- The shortage of human blood for transfusion and rising incidence of accidents and injuries are amongst the significant factors influencing the market growth
- Market Size – USD 3,895.9 Million in 2019, Market Growth - CAGR of 18.5%, Market Trends –Increasing demand for blood transfusion during childbirth
VANCOUVER, BC, Oct. 13, 2020 /PRNewswire/ -- 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 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. Moreover, 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. It is estimated that about 33.0% of Americans in their lifetime would receive transfusion in critical life-threatening condition. In the upcoming years, the shortage could be stark, as existing projections do not accommodate the need for blood in circumstances of mass civilian casualties, encompassing natural calamities, terrorist attacks, and wars, thereby driving market demand.
Synthetic substitutes offer benefits over the natural one, thereby creating enormous opportunities for market growth. One of the advantages being that synthetic substitutes belongs to universal blood group O-ve, and hence patients can receive transfusion irrespective of their group type, as well as will not experience any immunologic reactions.
Request free sample of this research report at: https://www.emergenresearch.com/request-sample/146
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 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.
- Europe held the second-largest market share in 2019, owing to the growing demand for synthetic substitutes for blood transfusion in several medical applications, including traumatic injuries & anemia and increased investments in R&D by biotech firms.
- 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.
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/synthetic-blood-substitutes-market
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
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
Find more similar research insights by Emergen Research:
Inhalation and Nasal Spray Market By Application (Asthma, COPD, Allergic Rhinitis, Others), By Drug Type (Corticosteroids, Bronchodilators, Antihistamines, Decongestant Sprays, Others) and By Regions Forecasts to 2027
Jet Lag Therapy Market By Product (Prescription Drugs, Melatonin, Herbal & Natural Products, Medical Devices, Others), By Distribution Channel (Over the Counter, Online), By End User (Business Travelers, Cabin Crew, Athletes, Seasonal Travelers, Others) and By Regions Forecasts to 2027
Depression Treatment Market By Drug Type (Antidepressants, Antipsychotics) By Application (Major Depressive Disorder (MDD), Bipolar Disorder), By End-User (Hospitals, NGOs, Mental Health Centers), By Distribution Channel, and By Region, Forecasts to 2027
Research Antibodies Market By Market By Product, By Antibody Type (Monoclonal, Polyclonal), By Technology, By Application, By End-Users (Pharmaceutical & Biopharmaceutical Firms, Academic & Research Institutes, Contract Research Organizations), Forecasts to 2027Diabetic Care Market By Devices (Monitoring Devices, Insulin Pumps, Syringes and Cartridges, Disposable Pens, Jet Injectors), By Distribution Channel (Hospital, Retail and Online Pharmacies, Diabetic Clinics, Others), By End User (Hospitals, Homecare, Diagnostic Centers) and By Regions Forecasts to 2027
Brachytherapy Market By Type, By Application, By End-Users, Forecasts to 2027
About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
With market-leading insights and an in-depth understanding of leading and niche technologies, our solutions address the most pertinent questions for your business needs. A major technological shift has been witnessed towards creating a 'Circular Economy,' fuelled by factors, such as the increased adoption of bio-based materials, along with other methods for achieving carbon neutrality. We are conversant in technologies, viz., Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Robotic Process Automation (RPA), Smart Manufacturing, Internet of Things (IoT), Big Data Analytics, Machine learning, Nanotechnology, Edge Computing, Blockchain Technology, Cloud Computing, Vehicle Electrification, Advanced Maintenance Analytics, and Predictive Maintenance, among other prevalent and emergent technologies.
Corporate Sales Specialist
Emergen Research | Web: https://www.emergenresearch.com
Direct Line: +1 (604) 757-9756
Read full Press Release at: https://www.emergenresearch.com/press-release/global-synthetic-blood-substitutes-market