North America Artificial Blood Substitutes Market, By Product Type (Perflurocarbon (PFCs) and 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 & Clinics, Blood Banks and Others), Country (U.S., Mexico) Industry Trends and Forecast To 2028.
Market Analysis and Insights: North America Artificial Blood Substitutes Market
The artificial blood substitutes market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 26.4% in the forecast period of 2021 to 2028 and is expected to reach USD 17,803.70 thousand by 2028. Limited availability of fresh blood and its short life span coupled with increasing demand for blood transfusion and increased funding for development of blood substitutes acts as driver for the artificial blood substitutes market growth.
Artificial blood substitutes are also known as oxygen therapeutics or haemoglobin-based oxygen carriers. It is used to mimic the function of biological blood and to offer a substitute to blood transfusion. Artificial blood are used as a solution to replace transfusion of banked red blood cells and are designed to overcome the limitations such as shortage of blood sonor, high risk contamination, requirement of cross matching. The allogenic blood transfusions has multiple risks and can cause infectious transmission, transfusion reactions, transfusion related acute lung injury, delayed postoperative wound healing, immunomodulation and potential risk of cancer recurrence. It offers the promise of new and important life-saving medical treatments.
Artificial blood are produced from sources such as animal blood, human blood, microorganisms recombinant Hb, stem cells and others. Artificial blood also offers several advantages over the human blood as it belongs to universal blood group and can be given to the patients regardless of their blood type. Also artificial blood substitutes don’t produce any immulogical reactions. Also, artificial blood substitute eliminates the risk of infectious diseases or contamination during transfusion and offers extended shelf life in comparision to the human blood as it can be stored for 3 years at room temperature or more while the human blood shelf life is short for 42 days. Artificial blood can be used for emergency situations and can be stored easily also is the perfect option for the patients who doesn’t accept blood from donors due to their religious beliefs.
Limited availability of fresh blood and its short life span coupled with increasing demand for blood transfusion and increased funding for development of blood substitutes are the key factors driving the North America artificial blood substitutes market. However, the high cost production of artificial blood as well as stringent rules laid down by governmental bodies for approval of blood substitute products may hamper the growth of the artificial blood substitutes market. Also, rising awareness regarding the advantages offered by artificial blood and rising demand for artificial blood coupled with insufficient number of blood donor and growing number of research and development on artificial blood will create huge opportunities for the North America artificial blood substitutes market. The inavailability of artificial blood products, extended clinical trials and side effects associated with artificial blood will create a huge challenge for the North America artificial blood substitutes market.
The artificial blood substitutes market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the artificial blood substitutes market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Artificial blood substitutes Market Scope and Market Size
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 North America artificial blood substitutes market is segmented into perflurocarbon (PFCs) and hemoglobin-based oxygen carries (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 carries (HBOCs) segment is expected to dominate the artificial blood substitutes market due to rising demand for blood substitutes which eliminates the blood typing and to overcome the shortage of human blood.
- On the basis of source, the North America 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 North America 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 North America 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.
Artificial blood substitutes Market Country Level Analysis
The artificial blood substitutes market is analyzed and market size information is provided by the country, product type, source, application and end user as referenced above.
The countries covered in the artificial blood substitutes market report are the U.S., Mexico.
Product type segment in U.S. country is expected to grow with the highest growth rate in the forecast period of 2021 to 2028 because of increase in demand for blood transfusion with rising number of patients. The product type segment in Mexico is dominating market owing to limited availability of human blood to treat rising number of patients.
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 such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growing Strategic Activities by Major Market Players to Enhance the Awareness for Artificial blood substitutes is boosting the Market Growth of Artificial blood substitutes market.
The artificial blood substitutes market also provides you with detailed market analysis for every country growth in particular market. Additionally, it provides the detail information regarding the market players’ strategy and their geographical presence. The data is available for historic period 2010 to 2019.
Competitive Landscape and Artificial blood substitutes Market Share Analysis
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, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to artificial blood substitutes market.
The major companies which are dealing in the artificial blood substitutes are HEMARINA, Hemoglobin Oxygen Therapeutics LLC, KaloCyte, Inc., LLC “Visusmed”, European Medicines Agency, OPK Biotech LLC, NuvOx Pharma, Prolong Pharmaceuticals, LLC, Boston Therapeutics, Inc., Aurum Biosciences, OXYVITA Inc, NanoBlood LLC among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many expansion and funding are also initiated by the companies’ worldwide which are also accelerating the artificial blood substitutes market.
For instance,
- 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.
Collaboration, business expansion, award and recognition, joint ventures and other strategies by the market player is enhancing the company footprints in the artificial blood substitutes market which also provides the benefit for organization’s profit growth.
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