Synthetic Blood Substitute Market, Share & Trends Analysis Report, By Application (Cardiovascular Diseases, Malignant Neoplasma, Injuries, Neonatal Conditions, Organ Transplant, Maternal Condition), By End-use, By Product, By Source, By Component, By Configuration, By Region, and Segment Forecasts, 2024-2031

Report Id: 2798 Pages: 170 Last Updated: 25 September 2024 Format: PDF / PPT / Excel / Power BI
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Segmentation of Synthetic Blood Substitute Market

Global Synthetic Blood Substitute Market- By Application

  • Cardiovascular Diseases
  • Malignant Neoplasma
  • Injuries
  • Neonatal Conditions
  • Organ Transplant
  • Maternal Condition
  • Others

synthetic blood

Global Synthetic Blood Substitute Market – By End-use

  • Hospitals
  • Ambulatory Surgical Centers
  • Military and Defense
  • Research Laboratories
  • Emergency Services
  • Others

Global Synthetic Blood Substitute Market – By Product

  • Hemoglobin-Based Oxygen Carriers (HBOCs)
  • Perfluorocarbon Emulsions (PFCs)
  • Stem Cell-Derived Red Blood Cells
  • Others

Global Synthetic Blood Substitute Market – By Source

  • Human Blood
  • Microorganism Based Recombinant HB
  • Synthetic Polymers
  • Stem Cells
  • Others

Global Synthetic Blood Substitute Market – By Component

  • Red Blood Cell Substitutes
  • Platelet Substitutes
  • Plasma Substitutes

Global Synthetic Blood Substitute Market – By Configuration

  • Injectable Solutions
  • Powdered Forms
  • Infusion Bags
  • Capsules and Tablets
  • Others

Global Synthetic Blood Substitute Market – By Region

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

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

Research Design and Approach

This study employed a multi-step, mixed-method research approach that integrates:

  • Secondary research
  • Primary research
  • Data triangulation
  • Hybrid top-down and bottom-up modelling
  • Forecasting and scenario analysis

This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.

Secondary Research

Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.

Sources Consulted

Secondary data for the market study was gathered from multiple credible sources, including:

  • Government databases, regulatory bodies, and public institutions
  • International organizations (WHO, OECD, IMF, World Bank, etc.)
  • Commercial and paid databases
  • Industry associations, trade publications, and technical journals
  • Company annual reports, investor presentations, press releases, and SEC filings
  • Academic research papers, patents, and scientific literature
  • Previous market research publications and syndicated reports

These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.

Secondary Research

Primary Research

Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.

Stakeholders Interviewed

Primary interviews for this study involved:

  • Manufacturers and suppliers in the market value chain
  • Distributors, channel partners, and integrators
  • End-users / customers (e.g., hospitals, labs, enterprises, consumers, etc., depending on the market)
  • Industry experts, technology specialists, consultants, and regulatory professionals
  • Senior executives (CEOs, CTOs, VPs, Directors) and product managers

Interview Process

Interviews were conducted via:

  • Structured and semi-structured questionnaires
  • Telephonic and video interactions
  • Email correspondences
  • Expert consultation sessions

Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.

Data Processing, Normalization, and Validation

All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.

The data validation process included:

  • Standardization of units (currency conversions, volume units, inflation adjustments)
  • Cross-verification of data points across multiple secondary sources
  • Normalization of inconsistent datasets
  • Identification and resolution of data gaps
  • Outlier detection and removal through algorithmic and manual checks
  • Plausibility and coherence checks across segments and geographies

This ensured that the dataset used for modelling was clean, robust, and reliable.

Market Size Estimation and Data Triangulation

Bottom-Up Approach

The bottom-up approach involved aggregating segment-level data, such as:

  • Company revenues
  • Product-level sales
  • Installed base/usage volumes
  • Adoption and penetration rates
  • Pricing analysis

This method was primarily used when detailed micro-level market data were available.

Bottom Up Approach

Top-Down Approach

The top-down approach used macro-level indicators:

  • Parent market benchmarks
  • Global/regional industry trends
  • Economic indicators (GDP, demographics, spending patterns)
  • Penetration and usage ratios

This approach was used for segments where granular data were limited or inconsistent.

Hybrid Triangulation Approach

To ensure accuracy, a triangulated hybrid model was used. This included:

  • Reconciling top-down and bottom-up estimates
  • Cross-checking revenues, volumes, and pricing assumptions
  • Incorporating expert insights to validate segment splits and adoption rates

This multi-angle validation yielded the final market size.

Forecasting Framework and Scenario Modelling

Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.

Forecasting Methods

  • Time-series modelling
  • S-curve and diffusion models (for emerging technologies)
  • Driver-based forecasting (GDP, disposable income, adoption rates, regulatory changes)
  • Price elasticity models
  • Market maturity and lifecycle-based projections

Scenario Analysis

Given inherent uncertainties, three scenarios were constructed:

  • Base-Case Scenario: Expected trajectory under current conditions
  • Optimistic Scenario: High adoption, favourable regulation, strong economic tailwinds
  • Conservative Scenario: Slow adoption, regulatory delays, economic constraints

Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.

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Frequently Asked Questions

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

The Synthetic Blood Substitute Market is expected to grow at an 14.3% CAGR during the forecast period for 2024-2031.

Aurum Biosciences, HEMARINA, Hemoglobin, Oxygen Therapeutics LLC, KaloCyte, Inc., Spheritech Ltd, VisusMed Medical Center, OPKO Health, Inc., NuvOx Ph

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