Artificial blood is defined as blood substitute for the red blood cells. It is developed in a way for transporting carbon dioxide and oxygen through the body like the natural blood. The artificial blood is produced using different techniques such as recombinant biochemical technology and synthetic production.
The essential role of the artificial blood is to address the shortage of blood among anemic patients. Artificial blood saves time in trauma cases, delivers increased oxygen carrying capacity and decrease the chances of disease. The artificial blood is available in market in the forms of perfluorocarbon emulsions and hemoglobin-based oxygen carriers. Hemoglobin-based oxygen carriers comprises of hemoglobin, which is obtained from bovine blood, human blood, transgenic animals and microorganisms. Perfluorocarbon emulsion is made with inert components, which replaces hydrogen and fluorine.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The presence of a large number of patients with disorders such as malignant neoplasms, cancer, cardiovascular diseases, organ transplants and neonatal conditions are the factors driving the demand for artificial blood. Further, increase in the number of trauma death, due to lack of availability of blood during surgeries would drive the overall growth. Also, shortage of transfusable blood stocks due to hemorrhage are the factors driving the global artificial blood market. According to National Blood Collection and Utilization survey in 2018, there is shortage of units of blood every year. Also, the cost of artificial blood is very high which would restraint the growth of global artificial blood.
Lack of awareness among people and side effects of the artificial blood are also restraining the growth of artificial blood market.
Furthermore, the increase in the number of cases of road accidents, medical interventions, trauma cases, military wars, a smaller number of blood donors available and increase prevalence of blood disorders are the main factors driving the market growth. However, limited shelf life and instability of artificial blood and stringent regulatory approval processes are the factors restraining the growth of global artificial blood market.
COVID-19 Scenario analysis:
At the early phase of COVID-19 pandemic, there was no availability of specific diagnostic tests to detect the disease in patients. Alternative diagnostic tests were used initially but were not much effective. This unavailability of specific COVID-19 diagnostic tests presented lucrative opportunities for diagnostic manufacturers to introduce their COVID-19 diagnostic kits. Many leading players as well as some start-ups from various countries utilized this opportunity and introduced COVID-19 diagnostics kits into local as well as global market. These players achieved edge over other diagnostics players capitalizing the opportunity from demand for COVID-19 diagnostic tests, which, in turn, helps them in maintaining their revenues in such a crisis.
Key benefits of the report:
- This study presents the analytical depiction of the global artificial blood market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the artificial blood market share.
- The current market is quantitatively analyzed to highlight the growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global artificial blood market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the artificial blood market research report:
- Who are the leading market players active in the artificial blood market?
- What are the current trends that will influence the artificial blood market in the next few years?
- What are the driving factors, restraints, and opportunities in the artificial blood market?
- What can be the challenges for the global artificial blood market in future?
- What are the projections for the future that will help in taking further strategic steps?
Artificial Blood Market Report Highlights
By Distribution channel
Key Market Players
Baxter, Kalocyte, FLUORO2 Therapeutics, Biopure Corp, Green Cross Corp., Alpha Therapeutic Corp., Alliance Pharmaceutical Corporation, Hemarina, North Field Laboratories, Sangart Corporation