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Global Artificial Blood Substitutes Market – Industry Trends and Forecast to 2030

Healthcare

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Global Artificial Blood Substitutes Market – Industry Trends and Forecast to 2030

  • Healthcare
  • Upcoming Report
  • Dec 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Artificial Blood Substitutes Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 6.67 USD Million
Diagram Market Size (Forecast Year) USD 29.24 USD Million
Diagram CAGR %

Major Markets Players

  • Aurum Biosciences
  • HEMARINA
  • Hemoglobin Oxygen Therapeutics LLC
  • KaloCyte
  • SpheriTech

Global Artificial Blood Substitutes Market, By Product Type (Perflurocarbon (PFCs), Hemoglobin-Based Oxygen Carries (HBOCs)), Source (Human Blood, Animal Blood, Microorganism Based Recombinant HB, Synthetic Polymers, Stem Cells), Application (Cardiovascular Diseases, Malignant Neoplasma, Injuries, Neonatal Conditions, Organ Transplant, Maternal Condition), End User (Hospital and Clinics, Blood Banks, Others) – Industry Trends and Forecast to 2030.

Artificial Blood Substitutes Market

Artificial Blood Substitutes Market Analysis and Size

Artificial blood is used for restoring oxygen delivery after loss of blood from trauma, especially in emergency and battlefield situations, preventing the need for blood transfusions during surgery. It is a substitute blood product that can perform blood's most important function, which is the transport of oxygen and carbon dioxide. Artificial blood could be a life-saving measure, particularly in times of severe blood loss during large disasters; however, the products currently in development are incapable of performing secondary functions of blood, such as fighting infections.

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. “Hospital and Clinics” dominates the end user segment of the global artificial blood substitutes market owing to the growing demand for better diagnosis and treatment methods. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2016-2020)

Quantitative Units

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

Segments Covered

By Product Type (Perflurocarbon (PFCs), Hemoglobin-Based Oxygen Carries (HBOCs)), Source (Human Blood, Animal Blood, Microorganism Based Recombinant HB, Synthetic Polymers, Stem Cells), Application (Cardiovascular Diseases, Malignant Neoplasma, Injuries, Neonatal Conditions, Organ Transplant, Maternal Condition), End User (Hospital and Clinics, Blood Banks, Others )

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, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America

Market Players Covered

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.)

Market Opportunities

  • Increasing demand for artificial blood substitutes due to the rising incidence of road accidents
  • Growing awareness about the benefits of artificial blood substitutes
  • Technological advancements in blood transfusion operations

 

Market Definition

Oxygen therapeutics or haemoglobin-based oxygen carriers are other terms for artificial blood substitutes. It is used to simulate the function of biological blood and to provide an alternative to blood transfusion. Artificial blood is used to replace transfusions of banked red blood cells and is designed to overcome limitations such as a lack of blood donor, high risk of contamination, and the need for cross matching. Allogenic blood transfusions carry a number of risks, including the transmission of infectious disease, transfusion reactions, transfusion-related acute lung injury, delayed postoperative wound healing, immunomodulation, and the risk of cancer recurrence. It holds the promise of novel, life-saving medical treatments.

Global Artificial Blood Substitutes Market Dynamics

Drivers

  • Rising usage of artificial blood substitutes

Animal blood, human blood, microorganisms, recombinant Hb, stem cells, and other sources are used to create artificial blood. 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 the patients who doesn’t accept blood from donors due to their religious beliefs. These all are the certain factors which propel the growth of the market.

  • Rising awareness of the benefits of artificial blood

Rising awareness of the benefits of artificial blood and rising demand for artificial blood, combined with an insufficient number of blood donors is bolstering the market growth. When blood substitutes are manufactured, bacteria and viruses can be destroyed. This reduces the risk of infectious diseases in blood transfusions, which is a major problem in many parts of Sub-Saharan Africa. An increase in research and development on artificial blood is boosting the global artificial blood substitutes market.

Opportunity

  • Growing number of surgical procedures

A growing number of surgical procedures necessitate the use of artificial blood substitutes in place of donated human blood plasma or red cells.  Increased funding for research on artificial blood substitutes by government and private organizations, which is likely to result in innovations and new product launches.

Restraints/Challenges

  • High cost of artificial blood substitutes

High cost of artificial blood substitutes and the low adoption rate in emerging and underdeveloped countries will obstruct the market's growth rate. For instance, most hemoglobin-based products only last 20-30 hours in the body. In comparison, whole blood transfusions last 34 days. Furthermore, these blood substitutes do not mimic the ability of blood to fight diseases and clot.

This artificial blood substitutes market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyzes opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the artificial blood substitutes market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent developments

  • In November 2020, Hemarina published a scientific report on the anti-inflammatory and antibacterial properties of M 101, an oxygen transporter for the treatment of periodontitis. This study validated the quality of M 101 molecule, which is derived from marine lugworm haemoglobin
  • In June 2020, KaloCyte, Inc. received a USD 300,000 grant from the University System of Maryland (USM) Momentum Fund to develop ErythroMer, a synthetic, bio-inspired red blood substitute. This funding has enabled the company to accelerate the development of the ErythroMer
  • In May 2020, KaloCyte, Inc. was awarded a USD 373,000 Small Business Innovation Research (SBIR) Phase I grant by the National Institutes of Health (NIH). This grant assisted the company in advancing the KaloCyte product to preclinical safety and efficacy testing in preparation for market launch

Global Artificial Blood Substitutes Market Scope

The artificial blood substitutes market is segmented on the basis of product type, source, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

  • Perflurocarbon (PFCs)
  • Hemoglobin-Based Oxygen Carries (HBOCs)

 Source

  • Human Blood
  • Animal Blood
  • Microorganism Based Recombinant HB
  • Synthetic Polymers and Stem Cells

 Application

  • Cardiovascular Diseases
  • Malignant Neoplasma
  • Injuries
  • Neonatal Conditions
  • Organ Transplant and Maternal Condition

 End User

  • Hospital and Clinics
  • Blood Banks
  • Others

 Global Artificial Blood Substitutes Market Regional Analysis/Insights

The artificial blood substitutes market is analyzed and market size insights and trends are provided by country, product type, source, application and end user as referenced above.

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.

North America is expected to dominate the artificial blood substitutes market owing to factors such as a rise in cases of road accidents, increasing prevalence of chronic diseases, and an increase in surgeries due to medical conditions.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to factors such as a rise in diabetes cases coupled with an increase in surgeries related to eye operations resulting from blindness caused by diabetes retinopathy which are major applications for HBOCs used across this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Global Artificial Blood Substitutes Market Share Analysis

The artificial blood substitutes market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to artificial blood substitutes market.

Some of the major players operating in the artificial blood substitutes market are:

  • 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.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

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FREQUENTLY ASK QUESTIONS

The product type, source, application, and end-user are the factors on which the Artificial Blood Substitutes Market research is based.
The Artificial Blood Substitutes Market growth rate is 20.4% during the forecast period.
Rising usage of artificial blood substitutes and rising awareness of the benefits of artificial blood are the growth drivers of the Artificial Blood Substitutes Market.
The Artificial Blood Substitutes Market will be worth USD 29.24 million in the forecast period by 2030.
Major companies in the Artificial Blood Substitutes Market are 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.).
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