Artificial blood substitutes market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 25.6% in the forecast period of 2021 to 2028 and is expected to reach USD 30,560.42 thousand by 2028. Limited availability of fresh blood and its short life span coupled with increasing demand for blood transfusion and increased funding for development of blood substitutes acts as drivers for the artificial blood substitutes market growth.
Artificial blood substitutes are also known as oxygen therapeutics or haemoglobin-based oxygen carriers. It is used to mimic the function of biological blood and to offer a substitute to blood transfusion. Artificial blood are used as a solution to replace transfusion of banked red blood cells and are designed to overcome the limitations such as shortage of blood sonor, high risk contamination, requirement of cross matching. The allogenic blood transfusions has multiple risks and can cause infectious transmission, transfusion reactions, transfusion related acute lung injury, delayed postoperative wound healing, immunomodulation and potential risk of cancer recurrence. It offers the promise of new and important life-saving medical treatments.
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Market Analysis and Insights: Global Artificial Blood Substitutes Market:
Limited availability of fresh blood and its short life span coupled with increasing demand for blood transfusion and increased funding for development of blood substitutes are the key factors driving the global artificial blood substitutes market. However, the high cost production of artificial blood as well as stringent rules laid down by governmental bodies for approval of blood substitute products may hamper the growth of the artificial blood substitutes market. Also, rising awareness regarding the advantages offered by artificial blood and rising demand for artificial blood coupled with insufficient number of blood donors and growing number of research and development on artificial blood will create huge opportunities for the global artificial blood substitutes market. The inavailability of artificial blood products, extended clinical trials, and side effects associated with artificial blood will create a huge challenge for the global artificial blood substitutes market.
The artificial blood substitutes market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market.
Global Artificial Blood Substitutes Market Scope and Market Size
The artificial blood substitutes market is segmented on the based on the product type, source, application and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
· On the basis of product type, the global artificial blood substitutes market is segmented into perflurocarbon (PFCs) and hemoglobin-based oxygen carriers (HBOCs). Perflurocarbon (PFCs) is further segmented into perftoran. Hemoglobin-based oxygen carries (HBOCs) is further segmented into oxyglobin and hemopure. In 2021, the hemoglobin-based oxygen carriers (HBOCs) segment is expected to dominate the artificial blood substitutes market due to rising demand for blood sustitutes which eliminates the blood typing and to overcome the shortage of human blood.
· On the basis of source, the global artificial blood substitutes market is segmented into human blood, animal blood, microorganism based recombinant HB, synthetic polymers and stem cells. In 2021, the animal blood segment is expected to dominate the artificial blood substitutes market due to availability of ample amount of source to produce artificial blood.
Table of Contents: Global Artificial Blood Substitutes Market
1 Introduction
2 Market Segmentation
3 Executive Summary
4 Premium Insight
5 Market Overview
6 Covid-19 Impact on Artificial Blood Substitutes in Healthcare Industry
7 Global Artificial Blood Substitutes Market, by Product Type
8 Global Artificial Blood Substitutes Market, by Modality
9 Global Artificial Blood Substitutes Market, by Type
10 Global Artificial Blood Substitutes Market, by Mode
11 Global Artificial Blood Substitutes Market, by End User
12 Global Artificial Blood Substitutes Market, by Geography
13 Global Artificial Blood Substitutes Market, Company Landscape
14 Swot Analysis
15 Company Profiles
16 Questionnaire
17 Related Reports
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