In terms of revenue, the Artificial Blood Cells Market is expected to reach USD 31.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 21.2% from 2022 to 2028. Artificial blood cells refer to a substitute for red blood cells. It is developed for transporting carbon dioxide & oxygen through the body as natural blood does. Artificial blood is produced using different techniques like recombinant biochemical technology and synthetic production. The rising cases of road accidents, trauma cases, medical interventions, military wars coupled with the lack in a number of blood donors that are available and the growing prevalence of blood disorders are some major factors fuelling the market growth.
- Animal blood sub-segment in the source segment is anticipated to have significant growth during the forecast period. The growth in the segment is driven by the availability of a large number of sources for producing artificial blood.
- North America has gained a higher market share in 2021. Factors such as several advancements in health care infrastructure coupled with increasing cases of chronic diseases in the region are boosting the market demand.
Some of the key players in the artificial blood cells market include - Green Cross Corporation, North Field Laboratories, Alliance, Pharmaceutical Corporation, Baxter, FLUORO2 Therapeutics, Biopure Corporation, Alpha Therapeutics.
Large numbers of patients today are suffering from disorders like cancer, malignant neoplasms, organ transplants, cardiovascular diseases, and neonatal conditions. These are the factors supporting artificial blood cells market growth. Additionally, an increased ratio of death because of lack of availability of blood in surgeries coupled with a shortage of transfusable blood stocks are other factors fuelling the artificial blood market. On the contrary, limited shelf life, stringent regulatory approval processes, and instability of artificial blood are some aspects restraining the market growth. The lack of awareness among the population & its side effects are factors hampering the overall market demand.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry.
North America held the dominant position and expected to continue the same. The dominance is driven by advanced research and development activities in the synthetic blood market coupled with the development of licensing in the treatment of hemophilia. The region is gaining a boost from heavy research in hemoglobin-based products. Additionally, the emergence of new, recalcitrant disease strains like that of Ebola and H1N1 is also complementing the artificial blood cells market growth.