The artificial blood substitutes market size was valued at USD 6.8 Bn in 2022 and is likely to reach USD 35.50 Bn by 2031, expanding at a CAGR of 20.2% during 2023–2031. The market growth is driven by increasing demand for blood transfusions, shortage in blood supply, advancement in technology, and rising safety concerns and infections.
Artificial blood substitutes are created as a substitute for human blood during transfusions. They are specifically designed to perform the same vital function as real blood, which is transporting oxygen and nutrients throughout the body.
These substitutes are made using various materials such as perfluorocarbons (PFCs), synthetic hemoglobin, and other substances. Additionally, artificial blood substitutes are beneficial in situations where donated blood is not accessible or unsuitable for transfusion.
Artificial blood is a special kind of blood substitute that helps deliver oxygen to the body when someone loses a lot of blood due to an injury or in emergency situations such as being injured during a battle. It can be used instead of real blood during surgeries, so blood transfusions are unnecessary.
The artificial blood substitute industry has been focused on developing and providing substitute products for real blood. These substitutes are used in medical settings, particularly for critically ill patients who require oxygen transport in their bodies.
Artificial blood substitutes are designed to perform the essential function of carrying oxygen and carbon dioxide, similar to real blood. In June 2020, scientists from the American Chemical Society tried to create synthetic red blood cells that work the same as real ones. These are the important things happening in the field of artificial blood.
Artificial blood substitutes are typically sterile and free from infectious agents, which reduces the risk of transmitting blood-borne infections, such as HIV or hepatitis. This is particularly beneficial in regions where the prevalence of such infections is high.
The market report finds that the COVID-19 pandemic has affected the artificial blood substitutes market. The outbreak lead to a decrease in blood supply due to various factors including the reduced number of blood donations and disruption in the healthcare system.
Post-pandemic period is expected a significant impact on artificial blood substitutes. The pandemic has highlighted the importance of ensuring a stable and reliable blood supply leading to increased recognition of the potential of artificial blood substitutes. Post-pandemic there is increasing focus on the development, research, and adoption of artificial blood substitutes to strengthen the blood supply chain and enhance patient care.
Global Artificial Blood Substitutes Market Dynamics
Major Drivers
Increasing usage of artificial blood substitutes is one of the factors driving the market. Artificial blood is created using various sources such as human blood, animal blood, microorganisms, recombinant hemoglobin, stem cells, and other materials. The major advantage is that artificial blood belongs to a universal blood group, making it suitable for managing to patients regardless of their blood type.
This eliminates the need for blood group typing and reduces the risk of incompatible transfusions. Additionally, artificial blood substitutes do not cause immunological reactions, further enhancing their compatibility with patients.
Increasing awareness of the benefits offered by artificial blood among individuals is another factor expected to propel the market. The manufacturing process of blood substitutes includes trials to eliminate bacteria and viruses, thus reducing the risk of infectious diseases during blood transfusions. This is particularly significant in regions such as Sub-Saharan Africa where infectious diseases pose a major concern.
Existing Restraints
High cost associated with artificial blood products is anticipated to hamper the market. The growth rate of the artificial blood substitute market is likely to face obstacles due to the high cost of these products and the limited adoption in emerging and underdeveloped countries.
For instance, the duration of effectiveness for most hemoglobin-based artificial blood substitutes is typically limited to 20-30 hours in the body, whereas whole blood transfusions can last up to 34 days. Additionally, artificial blood substitutes lack the ability to mimic the disease-fighting and clotting functions of natural blood.
Emerging Opportunities
A growing number of surgical procedures being performed creates lucrative opportunities for the market. The increasing prevalence of surgical procedures boosts the demand for artificial blood substitutes as alternatives to donated human blood components such as plasma and red cells. Both government and private organizations are providing enhanced funding for research on artificial blood substitutes, leading to the development of innovative products.
For instance, Hemoglobin Oxygen Therapeutics LLC published preclinical data in April 2019, demonstrating the efficacy of their product, Hempure, in replacing packed red blood cells (RBCs) during normothermic kidney perfusion (NMP). This significant development generates interest in the field of organ transplantation.
