The Global Artificial Blood Market size is expected to showcase considerable growth during the forecast period. The growth is attributable to the increasing number of blood transfusions and the rising incidence of hemorrhagic shock among people across the globe. This information is published by Fortune Business Insights in its upcoming report, titled, “Artificial Blood Market Size, Share& Industry Analysis, By Type (Haemoglobin-based Oxygen Carrier, Perfluorocarbon Emulsion), By Source (Animal Haemoglobin, Human Haemoglobin, Synthetic Polymer, Stem Cell, Others), By Application (Cardiovascular Diseases, Anaemia, Organ Transplant, Trauma, Others), By Distribution Channel (Hospitals, Clinics, Blood Banks, Others) and Regional Forecast 2020-2027.”
The effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in resumption of industrial activities.
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Artificial blood is a type of product that generally acts as a substitute for red blood cells. The main aim of this product is to supply oxygen, along with carbon dioxide to the body during transfusion. Additionally, they are sterilized to eliminate several viruses and bacteria and reduce the risk of contracting infectious diseases during the blood transfusion process.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Rising Incidence of Hemorrhagic Shock Deaths to Aid Growth
According to the World Health Organization (WHO), annually around 60,000 people in the United States and about 1.9 million people globally lose their lives due to hemorrhagic shock. The rising incidence due to such medical situations is driving the demand for artificial blood that can be a life-saving option in crucial time. Moreover, the increasing number of blood transfusions globally is anticipated to boost the global artificial blood market growth in the forthcoming years. A report by Red Cross Blood Services informs that approximately 21 million blood products are transfused globally every year.
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Biomedical Advancement in North America to Augment Growth
Among all the regions, North America is expected to hold the highest position in the global artificial blood market in the forthcoming years. This is attributable to the significant biomedical advancement regarding the adoption of synthetic blood in the region that will propel the adoption of artificial blood.
The market in Europe is anticipated to experience considerable growth backed by supportive government initiatives to create awareness regarding the efficacy of artificial blood products among the general population in the region between 2020 and 2027.
Investment in R&D by Key Players to Amplify Their Market Positions
The global market for artificial bloodis consolidated by major companies striving to leverage the lucrative opportunities to maintain a stronghold. These companies are focusing on investments in R&D activities to develop novel artificial blood mechanisms to cater to the growing demand from the healthcare sector. Moreover, other key players are trying to maintain their presence by adopting strategies such as collaboration, facility expansion, and the introduction of new products that will contribute to the growth of the market in the forthcoming years.
- October 2019 – Japanese Researchers atNational Defense Medical College, announced the development of a universal artificial blood that consists of faux red blood cells and platelets in a small bag derived from cell membrane and has a shelf life of over a year. The importance of this is that it can suit the person irrespective of his blood group.
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List of the Companies Profiled in the Market:
- Green Cross Corporation
- NorthField Laboratories
- Alliance Pharmaceutical Corporation
- FLUORO2 Therapeutics
- Biopure Corporation
- Alpha Therapeutics Corps
- Among others
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