. Extended shelf life and easy storage prove valuable in remote or disaster-stricken areas. Their universal blood type availability enhances their versatility, making artificial blood substitutes crucial for life-saving interventions in diverse medical scenarios.
Data Bridge Market Research analyses that the Global Artificial Blood Substitutes Market, which was USD 6.67 million in 2022, is expected to reach USD 29.24 million by 2030 and is likely to undergo a CAGR of 20.4% during the forecast period of 2023 to 2030.
"Rising usage of artificial blood substitutes drive the market growth"
The artificial blood substitutes market is witnessing growth owing to the increasing utilization of these alternatives. Advancements in technology contribute to their enhanced reliability and efficacy in oxygen transport to body tissues. Serving as alternatives to traditional blood transfusions, they address concerns such as shortages and compatibility issues. Additionally, these substitutes mitigate the risk of infection transmission. With a rising demand for safe and accessible blood substitutes, the market is expanding to cater to diverse medical applications and emergency scenarios, fostering its continued development.
What restraints the growth of the global artificial blood substitutes market?
" High cost of artificial blood substitute hamper the market growth"
The artificial blood substitute market hinders its growth due to the substantial costs associated with development and production. Involving intricate technologies and specialized materials, the manufacturing process incurs elevated expenses. Furthermore, the expenses for clinical trials, regulatory compliance, and quality control contribute to the high cost. This pricing limits affordability for healthcare facilities and patients, potentially restricting the adoption of artificial blood substitutes and impeding the market's potential for broader expansion.
Segmentation: Global Artificial Blood Substitutes Market
The global artificial blood substitutes market is segmented on the basis of product type, source, application, and end user.
- On the basis of product type, the global artificial blood substitutes market is segmented into perflurocarbon (PFCS) and hemoglobin-based oxygen carries (HBOCS).
- On the basis of source, the global artificial blood substitutes market is segmented into human blood, animal blood, microorganism based recombinant hb, synthetic polymers , and stem cells
- On the basis of application, the global artificial blood substitutes market is segmented into cardiovascular diseases, malignant neoplasma, injuries, neonatal conditions, organ transplant and maternal condition
- On the basis of end user, the global artificial blood substitutes market is segmented into hospital and clinics, blood banks, and others
Regional Insights: North America is expected to dominate the Global Artificial Blood Substitutes Market
North America is anticipated to dominate the global artificial blood substitutes market. Factors contributing to this dominance include a surge in road accidents, a growing prevalence of chronic diseases, and an increase in surgeries prompted by medical conditions. These dynamics position North America at the forefront of the artificial blood substitutes market, showcasing a substantial demand for innovative solutions in the region.
Asia-Pacific is expected to dominate the global artificial blood substitutes market from 2022 to 2029, experiencing the highest growth rate. This is driven by the region's increased diabetes cases leading to a surge in eye surgeries for diabetes retinopathy, a significant application for hemoglobin-based oxygen carriers (HBOCs). The rising demand for artificial blood substitutes in these critical medical interventions contributes to the market's robust growth in Asia-Pacific.
Recent Developments: Global Artificial Blood Substitutes Market
- In November 2020, Hemarina published a scientific report affirming the anti-inflammatory and antibacterial properties of M 101, an oxygen transporter derived from marine lugworm hemoglobin, demonstrating its potential for treating periodontitis
- In June 2020, KaloCyte, Inc. received a USD 300,000 grant from the University System of Maryland Momentum Fund, facilitating the accelerated development of ErythroMer, a synthetic bio-inspired red blood substitute.
- In May 2020, KaloCyte, Inc. was awarded a USD 373,000 NIH Small Business Innovation Research Phase I grant, supporting preclinical safety and efficacy testing for the KaloCyte product in preparation for market launch
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-artificial-blood-substitutes-market
The Prominent Key Players Operating in the Global Artificial Blood Substitutes Market Include:
- Aurum Biosciences (U.K.)
- HEMARINA (France)
- Hemoglobin Oxygen Therapeutics LLC (U.S.)
- KaloCyte Inc. (U.S.)
- SpheriTech Ltd. (U.K.)
- Centrum Medyczne VisusMed (Poland)
- European Medicines Agency (Netherlands)
- OPK Biotech Inc. (U.S.)
- NuvOx Pharma (U.S.)
- Prolong Pharmaceuticals, LLC (U.S.)
- Boston Pharmaceuticals (U.S.)
- OXYVITA Inc (U.S.)
- NanoBlood LLC (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global artificial blood substitutes market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Artificial Blood Substitutes Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
