April 09, 2018
WELLESLEY, Mass., April 09, 2018 – Blood shortages and the lack of appropriate substitutes have resulted in numerous preventable deaths in recent years. In the future, blood shortfalls may be even more severe, as current shortage projections do not account for greater need for blood in cases of mass civilian casualties, such as common calamities, terrorist assaults and wars, which is contributing to a growing market for artificial blood and blood substitutes.
The global market for artificial blood was estimated to be worth $6.2 billion by 2022. Meanwhile, it is expected to increase by $15.6 billion in 2027, reaching a compound annual growth rate (CAGR) of 20.5%, according to BCC Research’s latest report Artificial Blood: Global Markets to 2027.
Artificial bloods are intended to satisfy some of the functions of biological blood, particularly in humans. At present, artificial bloods are primarily developed as oxygen-carrying blood substitutes, but research is ongoing to develop more functional artificial blood, which could hypothetically emulate additional components and functions of human blood. Furthermore, hemoglobin-based oxygen carriers and perfluorocarbon emulsions are the two primary approaches to alternative blood products that reflect this field of study’s current status.
“The blood supply chain is a central component of every healthcare system around the world as many different healthcare services – surgery, injury care, organ transplants and childbirth, etc. – require a safe and sustainable supply of blood and blood products,” said Robert G Hunter, BCC Research senior editor, healthcare. “Even when there is sufficient blood accessible to transfuse, many complications related to the transfusion can arise, which raises the need for a blood substitute.”
In the near future, numerous dynamics will impact the market, such as time, product preference, regulatory approvals, product demand, product acceptance, cost and effectiveness, intense competition, clinical trials, emerging technology, product pricing, and patient groups.
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Artificial Blood: Global Markets to 2027( BIO164A )
Publish Date: Mar 2018
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