Synthetic Blood Substitutes Market Size to Reach USD 15.40 Billion in 2027 | Industry Trend – Rapid Technological Advancements in Synthetic Production of Blood

Emergen Research has recently published its latest report titled “Synthetic Blood Substitutes Market By Source, By Type (Hemoglobin-Based Oxygen Carriers (HBOCs), Perfluorocarbon (PFCs)), By Application (Cardiovascular Diseases, Anemia, Malignant Neoplasm, Injuries and Trauma, Neonatal Conditions, Maternal Conditions, Organ Transplant), By End-Use, and by Region Forecast to 2027.”

According to Emergen Research, the global synthetic blood substitutes market size was USD 3.89 billion in 2019 and is expected to reach USD 15.40 billion in 2027 and register a revenue CAGR of 18.5% during the forecast period, 2020-2027.

Market Dynamics:

Blood substitutes are synthetic agents with universal compatibility, minimal infection risk, and prolonged shelf life to carry oxygen to vital organs. Synthetic blood substitutes or artificial blood act as substitutes for red blood cells and is designed with the purpose of transporting oxygen and carbon dioxide throughout the body. Increasing research has been carried out for the synthetic production of blood and large number of clinical trials are being carried out to establish their safety and effectiveness. Rising incidence of traumatic injuries, growing need for blood transfusion due to accidents and warfare, shortage of human blood in banks, and rising need for blood transfusion during delivery and childbirth are some factors expected to boost demand for synthetic blood substitutes and drive market revenue growth over the forecast period. In addition, no risk of infections associated with the use of synthetic blood substitutes during blood transfusion have further boosted its demand in developing and undeveloped countries and is expected to fuel revenue growth of the market going ahead. 

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Synthetic blood substitutes that can be widely used in medical emergencies should be available in large quantity and should not be associated with the probability of risk of disease transmission. Synthetic blood substitutes are often nontoxic when administered in large dosages, are readily available for immediate transfusion, are stable under nominal storage conditions, and maintain circulating blood volume. Perfluorocarbon (PFC) emulsions and hemoglobin-based oxygen-carrying solutions (HBOCs) are two major developments in the field of synthetic blood substitutes and are widely produced by various commercial vendors. Increasing number of awareness programs and conferences regarding synthetic blood substitutes, growing number of clinical trials across the globe to establish safety and efficacy of synthetic blood substitutes, and rising research activities expand the clinical applications of synthetic blood substitutes are some other factors expected to drive market growth going ahead. However, availability of little to no evidence regarding safety of synthetic blood substitutes, incidence of Hb toxicity associated with increased usage of HBOCs, and stringent regulations implemented by regulatory authorities such the U.S. FDA for approval of synthetic blood substitutes are some major factors expected to hamper revenue growth of the market to a certain extent over the forecast period.

COVID-19 Impact Analysis 

  • Social distancing and restrictions severely disrupted businesses and operations
  • Lockdowns caused disruptions in transportation and logistics
  • Impacted manufacturing activities and mining operations globally
  • Took a toll on economy of various countries
  • Caused sudden and drastic downturn in economic activity
  • Disrupted agriculture, fisheries, dairy, and other sectors
  • Caused loss of employment and financial crisis
  • Supply impacts were further compounded owing to reduced disposable income
  • Emergence of variants continue to cause concerns and impact normal routines

Hemoglobin-based Oxygen Carriers Segment to Account for Largest Revenue Share:

Hemoglobin-based oxygen carriers (HBOCs) segment is expected to account for largest revenue share over the forecast period attributable to increasing use of HBOCs in blood transfusion in trauma and emergency care, development of safe and effective blood substitutes, and increasing research and development activities to develop safe HBOCs.

Injuries and Trauma Segment to Register Significant Revenue Growth Rate:

Injuries and trauma segment revenue is expected to expand at a rapid revenue growth rate over the forecast period attributable to rising incidence of traumatic injuries caused due to accidents and disasters, growing prevalence of traumatic brain injuries, and increasing need for blood transfusions for patients suffering from active bleeding.

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North America to Lead in Terms of Revenue Share:

North America is expected to dominate other regional markets in terms of revenue share over the forecast period attributable to increasing incidence of accidents and injuries, growing prevalence of traumatic brain injuries, increasing investment to accelerate R&D activities, presence of established healthcare and research infrastructure, and robust presence of key players in the region.

Major Companies in the Market Include:

  • Hemarina
  • Sagart Corporation
  • FLUORO2 Therapeutics
  • Biopure Corporation
  • Alpha Therapeutic Corporation
  • KaloCyte
  • Baxter
  • Green Cross Corporation
  • North Field Laboratories
  • Alliance Pharmaceutical Corporation

For the purpose of this report, Emergen Research has segmented the global synthetic blood substitutes market on the basis of source, type, application, end-use, and region:

Source Outlook (Revenue, USD Billion; 2017-2027)

  • Human Blood
  • Animal Blood
  • Microorganisms
  • Synthetic Polymers
  • Stem Cells
  • Others

Type Outlook (Revenue, USD Billion; 2017-2027)

  • Hemoglobin-Based Oxygen Carriers (HBOCs)
  • Perfluorocarbon (PFCs)
  • Others

Application Outlook (Revenue, USD Billion; 2017-2027)

  • Cardiovascular Diseases
  • Anemia
  • Malignant Neoplasm
  • Injuries and Trauma
  • Neonatal Conditions
  • Maternal Conditions
  • Organ Transplant
  • Others

End-Use Outlook (Revenue, USD Billion; 2017-2027)

  • Hospitals & Clinics
  • Blood Banks
  • Others

Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/synthetic-blood-substitutes-market

Regional Outlook (Revenue, USD Billion; 2017-2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • U.A.E.
    • South Africa
    • Rest of MEA

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