Artificial Blood Cells Market

Market Synopsis:

Global Artificial Blood Cells Market is valued at USD12.2 Million in 2021 and is projected to attain a value of USD 31.1 Million by 2028 at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period, 2022–2028. Artificial Blood Cells is a type of synthetic blood that is predicted to open up a new vista in transfusion medicine. These products are used to replace red blood cells and perform a few critical activities of biological blood, the most important of which is to carry oxygen and carbon dioxide between body cells. Chemical isolation or recombinant biochemical technologies can be used to make them. The commercialization of Artificial Blood Cells is still delayed, despite the fact that several devices are in advanced phases of clinical studies. The safety, compatibility, and effectiveness of Artificial Blood Cells are the main problems that marketers are addressing.

COVID-19 Impact Analysis:

During the early stages of the epidemic, there were no specific diagnostic tests available to detect COVID-19 in patients. Alternative diagnostic tests were tried at first, but these were useless. Diagnostic businesses saw an opportunity to market their COVID-19 diagnostic kits because specialist COVID-19 diagnostic tests were lacking. A number of major companies, as well as several start-ups from other countries, have introduced COVID-19 diagnostics kits to the local and global market. By leveraging on the need for COVID-19 diagnostic tests, these companies obtained an advantage over other diagnostics companies.

Rising Number of Surgical Procedures to Stimulate Growth of the Artificial Blood Cells Market

During the forecast period, the worldwide Artificial Blood Cells market is likely to develop due to increased operations. Increased demand is due to factors such as increased demand for blood transfusions, dwindling blood supplies in blood banks, and increased haemorrhagic shock cases. According to the American National Red Cross, just approximately 3% of those in the United States who are age-eligible donate blood each year. As a result, the blood supply-demand gap grows. Despite the fact that over 6.8 million people donate blood in the United States each year, there will be about 1.8 additional cancer cases in 2020.

High Production Cost

The expensive cost of Artificial Blood Cells manufacture, as well as the strict standards imposed by regulatory authorities for the approval of blood substitute products, may stifle the market's growth. Furthermore, rising awareness of the benefits of artificial blood and rising demand for Artificial Blood Cells, combined with a shortage of blood donors and an increase in Artificial Blood Cells research and development, would generate enormous prospects for the worldwide artificial blood alternatives industry. The global Artificial Blood Cells substitutes market will face significant challenges due to the lack of artificial blood products, lengthy clinical studies, and adverse effects connected with Artificial Blood Cells.

Market Segmentation:

Global Artificial Blood Cells Market is segmented by type Hemoglobin-Based Oxygen Carriers and Perfluorocarbon Emulsion. On the basis of Source, the market is segregated into Animal Hemoglobin, Human Hemoglobin, Synthetic Polymer, Stem Cell, And Others. On the basis of application, the market is fragmented into Cardiovascular Diseases, Anemia, Organ Transplant, Trauma, And Others. On the basis of distribution channel, the market is categorized Into Hospitals, Clinics, Blood Banks, And Others. Based on region, the Artificial Blood Cells market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Artificial Blood Cells Market

The penetration rate of Artificial Blood Cells in North America is higher than many other industrialized countries due to the fact that, besides promoting healthcare reform and delivering quality care, it also benefits caregivers and their patients. During the projection period, North America is expected to have the biggest global Artificial Blood Cells market share. Artificial Blood Cells demand and supply, research and development, and increased investment are all key contributors.

Europe is likely to hold a significant portion of the market. This is owing to rising awareness, government initiatives, and enhanced healthcare infrastructure, all of which are projected to propel the market in the region forward.

Artificial Blood Cells Market Key Players:

Green Cross Corporation, North Field Laboratories, Alliance, Pharmaceutical Corporation, Baxter, FLUORO2 Therapeutics, Biopure Corporation, Alpha Therapeutics

Artificial Blood Cells Market is segmented as follows: