Artificial Blood Substitutes Market: Overview
The global artificial blood substitutes market is predicted to register stellar growth rate in the forthcoming years. The presence of a large patient population that requires blood transfusion during surgeries, trauma, and for other blood disorders, which remains unmet due to shortage of blood supply has necessitated creation of artificial blood substitutes.
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Artificial blood substitutes are primarily used to mimic oxygen carrying capacity of biological blood and expand the blood volume in the human body. Use of artificial blood substitutes is at present considered an alternate method for blood transfusion. Further research is underway to develop more alternate methods for blood transfusion, including developing human red blood cells (RBCs) from stem cells of donor’s blood.
The research report provides an in-depth analysis of the artificial blood substitutes market over the forecast period. The report covers each and every key aspect pertinent to the market, including market dynamics, segmentation, and competitive scenario. The assessment of artificial blood substitutes market presented herein could serve as a valuable guide for both existing market participants, and the ones seeking entry in this market.
Artificial Blood Substitutes Market: Competitive Landscape and Notable Developments
The initial clinical trials for blood substitutes are recorded as early as early 1600, wherein milk, beer, urine, sheep’s blood, and perfluorochemicals were administered as blood substitutes for animal and human subjects.
In successive periods, clinical trials of milk transfusion, including goat’s milk in large quantities were carried out but in vain. Clinical trials also involved injecting human milk that were futile too, which led researchers concede human milk not to be a substitute for blood.
With continual extensive research, over long periods, scientists have attained some success to develop blood substitutes. Artificial blood thus far developed can substitute red blood cells. While biological human blood performs several different functions, artificial blood performs the sole purpose of transporting oxygen and carbon dioxide in the body.
Established biotechnology companies in the ambit are engaged to develop blood substitutes. Such pursuits primarily involve developing oxygen carriers similar or above the capacity of biological blood. With concerted efforts of some top-notch biotechnology companies, namely HEMARINA SA, KaloCyte Inc. and Hemoglobin Oxygen Therapeutics LLC blood substitutes are available as oxygen carrier based on hemoglobin and perfluorocarbon-based oxygen carrier.
Nevertheless, presence of several well-established biotechnology companies engaged in the development of blood substitutes portrays a competitive yet moderately consolidated vendor landscape of the artificial blood substitutes market.
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Artificial Blood Substitutes Market: Key Trends
Worldwide, excessive blood loss due to traumatic injuries and diseases is responsible for vast number of deaths every year. Limited availability of fresh blood and small storage periods of fresh blood for such situations have necessitated development of artificial blood substitutes.
With continual experiments over long periods, scientists have thus far been able to create substitutes to mimic oxygen carrier capacity of biological blood. Development of perfluorochemical-based oxygen carrier and hemoglobin-based oxygen carrier and provide thrust to the artificial blood substitutes market.
Besides this, advent of stem cell therapy is poised to create new opportunities for demand of artificial blood substitutes.
However, on the downside, lower shelf life of artificial blood products and stringent regulatory approval process for these products restrain the growth of artificial blood substitutes market.
Artificial Blood Substitutes Market: Regional Outlook
North America is at the fore for demand within overall artificial blood substitutes market. Presence of advanced healthcare combined with awareness of individuals for alternate demonstrated therapies account for leading revenue share of the region.
Continual advances in stem cell therapy further indicates sustained growth of artificial blood substitutes market in the region.