The Global Artificial Blood Market size was valued at USD XX billion in 2019 and is expected to reach at a compound annual growth rate (CAGR) of XX% from 2019 to 2026.
Artificial blood or the blood surrogates is a substance used to mimic and fulfill some functions of biological blood, usually in the oxygen-carrying sense. The main aim of artificial blood is to provide an alternative to blood transfusion, which is transferring blood or blood-based products from one person into another.
The report on the Global Artificial Blood Market gives an estimation of the development of the market based on historical studies and also provides forecasts on the basis of comprehensive research. The report gives a complete market analysis for the forecast period from 2019 to 2026. The market is divided into various segments with an in-depth outlook of the competitors and a listing of the profiled key players. Leading players in the global artificial blood market include Therapure Biopharma Inc., Sanguine Biosciences, Northfield Laboratories Inc., Baxter Healthcare Corp., and Alliance Pharmaceutical. The market size in terms of revenue and volume is calculated and provided for the study period along with the dynamics of the market such as the drivers and the restraints.
Global Artificial Blood Market Dynamic
Artificial blood allows for immediate full capacity oxygen transport, as opposed to transfused blood which requires about 24 hours to reach full oxygen transport capacity due to 2, 3- diphosphoglycerate depletion. Also, oxygen-carrying artificial blood substitutes make the natural replenishment of lost red blood cells until blood is naturally replenished. This drives the global artificial blood market in the forecast period. Two main advantages of artificial blood are, it can be stored for a much longer period and kept at room temperature, which captures the attention of professional for further research & development in artificial blood products.
Artificial blood have additional beneficiaries as compared to conventional blood transfusion, like safe to use, compatible in the human body, and able to transport and release oxygen where needed. The another factors that boost the global artificial blood market as they are also storable and durable for long time periods, free of pathogens and toxins which would produce an immune system response in the body.
Artificial blood is specially used in the treatment of patients suffering from trauma situation, hence upsurge population suffering from heart and kidney disorders foster the market growth in the forecast period.
In battlefield scenarios, it is often impossible to administer conventional blood transfusion methods. In that case, medical care in the armed services would benefit from artificial blood, which is an easy way to manage blood supply in an efficient way with less time. These all reasons are helping to grow the artificial blood market globally.
The Artificial Blood Market has been segmented based on application, distribution channel and region.
Global Artificial Blood Market, By Application
• Cardiovascular Diseases
• Malignant Neoplasma
• Neonatal Conditions
• Organ Transplant
• Maternal Condition
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Presence of numerous numbers of patients with cardiovascular diseases is driving the global artificial blood market by 2026.
Cardiovascular diseases are the leading cause of death worldwide hence to save the life of patients, doctors mostly prefer artificial blood replacement in treatment and cure.
If a patient loses too much blood during a traumatic injury or a surgical operation, then artificial blood replacement therapy helps to restore normal blood circulation and reduce the risk of future heart attacks and strokes.
Artificial blood acts as a life-sustaining fluid, which offers the promise of new and important life-saving medical treatments. As a result, the cardiovascular diseases segment commands the artificial blood market & share the XX% of revenue in the total market.
Scope of the Global Artificial Blood Market :
Global Artificial Blood Market, By Distribution Channel
• Blood banks
Hospital Segment commands the artificial blood market and share the XX% of revenue in total market.
The hospitals segment is expected to grow in artificial blood market due to an increase in the number of cardiac surgeries. More complex heart diseases encountered and higher frequency of neonates suffering from heart disorders, which requires blood transfusion technique, which drives the global market during the forecast period.
Artificial blood has become the mainstay of treatment for many cardiac lesions and anemic conditions in the growing pediatric population, due to favorable outcomes, better safety, and low risk of infection. The hemoglobin-based products gain popularity in the artificial blood market, as it shows the effective results in the closure of anatomic lesions, the use of artificial blood for maintaining vessel patency has expanded the spectrum of heart diseases that can be treated this way, while improving therapeutic technique.
Global Artificial Blood Market,By Region
• North America
• MEA & Africa
• Latin America
Europe is expected to command largest market share of XX% by 2026.
North America dominates the artificial blood substitutes market by the factors such as, presence of a well-established healthcare system in countries like U.S. and Canada and high expenditure on healthcare research and private healthcare sector. Donations are increasing by about 2-3% annually in the United States and demand is also climbing 6%-8%, as an aging population requires more operations that often involve blood transfusion, which commanded the largest market share of xx% by 2026. The presence of a large number of patients with disorders such as malignant neoplasms, cancer, cardiovascular diseases, organ transplants and neonatal conditions are the factors driving the demand for artificial blood market from North America
Middle East and Africa is expected to command second largest market share of XX% by 2026.
Blood transfusion is the second largest source of new HIV infections in Nigeria, which creates the opportunity for global market growth in this region to reduce the infections. In certain regions of southern Africa, 40% of population has HIV/AIDS, although testing in not feasible. In this case, artificial blood is the best solution of blood-substitutes that would be incredible beneficial in this region.
Key Players Operating in Global Artificial Blood Market Includes
• Therapure Biopharma Inc.
• Sanguine Biosciences
• Northfield Laboratories Inc.
• Baxter Healthcare Corp.
• Alliance Pharmaceutical
• FLUORO2 Therapeutics
• Alpha Therapeutic Corp.
• Green Cross Corp.
• Biopure Corp
• Sangart Corporation
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