What are the recent trends in market size and growth for the synthetic blood substitutes and blood products market?
The synthetic blood substitutes and blood products market size has grown rapidly in recent years. It will grow from $6.55 billion in 2024 to $7.62 billion in 2025 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to an aging population, increasing demand for blood transfusions, rising demand for safe and contaminant-free blood, growing awareness of blood transfusion risks, and increased focus on emergency medical care.
The synthetic blood substitutes and blood products market size is expected to see rapid growth in the next few years. It will grow to $13.76 billion in 2029 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to expanding applications in military and disaster response, increasing awareness of alternative blood substitutes, growing prevalence of blood-related disorders, and rising incidence of trauma and emergency surgeries. Major trends in the forecast period include the development of hemoglobin-based oxygen carriers, regulatory approvals and research, advancements in biotechnology, regenerative medicine advancements, and the integration of artificial intelligence (AI).
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How have varous drivers impacted the growth of the synthetic blood substitutes and blood products market?
The rising prevalence of chronic diseases is expected to propel the growth of the synthetic blood substitutes and blood products market going forward. Chronic diseases refer to long-lasting conditions that can be controlled but not cured, often persisting for a year or more and requiring ongoing medical attention. The rising prevalence of chronic diseases can be attributed to several factors, including an aging population, unhealthy lifestyles, and increased life expectancy. Synthetic blood substitutes and blood products can play a critical role in managing the prevalence of chronic diseases by addressing specific challenges related to blood loss, anemia, and organ function, which are common in patients with chronic conditions. For instance, in June 2024, according to the Australian Institute of Health and Welfare, an Australia-based Australian government agency, the number of deaths due to chronic conditions in Australia increased from 459 deaths per 100,000 population in 2021 to 490 in 2022. Therefore, the rising prevalence of chronic diseases drives the growth of the synthetic blood substitutes and blood products market.
What are the primary segments of the synthetic blood substitutes and blood products market?
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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Which firms are leading 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.
How will industry trends affect the trajectory of the synthetic blood substitutes and blood products market?
Major companies operating in the synthetic blood substitutes and blood products market are focusing on developing innovative products, such as lab-grown blood vessels, to enhance emergency medical care, improve trauma treatment outcomes, and address the global shortage of donor blood and tissues. Lab-grown blood vessels are artificial blood conduits engineered from human or synthetic cells, designed to replicate the structure and function of natural arteries and veins for medical applications such as trauma repair, dialysis, and cardiovascular surgery. For instance, in December 2024, Humacyte Global, Inc., a US-based clinical-stage biotechnology platform company, received U.S. Food and Drug Administration (FDA) approval for Symvess, an off-the-shelf, bioengineered blood vessel implant for trauma patients needing urgent revascularization, offering a safer alternative to vein harvesting or synthetic grafts. Symvess, designed for universal use, restores blood flow and preserves limbs after severe injuries.
Which geographic trends are shaping the synthetic blood substitutes and blood products market, and which region has the highest market share?
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.
What Does The Synthetic Blood Substitutes And Blood Products Market Report 2025 Offer?
The synthetic blood substitutes and blood products market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Synthetic blood substitutes and blood products are advanced medical products designed to mimic the functions of human blood, such as oxygen transport and clotting, to treat patients needing blood transfusions. These products, often developed through biotechnological processes, are crucial for managing blood shortages and providing alternatives for emergencies or patients with specific medical conditions.
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