Scope of the Global Artificial Blood Substitutes Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Global Artificial Blood Substitutes Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Type (Perflurocarbon and Hemoglobin-Based Oxygen Carries), Source (Animal Blood, Human Blood, Synthetic Polymers, Stem Cells, and Microorganism Based Recombinant HB), Application (Cardiovascular Diseases, Injuries, Anemia, Organ Transplant, Malignant Neoplasma, Neonatal Conditions, and Maternal Condition), and End-user (Blood Banks, Hospital & Clinics, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Aurum Bioscience; Hemoglobin Oxygen Therapeutics LLC; HEMARINA; KaloCyte, Inc.; NuvOx Pharma; Prolong Pharmaceuticals, LLC; and Boston Pharmaceuticals
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Market Segment Insights
Based on product type, the artificial blood substitutes market is bifurcated into perfluorocarbon (PFCs) and hemoglobin-based oxygen carriers (HBOCs). The hemoglobin-based oxygen carriers (HBOCs) segment is expected to expand at a major growth rate during the projection period due to the increasing adoption of HBOC in blood transfusion procedures for trauma and emergency care settings.
HBOCs serve as a viable alternative to natural blood, offering a safe and efficient option for blood replacement treatments. HBOCs are designed to mimic the oxygen-carrying function of red blood cells, enabling them to effectively deliver oxygen to tissues and organs if needed.
This capability makes them valuable in critical situations where immediate oxygen delivery is crucial for patient survival. They can be stored for longer periods without the need for refrigeration, reducing logistical challenges and enhancing their availability in emergency situations.
The perfluorocarbon (PFCs) segment is expected to expand at a significant growth rate in the coming years due to its ability to transportation of oxygen efficiently within the bloodstream. Perfluorocarbons are used as artificial blood substitutes, it is man-made and contains compounds only fluorine and carbon.
PFCs are utilized as artificial blood substitutes because they have the ability to bind and carry oxygen molecules effectively. This property allows them to serve as reliable oxygen carriers and ensure oxygen delivery to vital organs and tissues. The efficient oxygen transport provided by PFCs makes it convenient in various medical applications for healthcare professionals, including situations where traditional blood transfusions can not be readily available or suitable. As a result, the PFC witnessing growth as healthcare professionals recognize the benefits of these substances in oxygen delivery and their potential to improve patient outcomes.
On the basis of source, the artificial blood substitutes market is segregated into animal blood, human blood, synthetic polymers, stem cells, and microorganism based recombinant HB. The microorganism based recombinant HB is projected to register a considerable CAGR during the forecast period due to providing advantages in terms of scalability, cost-effectiveness, and control over the production process.
Microorganism-based recombinant HB involves the use of genetically modified microorganisms to produce hemoglobin, which can be used as a key component in artificial blood substitutes. The use of microorganisms allows for the production of large quantities of recombinant HB in a controlled laboratory setting. This scalability makes it easier to meet the increasing demand for artificial blood substitutes.
The process of genetically modifying microorganisms to produce HB can be cost-effective compared to other sources such as human or animal blood. It eliminates the need for continuous blood donations and reduces the risk of potential diseases or contamination associated with donated blood.
The synthetic polymers segment is anticipated to hold a significant share of the market due to improved safety and extended shelf life of the products. Synthetic polymers are engineered materials designed to mimic the oxygen-carrying function of natural blood. These polymers can be tailored to have the desired oxygen-carrying capacity and other properties necessary for artificial blood substitutes. Synthetic polymers provide the advantage of being readily available and free from potential contaminants.
Synthetic polymers offer advantages in terms of safety and compatibility. They can be designed to be biocompatible, meaning they are less likely to cause adverse reactions or immune responses when introduced into the body. This reduces the risk of complications during transfusion and increases patient safety. Synthetic polymers have a longer shelf life compared to natural blood products. They can be stored for extended periods without the need for refrigeration or specialized storage conditions, making them more convenient and readily available for emergency situations.
On the basis of application, the artificial blood substitutes market is segmented into cardiovascular diseases, injuries, anemia, organ transplant, malignant neoplasms, neonatal conditions, and maternal conditions. The anemia segment is anticipated to register a robust growth rate during the forecast period due to increasing demand for effective and readily available solutions to address oxygen-carrying capacity shortfalls in anemic patients.
