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The artificial blood substitutes market share is expected to increase by USD 7.38 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 23%.
This artificial blood substitutes market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (HBOC and PFBOC) and geography (North America, Europe, Asia, and ROW). The artificial blood substitutes market report also offers information on several market vendors, including Aurum Biosciences Ltd., Hemarina SA, Hemoglobin Oxygen Therapeutics LLC, KaloCyte Inc., NuvOx Pharma LLC, and SpheriTech Ltd. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing funding for product development is notably driving the artificial blood substitutes market growth, although factors such as lack of trained laboratory professionals may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the artificial blood substitutes industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Driver for the Artificial Blood Substitutes Market
The presence of a large patient pool with intraoperative complications is one of the key drivers for the market in focus. The demand for blood transfusion is increasing due to the presence of a large patient pool with various disorders. Some risk factors that cause significant blood loss create an urgent requirement for immediate blood transfusion. The increasing need for an alternative to overcome the blood supply shortage fuel the demand for artificial blood substitutes. The presence of a large patient pool susceptible to postoperative blood loss will drive the growth of the global artificial blood substitutes market during the forecast period.
Key Challenge Artificial Blood Substitutes Market
Lack of trained laboratory professionals is one of the key challenges for the market in focus. The extraction of artificial substitutes from various sources, including human and animal sources, requires proper biotechnology knowledge. For reliable results, such biotechnology experiments require accurate analyses and interpretation of insights. The correlation of experimental results with the hypothesis of the experiment is crucial. Therefore, experiments involving cell biology must be performed by skilled personnel. Most laboratory technicians in APAC and South America are unaware of the latest technologies in laboratory equipment. Thus, the lack of expertise increases the probability of incorrect results, which will adversely affect the growth of the market during the forecast period.
This artificial blood substitutes market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the artificial blood substitutes market encompasses successful business strategies deployed by the key vendors. The artificial blood substitutes market is concentrated and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The artificial blood substitutes market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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41% of the market's growth will originate from North America during the forecast period. The US is the key country for the artificial blood substitutes market in North America. Market growth in this region will be faster than the growth of the market in Europe.
The presence of well-established healthcare systems in North America will facilitate the artificial blood substitutes market growth in the region over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The artificial blood substitutes market share growth by the HBOC segment will be significant during the forecast period. Hemoglobin-based oxygen carriers (HBOC) consist of hemoglobin-based products derived from natural sources such as human blood, bovine blood, microorganisms, and transgenic animals via recombinant technology. The addition of chemical compounds such as dipropylene glycol (DPG) can maintain the oxygen affinity in hemoglobin variants. The polymerization of hemoglobin compounds can increase the oxygen-carrying capability of HBOCs. The increasing product offerings from vendors as well as government funding to develop artificial blood substitutes from natural sources will support the growth of the HBOC segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial blood substitutes market size and actionable market insights on post COVID-19 impact on each segment.
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Artificial Blood Substitutes Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 23% |
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Market growth 2021-2025 |
$ 7.38 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
20.17 |
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Regional analysis |
North America, Europe, Asia, and ROW |
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Performing market contribution |
North America at 41% |
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Key consumer countries |
US, UK, Germany, Australia, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aurum Biosciences Ltd., Hemarina SA, Hemoglobin Oxygen Therapeutics LLC, KaloCyte Inc., NuvOx Pharma LLC, and SpheriTech Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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