The global synthetic blood substitutes market is projected to worth USD 15.40 Billion by 2027, according to a new report by Emergen Research. The market is estimated to register a CAGR of 18.5% from 2020 to 2027. Rising prevalence of anemia, thalassemia, and other blood disorders is expected to drive the demand for synthetic blood substitutes over the forecast period. Moreover, increasing incidence of road accidents and trauma cases requiring immediate surgical interventions is projected to fuel the market growth. However, stringent government regulations associated with the development and commercialization of synthetic blood substitutes are likely to hamper the market growth.
Synthetic blood substitutes are solutions containing artificial hemoglobin or other products that can mimic some functions of natural blood. These substitutes are used to treat anemia and other blood disorders.
Obstetric conditions linked with blood transfusion are growing, which is propelling the synthetic blood substitutes market demand globally. The product is gaining popularity as it possesses a longer shelf life and can be transported easily from one place to another. Owing to these favorable attributes, there will be an increase in the number of trauma cases that would require immediate medical care, thereby boosting the industry growth over the forecast period.
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The industry is expected to gain significant traction over the forecast period on account of the rising number of surgeries and trauma cases. According to the World Health Organization (WHO), in 2015, around 234 million surgical procedures were performed globally, which is anticipated to grow at a CAGR of 5% from 2016 to 2030. Furthermore, the number of trauma cases is increasing owing to the rising accidents rate globally. As per the National Highway Traffic Safety Administration (NHTSA), in the U.S., around 6 million car accidents take place every year, out of which, 3 million people get injured and 2 million people require immediate medical attention.
The industry growth will be further propelled by the favorable reimbursement scenario in the U.S. and Europe. For instance, in January 2018, the U.S. Food and Drug Administration (FDA) approved HEMOPATCH for internal bleeding that cannot be controlled by other means of treatment such as surgery or angiographic intervention. The agency also recommended a label change for HEMOPATCH to expand its indications for use.
Some Key Highlights from the Report
- Based on product, the market has been segmented into hemoglobin-based oxygen carriers (HBOCs), perfluorocarbon emulsions, and fluorocarbon-based blood substitutes. The HBOCs segment is expected to hold the largest share in the market over the forecast period owing to their ability to carry large amount of oxygen and their compatibility with human blood.
- In terms of application, the market has been divided into anemia, trauma & surgery, and others. Anemia segment is projected to grow at the fastest rate over the forecast period due to increasing prevalence of blood disorders such as thalassemia and sickle cell anemia.On the basis of route of administration, the market has been categorized into intravenous (IV) and intraosseous (IO). IV segment held the largest share in the market in 2019 owing to its minimal invasiveness. Moreover, this route of administration is preferred for trauma & surgery cases as it helps in faster delivery of blood substitutes.
- North America dominated the global synthetic blood substitutes market in 2019 and is expected to maintain its position over the forecast period owing to growing prevalence of blood disorders and accidents & trauma cases. Moreover, availability of advanced healthcare infrastructure and reimbursement policies are projected to fuel the market growth in this region.
- 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.
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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
- Microorganisms
- Synthetic Polymers
- Stem Cells
- Others
Type Outlook (Revenue, USD Billion; 2017-2027)
- Hemoglobin-Based Oxygen Carriers (HBOCs)
- Perfluorocarbon (PFCs)
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Cardiovascular Diseases
- Anemia
- Malignant Neoplasm
- Injuries and Trauma
- Neonatal Conditions
- Maternal Conditions
- Organ Transplant
- Others
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Blood Banks
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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