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Published by Emergen in the Digital Journal on January 17, 2023

The latest market intelligence report, titled ‘Global synthetic blood substitutes market’, is intended to provide the target audience with the necessary information about the global Synthetic Blood Substitutes Market industry. The report comprises a detailed analysis of the vital elements of the Synthetic Blood Substitutes Market , including key drivers, constraints, opportunities, limitations, threats, and micro- and macro-economic factors. The report carefully investigates the present market scenario and the fundamental growth prospects

The global synthetic blood substitutes market is projected to worth USD 254.97 Million by 2030, according to a new report by Emergen Research. The market for synthetic blood substitutes such as Hemopure, Oxyglobin, and Hemotech, is growing at a double-digit rate attributed to its rising application in cardiovascular diseases, anemia, malignant neoplasm, injuries, neonatal conditions, maternal conditions, and organ transplant, among others. Also, obstetric conditions linked with blood transfusion may result in health complications, and even death, if inappropriately managed, is likely to fuel the demand for synthetic blood substitutes.

The shortage of human blood for transfusion is one of the significant factors influencing the market growth. Every year, more than 4.5 million people in America receive transfusions, owing to a surgical operation or a traumatic injury and the count of patients needing a transfusion is surpassing the number of donors. According to the Pacific Heart, Lung, and Blood Institute, there is an acute shortfall of human blood availability for healthcare purposes.

Furthermore, the report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.

Some Key Highlights from the Report

In September 2019, a preclinical-stage biotech firm, KaloCyte, engaged in developing a bio-inspired synthetic RBC substitute for application in settings when stored RBCs are not available, has entered into an alliance with the growing biotech community of Baltimore as an affiliate of the University of Maryland (UM) BioPark.

Synthetic hemoglobin-based substitutes are created from hemoglobin collected from a strain of E. coli bacteria. The modified hemoglobin is stable and possesses a more excellent oxygen-carrying ability as compared to RBCs.

Blood transfusions are often administered to patients for the treatment of low hemoglobin levels percutaneous coronary intervention, coronary artery bypass grafting, and non-ST-segment elevation acute coronary syndromes, and settings. Thus, cardiovascular diseases are a major application area for the market.

Contrary to natural blood, with a shelf-life of 42 days, synthetic substitutes may be stored for over a year or more, thereby easing the task of storage and preservation by blood banks and use it when required in blood transfusion.

Key participants include Hemarina, Sagart Corporation, FLUORO2 Therapeutics, Biopure Corporation, Alpha Therapeutic Corporation, KaloCyte, Baxter, Green Cross Corporation, North Field Laboratories, and Alliance Pharmaceutical Corporation, among others.

Read More: https://www.emergenresearch.com/industry-report/synthetic-blood-substitutes-market

Valuable Market Insights:

• The report highlights the latest trends observed in the consumption pattern of each regional segment.
• Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.
• The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global Synthetic Blood Substitutes Market .
• The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.

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; 2019-2030)

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

Type Outlook (Revenue, USD Billion; 2019-2030)

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

Application Outlook (Revenue, USD Billion; 2019-2030)

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

End-Use Outlook (Revenue, USD Billion; 2019-2030)

• Hospitals & Clinics
• Blood Banks
• Others