Anemia is a common medical condition characterized by a decrease in the number of red blood cells or a decrease in their ability to carry oxygen. Patients with severe anemia often require blood transfusions to restore their oxygen-carrying capacity. However, the availability of compatible blood for transfusion is often limited, and there can be challenges in finding suitable donors. They can provide an immediate and controlled supply of oxygen to the body and effectively address the oxygen deficiency experienced by anemic patients. These substitutes can help improve the symptoms associated with anemia, such as fatigue, weakness, and shortness of breath.
Based on the end-user, the artificial blood substitute market is segregated into blood banks, hospital & clinics, and others. The hospital and clinics segment is expected to hold the largest share of the market due to the presence of specialized medical staff and infrastructure.
Hospitals and clinics are the primary healthcare institutions where patients receive medical treatments including blood transfusions. These facilities have a high demand for blood products including artificial blood substitutes, for the needs of patients undergoing various surgical procedures, emergency treatments, and critical care. They have the necessary equipment and expertise to monitor patients and manage any potential complications that can arise during the transfusion process.
The blood bank segment is projected to expand at a considerable growth rate during the projection period due to the extensive distribution network for the delivery of the products. Blood banks have a wide network and reach that serve various healthcare institutions including hospitals, clinics, and other medical facilities.
They act as a centralized hub for blood product distribution and blood collection, making them an essential link in the supply chain of artificial blood substitutes. Their extensive distribution network allows for efficient delivery and accessibility of these substitutes to healthcare providers and patients.
Regional Outlook
In terms of region, the global artificial blood substitutes market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period due to the increasing number of clinical trials and significant funding investments from government organizations and private institutions.
North America is home to a robust healthcare system and advanced medical research infrastructure. The region has a high concentration of renowned research institutions, hospitals, and pharmaceutical companies that actively engage in conducting clinical trials for various medical advancements in artificial blood substitutes.
Government organizations and private institutions recognize the potential of artificial blood substitutes to address the challenges associated with blood transfusions and improve patient outcomes. They also provide significant funding to research projects, clinical trials, and academic institutions focused on advancing the field of Artificial Blood Substitutes.
The market in Europe is anticipated to grow at a rapid pace owing to the presence of well-established healthcare infrastructure. This region is experiencing challenges related to the limited availability of fresh blood and the short shelf life of donated blood products. This lack of blood supply creates a significant demand for alternative solutions such as artificial blood substitutes.
Europe has witnessed a rising need for blood transfusions due to an aging population, an increasing prevalence of chronic diseases, and a growing number of surgical procedures. This region has a well-established healthcare infrastructure and strong regulatory frameworks that support the adoption and utilization of innovative medical technologies.
Segments
Product Type
- Perfluorocarbons
- Hemoglobin-Based Oxygen Carries
Source
- Animal Blood
- Human Blood
- Synthetic Polymers
- Stem Cells
- Microorganism Based Recombinant HB
Application
- Cardiovascular Diseases
- Injuries
- Anaemia
- Organ Transplant
- Malignant Neoplasma
- Neonatal Conditions
- Maternal Condition
End-user
- Blood Banks
- Hospital & Clinics
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Aurum Biosciences
- Hemoglobin Oxygen Therapeutics LLC
- HEMARINA
- KaloCyte, Inc.
- NuvOx Pharma
- Prolong Pharmaceuticals, LLC
- Boston Pharmaceuticals
Competitive Landscape
Key players competing in the global artificial blood substitutes market are Aurum Bioscience; Hemoglobin Oxygen Therapeutics LLC; HEMARINA; KaloCyte, Inc.; NuvOx Pharma; Prolong Pharmaceuticals, LLC; and Boston Pharmaceuticals
These major players in the artificial blood substitutes market are developing various strategies including mergers, collaboration, innovation acquisitions, partnerships, and new product launches, to expand their offerings, technological advancements, and consumer base. These companies are recognized for For instance,
- In September 2022, VirTech Bio secured funding from the Pentagon, U.S. Department of Defense (DoD), to support the clinical research phase of their hemoglobin-based blood-like oxygen-carrying solution, refers as OxyBridge. This funding valued at USD 13 million, aims to drive the development and testing of the product, which is designed to prevent hemorrhagic shock in trauma patients and enhance the viability of donated organs for transplantation.
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