Synthetic Blood Substitutes Market Size Worth USD 15.40 Billion by 2027 | CAGR of 18.5%: Emergen Research
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.
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Key Highlights from The ReportIn 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.
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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 Microorganisms Synthetic Polymers Stem Cells Others
Type Outlook (Revenue, USD Billion; 2017-2027)Hemoglobin-Based Oxygen Carriers (HBOCs) Perfluorocarbon (PFCs) Others
Application Outlook (Revenue, USD Billion; 2017-2027)Cardiovascular Diseases Anemia Malignant Neoplasm Injuries and Trauma Neonatal Conditions Maternal Conditions Organ Transplant Others
End-Use Outlook (Revenue, USD Billion; 2017-2027)Hospitals & Clinics Blood Banks Others
Regional Outlook (Revenue, USD Billion; 2017-2027)North America U.S. Canada MexicoEurope Germany U.K. France Benelux Rest of EuropeAsia Pacific China Japan South Korea Rest of APACLatin America Brazil Rest of LATAMMiddle East & Africa Saudi Arabia UAE Rest of MEA
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