Impact Of Rising Chronic Disease Prevalence On The Growth Of Market: An Emerging Driver Transforming The Synthetic Blood Substitutes And Blood Products Market Landscape

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What Is the Projected Growth of the Synthetic Blood Substitutes And Blood Products Market?
The market for synthetic blood substitutes and blood products has experienced a fast-paced expansion in recent years. The market size is projected to climb from $6.55 billion in 2024 to $7.62 billion in 2025, with a compound annual growth rate (CAGR) of 16.3%. Factors such as the rise of an aging population, growing necessity for blood transfusions, escalating demand for clean and contaminant-free blood, heightened consciousness of the risks associated with blood transfusions, and the increased emphasis on emergency medical care have contributed to the historical growth.

The market for synthetic blood substitutes and blood products is projected to expand quickly in the upcoming years. With a compound annual growth rate (CAGR) of 15.9%, it's expected to reach a valuation of $13.76 billion by 2029. Factors contributing to this growth during the forecast period include the growing use in military and disaster response settings, heightened awareness of blood alternative options, an increase in blood-related ailments, and a surge in trauma and emergency surgeries. Some of the key trends over the forecast period are the progress in hemoglobin-based oxygen carriers, research and regulatory approvals, developments in biotechnology, advancements in regenerative medicine, and the incorporation of artificial intelligence (AI).

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What Are the Different Synthetic Blood Substitutes And Blood Products Market Segments?
The synthetic blood substitutes and blood products market covered in this report is segmented -

1) By Type: Perfluorocarbon Based Product (PFC), Haemoglobin Based Oxygen Carrier, Synthetic Platelet, Recombinant Factor, Blood Expander
2) By Application: Cardiovascular Diseases, Anaemia, Organ Transplant, Injury and Trauma, Other Applications
3) By End-User: Hospitals And Clinics, Blood Banks, Other End users

Subsegments:
1) By Perfluorocarbon Based Product (PFC): Emulsion-Based Products, Non-Emulsion-Based Products
2) By Haemoglobin Based Oxygen Carrier: Polymerized Hemoglobin-Based Products, Crosslinked Hemoglobin-Based Products
3) By Synthetic Platelet: Platelet Substitutes, Platelet Aggregation Inhibitors
4) By Recombinant Factor: Recombinant Factor VIII, Recombinant Factor IX, Other Recombinant Factors
5) By Blood Expander: Colloid Solutions, Crystalloid Solutions

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What Are the Primary Drivers Shaping the Synthetic Blood Substitutes And Blood Products Market?
The synthetic blood substitutes and blood products market is expected to expand, driven by the increasing occurrence of chronic diseases. Chronic illnesses are enduring health conditions that, although manageable, cannot be eradicated completely and typically persist for over a year, necessitating continuous medical care. The escalating rate of chronic illnesses can be credited to several factors such as an aged population, unhealthy habits, and a rise in life expectancy. Synthetic blood substitutes and blood products have a crucial role in managing the spread of chronic diseases by tackling unique issues linked to blood loss, anemia, and organ functionality, common in patients suffering from chronic conditions. For example, in June 2024, data from the Australia-based Australian Institute of Health and Welfare showed that the number of deaths in Australia due to chronic diseases surged from 459 per 100,000 population in 2021 to 490 in 2022. Hence, the increasing prevalence of chronic diseases propels the expansion of the synthetic blood substitutes and blood products market.

Which Companies Are Leading in the Synthetic Blood Substitutes And Blood Products Market?
Major companies operating in the synthetic blood substitutes and blood products market are Takeda Pharmaceutical Company Limited, Fresenius Kabi AG, Baxter International Inc., Octapharma AG, Green Cross Corporation, Alliance Pharmaceutical Corporation, Hemosol Inc., Sanguine Corporation, Sangart Inc., Biopure Corporation, Tenex Therapeutics, Velico Medical, Hemarina S.A., KaloCyte Inc., Aurum Biosciences Limited, SpheriTech Limited, Dendritech Inc., HbO2 Therapeutics LLC, HemoBioTech Inc., Somatogen Inc.

What Trends Are Driving Growth in The Synthetic Blood Substitutes And Blood Products Market?
Leading firms in the synthetic blood substitutes and blood products market are concentrating their efforts on creating advanced products such as lab-grown blood vessels. These innovative products aim to improve emergency healare services, enhance the results of trauma treatments, and offset the global deficit of donor blood and tissues. Lab-developed blood vessels, which are fabricated from human or synthetic cells, are created to mimic the structure and functions of natural arteries and veins. They can be utilized in various medical procedures including trauma repair, dialysis, and cardiovascular surgery. As an example, Humacyte Global, Inc., a clinical-stage biotech platform from the United States, was given approval by the U.S. Food and Drug Administration (FDA) in December 2024 for their product, Symvess. This bioengineered, ready-to-use blood vessel implant provides a safer alternative to vein harvesting or synthetic grafts for trauma patients in dire need of revascularization. Symvess is crafted for universal use and has the ability to restore blood circulation and conserve limbs in serious injury scenarios.

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What Are the Top Revenue-Generating Geographies in the Synthetic Blood Substitutes And Blood Products Market?
North America was the largest region in the synthetic blood substitutes and blood products market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic blood substitutes and blood products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Synthetic Blood Substitutes And Blood Products Market?
2. What is the CAGR expected in the Synthetic Blood Substitutes And Blood Products Market?
3. What Are the Key Innovations Transforming the Synthetic Blood Substitutes And Blood Products Industry?
4. Which Region Is Leading the Synthetic Blood Substitutes And Blood Products Market?

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