Top Growth Trends in the Synthetic Blood Substitutes And Blood Products Market: Key Insights and Opportunities for 2025-2034
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What fueled the previous growth in the market?
The market size for synthetic blood substitutes and blood products has seen a swift expansion in the recent past. Its growth projection is from $6.55 billion in 2024 to $7.62 billion in 2025, indicating a compound annual growth rate (CAGR) of 16.3%. Factors like the growing elderly population, amplified need for blood transfusions, the rising necessity for secure and uncontaminated blood, heightened knowledge about the risks associated with blood transfusion, and a heightened emphasis on emergency medical assistance can be seen as triggers for the growth recorded during the historical period.
What will be the market size in the future?
In the coming years, the market size of synthetic blood substitutes and blood products is anticipated to witness fast-paced growth, reaching a value of $13.76 billion in 2029 with a compound annual growth rate (CAGR) of 15.9%. This growth during the forecast period is largely due to a proliferation of applications in military and emergency disaster response, rising cognizance of alternate blood substitutes, an escalating frequency of blood-related conditions, and an increase in the number of trauma and emergency surgical procedures. During the forecast period, significant trends include the creation of hemoglobin-derived oxygen carriers, regulatory endorsements and studies, progress in biotechnology, advancements in regenerative medicine, and the application of artificial intelligence (AI).
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What are the leading drivers of growth in the market?
The synthetic blood substitutes and blood products market is projected to expand due to the increasing incidence of chronic illnesses. Chronic diseases are prolonged conditions that can be managed but not completely cured, they persist for more than a year and require regular medical attention. A variety of factors contribute to the rising number of chronic diseases, including an ageing population, poor lifestyle choices, and extended lifespan. Synthetic blood substitutes and blood products have a significant role in mitigating the impact of chronic diseases by addressing issues associated with blood loss, anemia, and organ functioning, which are prevalent in individuals with chronic health conditions. For example, data from the Australian Institute of Health and Welfare revealed that in June 2024, the death rate due to chronic conditions in Australia had risen from 459 deaths per 100,000 people in 2021 to 490 in 2022. Consequently, the escalating number of chronic diseases is stimulating the progress of the synthetic blood substitutes and blood products market.
What key areas define the segmentation of the global 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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Who are the dominant players expanding their reach in the 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 key trends are currently impacting the market’s development?
Key players in the synthetic blood substitutes and blood product market are concentrating on the development of innovative items, such as lab-engineered blood vessels, to improve emergency care, enhance trauma treatment results, and tackle the worldwide scarcity of donor blood and tissues. These lab-produced blood vessels are artificial blood channels crafted from human or synthetic cells, aimed at imitating the structure and function of natural arteries and veins for uses like trauma repair, dialysis, and cardiovascular surgery. For example, in December 2024, Humacyte Global, Inc., a US-based firm specializing in the clinical-stage biotechnology platform, received endorsement from the U.S. Food and Drug Administration for Symvess, a ready-made, bioengineered blood vessel implant for trauma victims in need of urgent revascularization. This serves as a safer replacement to vein extraction or synthetic grafts. Symvess, made for universal application, reinstates blood circulation and conserves limbs in the aftermath of serious injuries.
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Which regions are emerging as leaders in the 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.
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