The Synthetic Blood Substitute Market Size is valued at USD 7.26 Bn in 2023 and is predicted to reach USD 20.75 Bn by the year 2031 at an 14.3% CAGR during the forecast period for 2024-2031.
The global synthetic blood substitute industry is rapidly evolving, focusing on the development of artificial blood products to overcome the limitations of traditional blood transfusions. These substitutes aim to address issues such as blood type compatibility, the risk of cross-contamination, and shortages in blood supply. Synthetic blood substitutes are designed to perform essential functions like oxygen and nutrient delivery and offer improved safety profiles and longer shelf lives. Hemoglobin-based oxygen carriers (HBOCs), derived from modified human hemoglobin or hemoglobin from other species, and perfluorocarbon-based oxygen carriers (PFCs), synthetic compounds capable of dissolving large amounts of oxygen, are two key types of substitutes being explored for these purposes.
Biotechnology breakthroughs, along with the rising demand for alternatives due to the growing number of surgeries, traumatic injuries, and chronic conditions requiring blood transfusions, are driving the synthetic blood substitute industry. According to the International Agency for Research on Cancer (IARC), in 2022, there were 20 million new cancer cases and 9.7 million cancer-related deaths worldwide, with 53.5 million cancer patients surviving five years post-diagnosis. As one in five people will develop cancer in their lifetime, and significant mortality rates persist, the need for synthetic blood substitutes is critical. Two main types under development are perfluorocarbons (PFCs), which are chemically manufactured to transport oxygen in low-oxygen environments, and hemoglobin-based oxygen carriers (HBOCs), derived from modified hemoglobin, designed to efficiently carry and release oxygen.
The Synthetic Blood Substitute Market is segmented based on the application, end-use, product, source, and component, configuration. Based on Application, the market is categorized into Cardiovascular Diseases, Malignant Neoplasma, Injuries, Neonatal Conditions, Organ Transplant, Maternal Condition, and Others. Based on the end-use, the market is divided into hospitals, ambulatory surgical centers, military and defense, research, laboratories, emergency services, and others. Based on the product, the market is divided into hemoglobin-based oxygen carriers (HBOCS), perfluorocarbon emulsions (PFCS), stem cell-derived red blood cells, and others. Based on the source, the market is categorized into human blood, microorganism-based recombinant HB, synthetic polymers, stem cells, and others. Based on the components, the market is segmented into red blood cell substitutes, platelet substitutes, and plasma substitutes. Based on the configuration, the market is divided into injectable solutions, powdered forms, infusion bags, capsules and tablets, and others.
Based on the Based on the product, the market is divided into hemoglobin-based oxygen carriers (HBOCS), perfluorocarbon emulsions (PFCS), stem cell-derived red blood cells, and others. Among these, The Hemoglobin-Based Oxygen Carriers (HBOCs) segment currently dominates the synthetic blood substitute market. HBOCs are widely researched and developed due to their ability to efficiently transport oxygen without the need for blood typing, making them highly versatile in emergency and clinical settings. HBOCs use modified hemoglobin, the same protein in human red blood cells responsible for carrying oxygen. This makes them highly effective at delivering oxygen to tissues, closely mimicking the natural process of oxygen transport in the body. Their ability to replicate the oxygen-carrying function of red blood cells, along with advancements in minimizing side effects, has contributed to their dominance in the market.
Based on the components, the market is segmented into red blood cell substitutes, platelet substitutes, and plasma substitutes. Among these, The Red Blood Cell Substitutes segment dominates the synthetic blood substitute market. This is because red blood cells (RBCs) play the primary role in oxygen transport throughout the body, a critical function that most synthetic substitutes aim to replicate. Most research and development efforts are concentrated on replicating the oxygen-carrying capabilities of red blood cells due to the high demand for transfusions in emergencies and surgeries. Red blood cell substitutes are used in various medical scenarios, making them more widely applicable than platelet or plasma substitutes.
