Rising need For Blood Transfusion due to Accidents and Warfare is projected to drive the Demand for Artificial Blood Substitutes Market

 

Rising traumatic injury incidence, increasing need for blood transfusion due to accidents and warfare, scarcity of human blood in banks, and rising need for blood transfusion during delivery and childbirth are some of the factors expected to drive demand for synthetic blood substitutes and market revenue growth over the forecast period. Furthermore, the lack of infection risk associated with the use of synthetic blood substitutes during blood transfusion has increased its demand in developing and underdeveloped countries, and is expected to fuel market revenue growth in the future.

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Data Bridge Market Research analyses that the artificial blood substitutes market is expected to grow at a CAGR of 25.6% in the forecast period of 2021 to 2028 and is expected to reach USD 30,560.42 thousands by 2028. The rising awareness regarding the advantages offered by artificial blood and rising demand for artificial blood coupled with insufficient number of blood donors and growing number of research and development on artificial blood will create huge opportunities for the global artificial blood substitutes market.

Artificial Blood Substitutes Market

Surge in Requirement of Artificial Blood substitutes is expected to drive the market's growth rate

Artificial blood has several advantages over human blood because it belongs to a universal blood group and can be administered to patients regardless of blood type. Artificial blood substitutes also do not cause any immunological reactions. Furthermore, artificial blood substitute eliminates the risk of infectious diseases or contamination during transfusion and has a longer shelf life than human blood, as it can be stored for 3 years at room temperature or more, whereas human blood has a 42-day shelf life. Artificial blood can be used in emergency situations and is easily stored. It is also an excellent option for patients who do not accept blood from donors due to religious beliefs.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019(Customizable to 2018 - 2013)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Dressing, Therapy Device, Biologics, Others), Wound Type (Primary Wound Care, Secondary Wound Care), Wound Class (Class I, Class II, Class III, Class IV), End User (Hospitals, Wound Care Centres, Ambulatory Centres, Home Healthcare, Clinics, Others), Distribution Channel (Direct Tenders, Retail)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

HEMARINA (France), Hemoglobin Oxygen Therapeutics LLC (U.S.), KaloCyte, Inc. (U.S.), LLC “Visusmed” (Poland), European Medicines Agency (Netherlands), OPK Biotech LLC (U.S.), NuvOx Pharma (U.S.), Prolong Pharmaceuticals, LLC (U.S.), Boston Therapeutics, Inc. (U.S.), Aurum Biosciences (India), OXYVITA Inc. (U.S.), NanoBlood LLC (U.S.) among others.

Data Points Covered in Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Segment Analysis:

The artificial blood substitutes market is segmented on the based on the product type, source, application and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

  • On the basis of product type, the global artificial blood substitutes market is segmented into perflurocarbon (PFCs) and hemoglobin-based oxygen carriers (HBOCs). Perflurocarbon (PFCs) is further segmented into perftoran. Hemoglobin-based oxygen carries (HBOCs) is further segmented into oxyglobin and hemopure. In 2021, the hemoglobin-based oxygen carriers (HBOCs) segment is expected to dominate the artificial blood substitutes market.

The hemoglobin-based oxygen carriers (HBOCs) segment is expected to dominate the artificial blood substitutes market

In 2021, the hemoglobin-based oxygen carriers (HBOCs) segment is expected to dominate the artificial blood substitutes market due to rising demand for blood sustitutes which eliminates the blood typing and to overcome the shortage of human blood.

  • 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. In 2021, the animal blood segment is expected to dominate the artificial blood substitutes market due to availability of ample amount of source to produce artificial blood.
  • 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. In 2021, the injuries segment is expected to dominate the artificial blood substitutes market due to rising incidence of injuries, road accidents and others and high demand for artificial blood to treat them.
  • On the basis of end user, the global artificial blood substitutes market is segmented into hospital & clinics, blood banks and others. In 2021, the hospital & clinics segment is expected to dominate the artificial blood substitutes market due to rising number of patients with various illness and growing need for blood.

Major Players

Data Bridge Market Research recognizes the following companies as the major artificial blood substitutes market players in artificial blood substitutes market are HEMARINA (France), Hemoglobin Oxygen Therapeutics LLC (U.S.), KaloCyte, Inc. (U.S.), LLC “Visusmed” (Poland), European Medicines Agency (Netherlands), OPK Biotech LLC (U.S.), NuvOx Pharma (U.S.), Prolong Pharmaceuticals, LLC (U.S.), Boston Therapeutics, Inc. (U.S.), Aurum Biosciences (India), OXYVITA Inc. (U.S.), NanoBlood LLC (U.S.) among others.

Artificial Blood Substitutes Market

Market Development

  • In November 2020, Hemarina published a scientific report for anti-inflammatory and antibacterial property of M 101, an oxygen transporter for the treatment of periodontitis. This study has validated the quality of M 101 molecolue, which is derived from haemoglobin of the marine lugworm.
  • In June 2020, KaloCyte, Inc. received a USD 300k funding from University System of Maryland (USM) Momentum Fund for developing ErythroMer, a synthetic, bio-inspired red blood substitute. This funding has helped the company in developing the ErythroMer at much faster pace.
  • In May 2020, KaloCyte, Inc. awarded by the National Institutes of Health (NIH) a USD 373,000 Small Buisness Innovation Resaerch (SBIR) Phase I grant. This grant helped the company in advancing KaloCyte product to preclinical safety and efficacy testing in anticipation of human trails.

Regional Analysis

Geographically, the countries covered in the artificial blood substitutes market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in artificial blood substitutes market during the forecast period

North America dominated the artificial blood substitutes market owing to the increase in demand for blood transfusion with rising number of patients.  North America will continue to dominate the artificial blood substitutes market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period.

Asia-Pacific is estimated to be the fastest growing region in artificial blood substitutes market

Asia-Pacific is expected to grow during the forecast period due to the increase in the incidence of trauma cases and blood related diseases within this region. In addition to this, the limited availability of human blood to treat rising number of patients are expected propel the market's growth rate in this region.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a global impact, with significant effects on economies and businesses all over the world. On a global scale, the pandemic has had a positive impact on the artificial blood substitute market. The persistence of COVID-19 over time has had an impact on the supply and demand chain for human blood and blood components. Manufacturers anticipate a boost in their market during the COVID-19 pandemic, as the number of patients requiring blood increases due to the ongoing diseases and the number of blood donors decreases. As a result, the demand for artificial blood substitutes has increased, propelling the global artificial blood substitute market forward.

According to the International Society of Blood Transfusion, blood donations have decreased in 32 countries, and the COVID-19 pandemic has reduced the overall supply of blood. Because of the limited supply of human blood, the demand for artificial blood substitutes has increased, which will drive market growth even further in the future. People with thalassemia, sickle cell anaemia, haemophilia, leukaemia cancer, and other blood-related diseases require regular blood transfusions, even during the COVID-19 condition, which has increased the demand for artificial blood substitute. Even cancer patients, pregnant women, and accident victims require blood products. Blood supply chain disruption has increased demand for artificial blood substitutes around the world.

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