Pune, India, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The global artificial blood market size is expected to gain momentum owing to the increasing need for blood transfusion during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Artificial Blood Market, 2021-2028.” It is utilized as a red blood substitute for critically unwell patients in the medical industry. The main goal is to carry carbon dioxide and oxygen to the body. The component does not have all of the same functions as a red blood cell. Furthermore, there is a growing amount of research and development being done to find an efficient artificial oxygen carrier for the human body. For example, scientists from the American Chemical Society, attempted to make synthetic red blood cells that mimics the inherent functions of natural ones in June 2020.
Industry Development-
- June 2020: The FDA published an article evaluating the efficacy and safety of artificial blood based on hemoglobin.
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COVID-19 Impact-
Positive Impact of Covid-19 on laboratory Testing
There were no particular diagnostic tests available to detect COVID-19 in patients during the early stages of the epidemic. Initially, alternative diagnostic tests were attempted, but they were ineffective. Because specialized COVID-19 diagnostic tests were unavailable, diagnostic companies saw an opportunity to market their COVID-19 diagnostic kits. COVID-19 diagnostics kits were brought into the local and global market by a number of significant firms, and some start-ups from various nations. These companies gained an advantage over other diagnostics companies by capitalizing on the need for COVID-19 diagnostic tests.
Drivers & Restraints-
Rising Number of Surgical Procedures to Stimulate Growth
The global artificial blood market growth is expected to grow due to the rising operations during the projected period. Factors such as increased need for blood transfusions, decreasing blood supply in blood banks, and greater hemorrhagic shock incidences have all contributed to the increase in demand. For instance, according to the American National Red Cross, only about 3% of the age-eligible persons in the United States donate blood each year. As a result, the supply-demand gap for blood widens. In the United States, over 6.8 million people donate blood each year, yet there will be approximately 1.8 new cancer diagnoses in 2020.
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Segments-
By type, the market is divided into 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. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
REGIONAL INSIGHTS
Increasing Investment to Promote Growth in North America
North America is expected to hold the largest global artificial blood market share during the forecast period. The demand and supply of artificial blood, research and development, and increasing investment are the major contributing factors.
Europe is expected to have a sizable share of the market. This is due to increasing awareness, government initiatives, and advanced healthcare infrastructure are expected to drive the market in the region.
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Competitive Landscape-
Increasing Number of Mergers to Create Opportunities for Prominent Players
The business is extremely fragmented, with numerous commercial and public actors present in blood banking devices. Few multinational players have subsidiaries in many locations. Local players operate autonomously in their own regions. Collaboration, business expansion, award and recognition, joint ventures, and other strategies used by market players are helping to expand the company's footprint in the market, which benefits the company's profit growth.
List of Key Players Profiled in the Global Market for Artificial Blood:
- Green Cross Corporation
- North Field Laboratories
- Alliance Pharmaceutical Corporation
- Baxter
- FLUORO2 Therapeutics
- Biopure Corporation
- Alpha Therapeutics
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