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Artificial blood or blood is used in the medical field as a red blood substitute for critically ill patients. Artificial blood is used for the sole purpose of transporting carbon dioxide and oxygen to the body. The component does not have the full functioning capabilities of a red blood cell. The increasing demand for blood transfusion is estimated to drive the market in the coming year. Additionally, there is increasing research and development to find efficient artificial oxygen carried for the human body. For instance, in June 2020, scientists from the American Chemical Society have tried to develop synthetic red blood cell that mimics the natural functionality of natural ones. These are the predominant trends emerging in the market.
The demand for artificial blood has increased due to factors like the growing need for blood transfusion, lower availability of blood in blood banks, and rising hemorrhagic shock incidences. According to The American National Red Cross, only around 3% of the age-eligible individuals donate blood yearly in the U.S. This creates a higher supply-demand gap for blood. Approximately 6.8 million people donate blood each year in the U.S whereas, there are around 1.8 new diagnoses of cancer in 2020. These individuals sometimes require blood transfusions daily during chemotherapy. These factors are estimated to drive the artificial blood market in the coming years.
Meanwhile, the use of artificial blood comes with its adverse effects. Artificial blood is an upcoming research field, and currently, the clinical use leads to side effects such as abdominal discomfort and increased blood pressure.
Globally, the artificial blood market can be divided based on type, source, application, distribution channel, and region. Among the segmentation of type, the market can be bifurcated into perfluorocarbon emulsion and hemoglobin-based oxygen carriers (HBOC). On the basis of source, the market can be categorized into animal hemoglobin, human hemoglobin, synthetic polymers, stem cells, and others. The market can be segmented into cardiovascular disease, anemia, organ transplant, trauma, and others by an application. By the end-user, the market is divided into hospitals, clinics, blood banks, and others.
Geographically, the Artificial Blood market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Key Market Driver -
Increasing need for blood transfusion
Key Market Restraint -
Adverse effects of use of artificial blood
Some of the major companies that are present in the Artificial Blood Market are Green Cross Corporation, North Field Laboratories, Alliance Pharmaceutical Corporation, Baxter, FLUORO2 Therapeutics, Biopure Corporation, Alpha Therapeutics Corps. among others
Based on geography segmentation, the artificial blood market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is estimated to lead the global artificial blood market due to higher demand and supply of artificial blood, advanced research and development in synthetic blood market, and increased investment in the artificial blood industry. On the other hand, in Europe, the market is driven by factors such as increasing awareness regarding artificial blood, government initiatives to increase access to the products, and advanced healthcare infrastructure. In countries such as China and India, the market is estimated to witness tremendous growth due to the rise in the prevalence of chronic disease, higher cases of trauma injuries, and lower blood supply with an increase in the demand. Latin America, and the Middle East and Africa are projected to register a comparatively slower growth than other regions due to limited awareness regarding artificial blood.
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