Synthetic Blood Substitutes and Blood Product Market: Global Industry Analysis and Forecast (2023-2029)

Synthetic Blood Substitutes and Blood Product Market size was valued at US$ 6.48 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 18.5% through 2022 to 2029, reaching nearly US$ 21.28 Bn.
Synthetic Blood Substitutes and Blood Product Market Overview:
Artificial blood replacement in the human body is referred to as synthetic blood substitutes. A blood replacement is a substance that is utilised to meet the biological needs of the body that are not met by real blood. A set of chemicals made consisting of carbon and fluorine are used to create artificial blood. These molecules may dissolve 50 times more oxygen into the body than blood plasma. Internally, the molecules work similarly to blood, supplying oxygen to different regions of the body, organs, and tissues.

Patients suffer massive blood loss as a result of catastrophic injuries and diseases, resulting in the deaths of thousands of patients each year. Fresh blood also has a 42-hour life span. Because of this obstacle, synthetic blood substitutes are required to meet the patient's immediate blood supply needs and to extend his or her life.To know about the Research Methodology:- Request Free Sample Report
Synthetic Blood Substitutes and Blood Product Market Dynamics:
The prevalence of numerous conditions that require blood transfusions, such as cancer, malignant neoplasm, CVDs, organ transplantations, leukaemia, anaemia, surgery, neonatal condition, and others, are the key drivers of a synthetic blood substitute and blood products in the market. The demand for blood transfusions rises as a result of these factors. The necessity to meet blood supply shortages necessitates raising awareness, and the rising number of diseases transmitted through blood transfusions is driving up demand for synthetic blood substitutes.

Market companies now have a fresh opportunity to introduce artificial blood transfusion advancements due to stem cell therapy. To market the product, however, severe government standards and conditions, regulatory clearances from the Ministry of Public Health, the World Health Organizations (WHO), and the Food and Drug Administration (FDA) are required. And this procedure is thought to be a market restraint because it takes longer for government approvals.
Synthetic Blood Substitutes and Blood Product Market Segment Analysis:
The Synthetic Blood Substitutes and Blood Product Market is segmented by Source, Type, Application, and End-Use.

Based on the Type, the market is segmented into Perfluorocarbon Based Product (PFC), Haemoglobin Based Oxygen Carrier, Synthetic Platelet, Recombinant Factor, and Blood Expander. Perfluorocarbon Based Product (PFC) segment is expected to hold the largest market shares of xx% by 2029. Products with perfluorocarbons are preferred due to their ability to transport oxygen easily through the blood. These are typically used perfluorocarbons, such as perfluorodecalin and perflubron. A primary side effect of perfluorocarbons is a reduction in platelet count. PFC carrier types are not as preferred as haemoglobin-based carriers because they have a shorter life expectancy. A patient can develop anaphylactic shock if they use haemoglobin-based carriers too often. These are the key factors that are expected to drive the growth of this segment in the Synthetic Blood Substitutes and Blood Product Market during the forecast period.

Based on the Application, the market is segmented into Cardiovascular Diseases, Anaemia, Malignant Neoplasm, Injury and Trauma, Neonatal Conditions, Maternal Conditions, Organ Transplant, and Other. Injury and Trauma segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Synthetic substitutes may be used to mitigate the effects of severe blood loss in traumatic injuries caused by disasters, accidents, or wars that call for an urgent transfusion to prevent lasting damage to tissue and organs. In addition, due to the excellent oxygen-carrying capability of perfluorocarbons, researchers are looking for ways to reduce swollen brain tissue resulting from traumatic brain injury.

The transfusion of synthetic blood substitutes may be given to anaemia patients who suffer from active bleeding or experience shortness of breath, chest pain, or weakness. Transfusions are performed to correct iron deficiency and alleviate symptoms.

Based on the End-Use, the market is segmented into Hospitals and Clinics, Blood Banks, and Others. Hospitals and Clinics segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. In 2022, hospitals and clinics segment held the largest market share of 58%. For the dominance of hospitals and clinics in the market, a number of factors exist, including well-stocked operating rooms, highly skilled healthcare professionals, personal blood storage and preservation centers, a high level of purchasing power, and enhanced coverage of healthcare services from private and group insurance, among many others.

 
Synthetic Blood Substitutes and Blood Product Market Regional Insights:
North America region is expected to dominate the Synthetic Blood Substitutes and Blood Product market during the forecast period 2023-2029. North America region is expected to hold the largest market shares of xx% by 2029. In 2022, North America region held the largest market share of 38%. The North American market for synthetic blood substitutes and blood products is dominated by the latest technology adopted in the region, as well as advancements in stem cell research and development. North American countries with the most health insurance coverage are the US, Canada, and Mexico due to strong health care systems provided by governments and private organizations.The objective of the report is to present a comprehensive analysis of the Synthetic Blood Substitutes and Blood Product Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Synthetic Blood Substitutes and Blood Product Market dynamic, structure by analyzing the market segments and project the Synthetic Blood Substitutes and Blood Product Market size. Clear representation of competitive analysis of key players by Source, price, financial position, product portfolio, growth strategies, and regional presence in the Synthetic Blood Substitutes and Blood Product Market make the report investor’s guide.
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Synthetic Blood Substitutes and Blood Product Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 6.48 Bn.


Forecast Period 2023 to 2029 CAGR:
18.5%
Market Size in 2029:
US $ 21.28 Bn.


 Segments Covered:
by Source
Human Blood
Animal Blood
Microorganisms
Synthetic Polymers
Stem Cells
Others


by Type
Perfluorocarbon Based Product (PFC)
Haemoglobin Based Oxygen Carrier
Synthetic Platelet
Recombinant Factor
Blood Expander


by Application
Cardiovascular Diseases
Anaemia
Malignant Neoplasm
Injury and Trauma
Neonatal Conditions
Maternal Conditions
Organ Transplant
Other


by End-Use
Hospitals and Clinics
Blood Banks
Others



Global Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players:
1. Aurum Biosciences Ltd
2. Hemarina SA
3. KaloCyte Inc.
4. NuvOx Pharma LLC
5. Northfield Laboratories
6. Dentritech, Inc.
7. HemoBioTech, Inc.
8. Dextro-Sang Corp.
9. Baxter International
10.FluorO2 Therapeutics
11.Alpha Therapeutic Corp.
12.Hemoglobin Oxygen Therapeutics LLC
13.SpheriTech Ltd
14.Sangart, Inc.
15.BioPure
Frequently Asked Questions:
1] What segments are covered in Market report?
Ans. The segments covered in Market report are based on Source, Type, Application, and End-Use.

2] Which region is expected to hold the highest share in the Market?
Ans. North America is expected to hold the highest share in the Market.

3] Who are the top key players in the Market?
Ans. Aurum Biosciences Ltd, Hemarina SA, KaloCyte Inc., NuvOx Pharma LLC, Northfield Laboratories, and Dentritech, Inc. are the top key players in the Market.

4] Which segment holds the largest market share in the Synthetic Blood Substitutes and Blood Product market by 2029?
Ans. Perfluorocarbon Based Product (PFC) segment hold the largest market share in the market by 2029.

5] What is the market size of the Synthetic Blood Substitutes and Blood Product market by 2029?
Ans. The market size of the market is expected to reach at US $21.28 Bn. by 2029.

6] What was the market size of the market in 2022?
Ans. The market size of the market was worth US $6.48 Bn. in 2022.