The growing prevalence of chronic diseases, traumatic injuries, and surgeries in North America leads to a high demand for blood transfusions. Synthetic blood substitutes address shortages in blood supply and are particularly valuable in emergency and trauma care, driving market expansion in the region. The U.S. Food and Drug Administration (FDA) and Health Canada have established regulatory frameworks that encourage the development and testing of novel blood substitutes. These regulatory bodies have provided pathways for clinical trials and fast-track designations, fostering innovation and market growth. The U.S. military has shown significant interest in synthetic blood substitutes for battlefield use, as they offer a solution to challenges related to blood storage, compatibility, and logistics. This has driven government investments in research and development.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 7.26 Bn |
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Revenue Forecast In 2031 |
USD 20.75 Bn |
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Growth Rate CAGR |
CAGR of 14.3%% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
Application, End-User, Product, Source, and Component, Configuration. |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; South East Asia |
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Competitive Landscape |
Aurum Biosciences, HEMARINA, Hemoglobin, Oxygen Therapeutics LLC, KaloCyte, Inc., Spheritech Ltd, VisusMed Medical Center, OPKO Health, Inc., NuvOx Pharma, Prolong Pharmaceuticals, Boston Pharmaceuticals, ATPL, Baxter, Biopharma corp, Dentritech, Inc, NORTHFIELD LABORATORIES INC., Alliance Pharma PLC, Oxygen Biotherapeutics, Sanguine Corp, VirTech Bio, Oxyvita, Inc., Other Key Companies |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Synthetic Blood Substitute Market Snapshot
Chapter 4. Global Synthetic Blood Substitute Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2031
4.8. Global Synthetic Blood Substitute Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.10. Use/impact of AI on Synthetic Blood Substitute Industry Trends
Chapter 5. Synthetic Blood Substitute Market Segmentation 1: By Product, Estimates & Trend Analysis
5.1. Market Share by Product, 2023 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Product:
5.2.1. Hemoglobin-Based Oxygen Carriers (HBOCs)
5.2.2. Perfluorocarbon Emulsions (PFCs)
5.2.3. Stem Cell-Derived Red Blood Cells
5.2.4. Others
Chapter 6. Synthetic Blood Substitute Market Segmentation 2: By Application, Estimates & Trend Analysis
6.1. Market Share by Application, 2023 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following
6.2.1. Cardiovascular Diseases
6.2.2. Malignant Neoplasma
6.2.3. Injuries
6.2.4. Neonatal Conditions
6.2.5. Organ Transplant
6.2.6. Maternal Condition
6.2.7. Others
Chapter 7. Synthetic Blood Substitute Market Segmentation 3: By Source, Estimates & Trend Analysis
7.1. Market Share by Source, 2023 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Sources:
7.2.1. Human Blood
7.2.2. Microorganism Based Recombinant HB
7.2.3. Synthetic Polymers
7.2.4. Stem Cells
7.2.5. Others
Chapter 8. Synthetic Blood Substitute Market Segmentation 4: By Component, Estimates & Trend Analysis
8.1. Market Share by Component, 2023 & 2031
8.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Components:
8.2.1. Red Blood Cell Substitutes
8.2.2. Platelet Substitutes
8.2.3. Plasma Substitutes
Chapter 9. Synthetic Blood Substitute Market Segmentation 5: By Configuration, Estimates & Trend Analysis
9.1. Market Share by Configuration, 2023 & 2031
9.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Configuration:
9.2.1. Injectable Solutions
9.2.2. Powdered Forms
9.2.3. Infusion Bags
9.2.4. Capsules and Tablets
9.2.5. Others
Chapter 10. Synthetic Blood Substitute Market Segmentation 6: By End-use, Estimates & Trend Analysis
10.1. Market Share by End-use, 2023 & 2031
10.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following End-use:
10.2.1. Hospitals
10.2.2. Ambulatory Surgical Centers
10.2.3. Military and Defense
10.2.4. Research Laboratories
10.2.5. Emergency Services
10.2.6. Others
Chapter 11. Synthetic Blood Substitute Market Segmentation 7: Regional Estimates & Trend Analysis
