Global Artificial Blood Substitutes Market Will Reach At A Highest CAGR Of 25.6% By 2028||Hemoglobin Oxygen Therapeutics LLC, KaloCyte, Inc., LLC “Visusmed”, European Medicines Agency, OPK Biotech LLC, NuvOx Pharma

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Market research study carried out in global Artificial Blood Substitutes business report helps to recognize various drivers and restraints impacting the market during the forecast period. Choosing market research report is very essential for the business growth as it helps with better decision making, enhancing revenue generation, prioritizing market goals and results in profitable business. Evaluations about the CAGR value variations for specific forecast period, market drivers, market restraints, and competitive strategies are measured in this report. Granular market information combined in the persuasive Artificial Blood Substitutes market research report will be helpful to HEALTHCARE industry to take competent business decisions.

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The artificial blood substitutes market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 25.6% in the forecast period of 2021 to 2028 and is expected to reach USD 30,560.42 thousand by 2028. Limited availability of fresh blood and its short life span coupled with increasing demand for blood transfusion and increased funding for development of blood substitutes acts as drivers for the artificial blood substitutes market growth.

The major companies which are dealing in the artificial blood substitutes are HEMARINA, Hemoglobin Oxygen Therapeutics LLC, KaloCyte, Inc., LLC “Visusmed”, European Medicines Agency, OPK Biotech LLC, NuvOx Pharma, Prolong Pharmaceuticals, LLC, Boston Therapeutics, Inc., Aurum Biosciences, OXYVITA Inc, NanoBlood LLC among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Many expansion and funding are also initiated by the companies’ worldwide which are also accelerating the artificial blood substitutes market.

For instance,

In November 2020, Hemarina published a scientific report for anti-inflammatory and antibacterial property of M 101, an oxygen transporter for the treatment of periodontitis. This study has validated the quality of M 101 molecolue, which is derived from haemoglobin of the marine lugworm.
In June 2020, KaloCyte, Inc. received a USD 300k funding from University System of Maryland (USM) Momentum Fund for developing ErythroMer, a synthetic, bio-inspired red blood substitute. This funding has helped the company in developing the ErythroMer at much faster pace.
In May 2020, KaloCyte, Inc. awarded by the National Institutes of Health (NIH) a USD 373,000 Small Buisness Innovation Resaerch (SBIR) Phase I grant. This grant helped the company in advancing KaloCyte product to preclinical safety and efficacy testing in anticipation of human trails.

THE INCREASING DEMAND FOR BLOOD TRANSFUSION IS LEADING THE ARTIFICIAL BLOOD SUBSTITUTES MARKET.

The demand for artificial blood is increasing for the blood transfusion process as it offers various advantages over human blood. The artificial blood could be stored for a longer period even for 3 years at room temperature whereas the human blood could only be stored for 42 days. Artificial blood also reduces the risk of contamination of other diseases such as hepatitis, AIDS, and others. One of the main factors driving the artificial blood substitute market is its high oxygen-carrying capacity as one of the major crises in COVID-19 patients is the drop in oxygen level, which could be recovered with artificial blood substitutes as it has high oxygen-carrying capacity in comparison to the human blood. The rising incidence of blood-related diseases increases the demand for blood transfusion and the shortage of blood during a pandemic will push the growth of the global artificial blood substitutes market.

For instance,

According to Zee Entertainment Enterprises Limited, American Red Cross has seen a 10% rise in demand for red blood cells for hospital trauma centers as compared with the demand in 2019.
The rising incidence of blood-related diseases and increase in the need for blood and blood transfusion will boost the market growth in the future. Also, the artificial blood substitute is preferred over the human blood as it is compatible with all blood types and can be given to the patients regardless of their blood type. Moreover, the vaccinated people are not donating blood which has affected the blood supply and will eventually boost the growth of artificial blood.

For instance,

According to Cable News Network LP, LLLP, the regulations have been laid down that the vaccinated individual won’t be able to donate for at least 60 days, which could trigger a major shortage in the blood bank.
In May 2021, According to Science Wire, National Blood Transfusion Council (NBTC) has issued an order stating a person cannot donate blood 28 days post-vaccination, and people who received Covaxin have to wait for 56 days and who received Covishield, up to 70 days.
The regulations for donating blood post-vaccination will affect the supply chain of blood and will lead to its increased demand and create a great opportunity for artificial blood substitutes.

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Report highlights

To gain information about the top players in this industry, their product portfolios, and their key strategies.
Key parameters which are driving this market and restraining its growth
Comprehensive quantitative analysis of the industry is provided for the period of 2021-2028 to assist stakeholders to capitalize on the prevailing market opportunities.
What all challenges manufacturers will face as well as new opportunities and threats faced by them.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

Scope of the Artificial blood substitutes Market

Global Artificial Blood Substitutes Market, By Product Type (Perflurocarbon (PFCs) and Hemoglobin-Based Oxygen Carries (HBOCs)), Source (Human Blood, Animal Blood, Microorganism Based Recombinant HB, Synthetic Polymers and Stem Cells), Application (Cardiovascular Diseases, Malignant Neoplasma, Injuries, Neonatal Conditions, Organ Transplant and Maternal Condition), End User (Hospital & Clinics, Blood Banks and Others), Country (U.S., Mexico, France, Russia, Netherlands, Rest of Europe, China, Rest of Asia-Pacific, South Africa, and Rest of Middle East and Africa) Industry Trends and Forecast To 2028

All country based analysis of the global artificial blood substitutes market is further analysed based on maximum granularity into further segmentation. On the basis of product type, the global artificial blood substitutes market is segmented into perflurocarbon (PFCs) and hemoglobin-based oxygen carries (HBOCs). On the basis of source, the global artificial blood substitutes market is segmented into human blood, animal blood, microorganism based recombinant HB, synthetic polymers and stem cells. On the basis of application, the global artificial blood substitutes market is segmented into cardiovascular diseases, malignant neoplasma, injuries, neonatal conditions, organ transplant and maternal condition. On the basis of end user, the global artificial blood substitutes market is segmented into hospital & clinics, blood banks and others.

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Trends Impacting the Market

Now the question is which other regions KaloCyte, Inc., HEMARINA, Hemoglobin Oxygen Therapeutics LLC are targeting? Data Bridge Market Research has forecasted a large growth in North America artificial blood substitutes market and the market leaders targeting U.S. and Mexico to be their next pocket revenue for 2021.

The artificial blood substitutes market is becoming more competitive with companies like KaloCyte, Inc., HEMARINA, Hemoglobin Oxygen Therapeutics LLC. These are the top dominating companies in artificial blood substitutes market and have launched novel software, services and consumables in the market. The data bridge market research new reports highlight the major growth factors and opportunities in the global artificial blood substitutes market.

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