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.
Competitive Landscape
Some of the Major Key Players in the Synthetic Blood Substitute Market are
- 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.
- Membio
- Other Key Companies
Market Segmentation
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.
The Hemoglobin-Based Oxygen Carriers (HBOCs) The segment is Expected to Have the Highest Growth Rate During the Forecast Period
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.
The Red Blood Cell Substitutes Segment Dominates 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.
North America Has the Largest Market Share During the Forecast Period.
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.
Recent Developments:
- In Feb 2023, The goal of KaloCyte Baltimore's Partners on the $46M DARPA Program to Develop Synthetic Blood Product is to address the cold chain and resupply concerns associated with whole blood. To accomplish DARPA's objective, KaloCyte and other affiliated organizations will combine their synthetic and bio-artificial components under the program's auspices.
- In September 2022, VirTech Bio received $13.7 million in funding from the Pentagon of the United States Department of Defense (DoD) to further the clinical research stage of a hemoglobin-based blood-like oxygen-carrying solution created by OxyBridge. The product is intended to increase the survival rate of donated organs intended for transplantation and prevent hemorrhagic shock in trauma victims.
Synthetic Blood Substitute Market Report Scope
|
Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 7.26 Bn |
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Revenue Forecast In 2031 |
USD 20.75 Bn |
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Growth Rate CAGR |
CAGR of 14.3%% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ 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. |
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