11.1. Global Synthetic Blood Substitute Market, Regional Snapshot 2023 & 2031
11.2. North America
11.2.1. North America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
11.2.1.1. US
11.2.1.2. Canada
11.2.2. North America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Product, 2024-2031
11.2.3. North America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
11.2.4. North America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Source, 2024-2031
11.2.5. North America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
11.2.6. North America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Configuration, 2024-2031
11.2.7. North America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
11.3. Europe
11.3.1. Europe Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
11.3.1.1. Germany
11.3.1.2. U.K.
11.3.1.3. France
11.3.1.4. Italy
11.3.1.5. Spain
11.3.1.6. Rest of Europe
11.3.2. Europe Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Product, 2024- 2031
11.3.3. Europe Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
11.3.4. Europe Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Source, 2024-2031
11.3.5. Europe Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
11.3.6. Europe Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Configuration, 2024-2031
11.3.7. Europe Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
11.4. Asia Pacific
11.4.1. Asia Pacific Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
11.4.1.1. India
11.4.1.2. China
11.4.1.3. Japan
11.4.1.4. Australia
11.4.1.5. South Korea
11.4.1.6. Hong Kong
11.4.1.7. Southeast Asia
11.4.1.8. Rest of Asia Pacific
11.4.2. Asia Pacific Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Product, 2024-2031
11.4.3. Asia Pacific Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
11.4.4. Asia Pacific Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts By Source, 2024-2031
11.4.5. Asia Pacific Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
11.4.6. Asia Pacific Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts By Configuration, 2024-2031
11.4.7. Asia Pacific Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
11.5. Latin America
11.5.1. Latin America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
11.5.1.1. Brazil
11.5.1.2. Mexico
11.5.1.3. Rest of Latin America
11.5.2. Latin America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Product, 2024-2031
11.5.3. Latin America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
11.5.4. Latin America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Source, 2024-2031
11.5.5. Latin America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
11.5.6. Latin America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Configuration, 2024-2031
11.5.7. Latin America Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
11.6. Middle East & Africa
11.6.1. Middle East & Africa Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
11.6.1.1. GCC Countries
11.6.1.2. Israel
11.6.1.3. South Africa
11.6.1.4. Rest of Middle East and Africa
11.6.2. Middle East & Africa Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Product, 2024-2031
11.6.3. Middle East & Africa Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by application, 2024-2031
11.6.4. Middle East & Africa Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Source, 20242031
11.6.5. Middle East & Africa Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
11.6.6. Middle East & Africa Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by Configuration, 2024-2031
11.6.7. Middle East & Africa Synthetic Blood Substitute Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
Chapter 12. Competitive Landscape
12.1. Major Mergers and Acquisitions/Strategic Alliances
12.2. Company Profiles
12.2.1. Aurum Biosciences
12.2.1.1. Business Overview
12.2.1.2. Key Product/Service Products
12.2.1.3. Financial Performance
12.2.1.4. Geographical Presence
12.2.1.5. Recent Developments with Business Strategy
12.2.2. HEMARINA
12.2.3. Hemoglobin Oxygen Therapeutics LLC
12.2.4. KaloCyte, Inc.
12.2.5. Spheritech Ltd
12.2.6. VisusMed Medical Center
12.2.7. OPKO Health, Inc.
12.2.8. NuvOx Pharma
12.2.9. Prolong Pharmaceuticals
12.2.10. Boston Pharmaceuticals
12.2.11. ATPL
12.2.12. Baxter
12.2.13. Biopharma corp
12.2.14. Dentritech, Inc
12.2.15. NORTHFIELD LABORATORIES INC.
12.2.16. Alliance Pharma PLC
12.2.17. Oxygen Biotherapeutics
12.2.18. Sanguine Corp
12.2.19. VirTech Bio
12.2.20. Oxyvita, Inc.
12.2.21. Other Key Companies
Global Synthetic Blood Substitute Market- By Application
Global Synthetic Blood Substitute Market – By End-use
Global Synthetic Blood Substitute Market – By Product
Global Synthetic Blood Substitute Market – By Source
Global Synthetic Blood Substitute Market – By Component
Global Synthetic Blood Substitute Market – By Configuration
Global Synthetic Blood Substitute Market – By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
