Synthetic blood substitute is also known as artificial blood and is utilized as a replacement of blood. These substitutes usually fulfill and replicate some of the functions done by blood and it serves as an alternative solution to the process of blood transfusion. The main function of this artificial blood or synthetic blood substitute is to transport carbon dioxide and oxygen all over the body.
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Each year thousands of people die due to diseases and traumatic injuries. In addition, it is possible to store fresh blood for 42 hours only. The rising need for synthetic substitute of blood has been around for quite some time now, which has led to the development of this product. This factor is estimated to support development of the global synthetic blood substitutes market over the timeframe of analysis, from 2020 to 2030.
In the past, blood of sheep, saline solution, and even milk have been utilized as substitute of blood. With relentless experiments had resulted in the development of a new type of substitute of blood in 1966. It was named perflurochemical and it came with some side effects.
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Replacement of blood or artificial blood comes with some properties that can be utilized as a substitute of blood. These blood replacements need to be sterile and should have the ability to release and transport oxygen and have certain shelf life. Riding on the back of these benefits, the global synthetic blood substitutes market is estimated to observe growth over the period of projection, from 2020 to 2030.
Type, application, end use, and region are four important factors in the market that has been considered for the classification of the global synthetic blood substitutes market.
Global Synthetic Blood Substitutes Market: Notable Developments
One of the many relevant and futuristic developments pertaining to the global synthetic blood substitutes market is mentioned below.
In September 2019, US-based KaloCyte, Inc, a preclinical-stage biotech firm, has been involved with the development of bio-inspired synthetic red blood cells (RBC) substitute. This substitute is aimed at use in applications in settings where stored red blood cells is unavailable. The company has formed an association with a biotech community of Baltimore in the form of an affiliate of the University of Maryland (UM) BioPark.
Some of the prominent companies in the global synthetic blood substitutes market are mentioned below:
- Alpha Therapeutic Corporation
- Alliance Pharmaceutical Corporation
- Green Cross Corporation
- Sagart Corporation
- Northfield Laboratories Inc.
- KaloCyte, Inc.
Global Synthetic Blood Substitutes Market: Key Trends
The global synthetic blood substitutes market is marked with the presence of the following challenges, promising opportunities, and market drivers.
A Rise in the Prevalence of Various Condition Requiring Blood Transfusion to Support Growth
There are quite a few synthetic blood substitutes, such as Hemotech, Oxyglobin, and Hemopure in the market. The growth of the global synthetic blood substitutes market is estimated to be driven by its increasing application in various diseases, such as neonatal conditions, anemia, injuries, malignant neoplasm, cardiovascular diseases, and maternal conditions.
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It is also utilized during the process of organ transplant. In addition, it finds use in various obstetric conditions that are linked with the process of transfusion of blood, which might lead to various health complications and could even lead to death. Such conditions are estimated to drive the demand for synthetic blood substitutes over the timeframe of analysis, from 2020 to 2030.
Global Synthetic Blood Substitutes Market: Geographical Analysis
In the global synthetic blood substitutes market, North America is estimated to be driven by the presence of several prominent market vendors in the region. In addition to that, increasing prevalence of injuries and accidents and augmented research and development activities is expected to support growth of the market in the North America region.
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