Artificial Blood Substitutes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
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.
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.
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.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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