The global artificial blood substitutes market is expected to grow at a significant CAGR during the forecast period (2024-2031). The global artificial blood substitutes market is driven by the limited availability of fresh blood and its short life span, as well as rising demand for blood transfusions and increased financing for the development of blood substitutes. Oxygen therapies or haemoglobin-based oxygen carriers are other names for artificial blood substitutes. It's utilized to replace blood transfusions by simulating the function of biological blood. Artificial blood is used to replace banked red blood cell transfusions and is designed to solve restrictions such as a lack of blood, a high risk of contamination, and the need for cross-matching. Allogenic blood transfusions have several dangers, including the transmission of infectious diseases, transfusion responses, transfusion-related acute lung injury, delayed postoperative wound healing, immunomodulation, and the chance of cancer recurrence. It holds out the prospect of novel and life-saving medicinal treatments.
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Animal blood, human blood, microbes, recombinant Hb, stem cells, and other sources are used to create artificial blood. Artificial blood has various advantages over human blood, including the fact that it belongs to a universal blood group and can be given to patients of any blood type. Artificial blood substitutes also have no immunological side effects. Furthermore, artificial blood substitutes reduce the possibility of infectious diseases or contamination during transfusion and have a longer shelf life than human blood, as it may be stored for up to three years at room temperature, whereas human blood only has a 42-day shelf life. Artificial blood may be utilised in an emergency and is easily kept. It is also a great choice for people who refuse to receive blood from donors due to religious views. Furthermore, rising awareness of the benefits of artificial blood and rising demand for artificial blood, combined with a shortage of blood donors and an increase in artificial blood research and development, would generate enormous opportunities for the global artificial blood substitutes market.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: GlaxoSmithKline (GSK), Merck & Co., Aurobindo Pharma Ltd., Takeda Pharmaceutical Co. Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Artificial Blood Substitutes Market by Segment
By Product Type
- Perfluorocarbon (PFCs)
- Haemoglobin-Based Oxygen Carriers (HBOCs)
By Source
- Human Blood
- Animal Blood
- Microorganism Based Recombinant HB
- Synthetic Polymers and Stem Cells
By Application
- Cardiovascular Diseases
- Malignant Neoplasma
- Injuries
- Neonatal Conditions
- Organ Transplant
- Maternal Condition
By End-User
- Hospital & Clinics
- Blood Banks
- Others
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