According to a new study by Emergen Research, the global market for synthetic blood substitutes is expected to be worth USD 15.40 trillion by 2027. The demand for synthetic blood substitutes such as Hemopure, Oxyglobin, and Hemotech is rising at a rapid pace due to their increasing use in cardiovascular disease, anaemia, malignant neoplasia, injury, neonatal, maternal, and organ transplantation. Obstetric conditions linked to blood transfusion can also lead to health problems and even death if poorly handled. Such conditions are expected to fuel the market for synthetic blood substitutes.
One of the important factors driving the market growth is the lack of human blood for transfusion. More than 4.5 million people in America receive transfusions every year because of surgical procedures or serious injuries, and the number of patients who require a transfusion exceeds the number of donors. There is an acute shortage in human blood supply for healthcare purposes, according to the Pacific Heart, Lung, and Blood Institute.
It is estimated that in severe life-threatening situations, approximately 33% of Americans in their lifetime would undergo transfusion. The shortage may be serious in the coming years, as current estimates do not take into account the need for blood under the circumstances of mass civilian casualties, including natural calamities, terrorist attacks, and conflicts, thereby driving consumer demand.
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Synthetic blood substitutes provide advantages over natural ones, generating tremendous prospects for business development. Synthetic blood substitutes belong to the universal blood group O-ve which is one of the benefits of synthetic replacements. Therefore patients can undergo transfusion regardless of their group type and are not expected to suffer any immunological reactions.
Key Highlights From The Report
- KaloCyte, a preclinical-stage biotech company involved in developing bio-inspired synthetic RBC substitute for application in settings where stored RBCs are not available, entered into an alliance with the Baltimore biotech community in September 2019.
- Synthetic blood substitutes dependent on haemoglobin are produced from haemoglobin obtained from a strain of E. Bacterium coli. As compared to RBCs, the modified haemoglobin is stable and has better oxygen-carrying capacity.
- Patients are also provided blood transfusions for the treatment of low haemoglobin levels, percutaneous coronary intervention, coronary artery bypass grafting, acute coronary syndromes, and settings for non-ST-segment elevation. Therefore, the main application field for the synthetic blood substitutes industry is in cardiovascular diseases.
- Unlike natural blood, synthetic substitutes can be stored for more than a year, thereby making the task easier for blood banks while storage and preservation and using it when needed for blood transfusion.
- Due to the rising demand for synthetic substitutes for blood transfusion in many medical applications, including traumatic injuries & anaemia, and increased investments in R&D by biotech companies, Europe held the second-largest market share in 2019.
- Key participants include Alpha Therapeutic Corporation, North Field Laboratories, Hemarina, FLUORO2 Therapeutics, Sagart Corporation, Biopure Corporation, KaloCyte, Baxter, Green Cross Corporation, and Alliance Pharmaceutical Corporation, among others.
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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; 2017-2027)
- Human Blood
- Animal Blood
- Synthetic Polymers
- Stem Cells
- Type Outlook (Revenue, USD Billion; 2017-2027)
- Hemoglobin-Based Oxygen Carriers (HBOCs)
- Perfluorocarbon (PFCs)
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Cardiovascular Diseases
- Malignant Neoplasm
- Injuries and Trauma
- Neonatal Conditions
- Maternal Conditions
- Organ Transplant
- End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Blood Banks
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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