PUBLISHER: The Business Research Company | PRODUCT CODE: 1720901
PUBLISHER: The Business Research Company | PRODUCT CODE: 1720901
Synthetic blood substitutes and blood products are innovative medical solutions designed to replicate the functions of human blood, such as oxygen transport and clotting, to assist patients in need of blood transfusions. Developed through biotechnological processes, these products play a vital role in addressing blood shortages and offering alternatives for emergencies or individuals with specific medical conditions.
The primary categories of synthetic blood substitutes and blood products include perfluorocarbon-based products (PFCs), hemoglobin-based oxygen carriers, synthetic platelets, recombinant factors, and blood expanders. Perfluorocarbon-based products (PFCs) function as synthetic oxygen carriers capable of dissolving and transporting oxygen and carbon dioxide within the bloodstream, serving as blood substitutes in medical treatments. These products are utilized for various purposes, including the treatment of cardiovascular diseases, anemia, organ transplants, injuries, and trauma. Additionally, they are used by multiple end users, such as hospitals and clinics, blood banks, and other medical institutions.
The synthetic blood substitutes and blood products market research report is one of a series of new reports from The Business Research Company that provides synthetic blood substitutes and blood products market statistics, including the synthetic blood substitutes and blood products industry global market size, regional shares, competitors with the synthetic blood substitutes and blood products market share, detailed synthetic blood substitutes and blood products market segments, market trends, and opportunities, and any further data you may need to thrive in the synthetic blood substitutes and blood products industry. This synthetic blood substitutes and blood products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 during the historic period can be attributed to factors such as an aging population, a rising demand for blood transfusions, an increasing need for safe and contaminant-free blood, greater awareness of the risks associated with blood transfusions, and a heightened 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 anticipated growth in the forecast period can be attributed to the expanding use of synthetic blood substitutes in military and disaster response, increasing awareness of alternative blood products, the rising prevalence of blood-related disorders, and a growing incidence of trauma and emergency surgeries. Key trends expected during this period include the development of hemoglobin-based oxygen carriers, regulatory approvals and ongoing research, advancements in biotechnology, progress in regenerative medicine, and the integration of artificial intelligence (AI) in blood product development.
The increasing prevalence of chronic diseases is expected to drive the growth of the synthetic blood substitutes and blood products market in the coming years. Chronic diseases are long-term conditions that require ongoing medical attention and can often be managed but not cured. Several factors contribute to the rising prevalence of these conditions, including an aging population, unhealthy lifestyles, and increased life expectancy. Synthetic blood substitutes and blood products play a crucial role in managing chronic diseases by addressing challenges related to blood loss, anemia, and organ function, which are common among affected patients. For example, in June 2024, the Australian Institute of Health and Welfare reported that deaths due to chronic conditions in Australia increased from 459 deaths per 100,000 population in 2021 to 490 in 2022. This growing burden of chronic diseases is driving the demand for synthetic blood substitutes and blood products.
Companies in the synthetic blood substitutes and blood products market are focusing on innovations such as lab-grown blood vessels to improve emergency medical care, enhance trauma treatment, and address shortages of donor blood and tissues. Lab-grown blood vessels, engineered from human or synthetic cells, mimic the structure and function of natural arteries and veins, making them valuable for applications such as trauma repair, dialysis, and cardiovascular surgery. For instance, in December 2024, Humacyte Global, Inc., a US-based clinical-stage biotechnology company, received FDA approval for Symvess, an off-the-shelf bioengineered blood vessel implant designed for trauma patients requiring urgent revascularization. Symvess offers a safer alternative to traditional vein harvesting or synthetic grafts, restoring blood flow and preserving limbs after severe injuries.
In December 2024, GVS S.p.A., an Italy-based plastic fabrication company, acquired blood-related assets from Haemonetics Corporation for $67.1 million. This acquisition strengthens GVS's focus on plasma and hospital-based blood management solutions while expanding its product offerings in the blood collection and filtration market. Haemonetics Corporation, a US-based company, specializes in developing and selling blood management devices, including artificial blood substitutes and other blood-related products.
Major players 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.
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 synthetic blood substitutes and blood products report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the synthetic blood substitutes and blood products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The synthetic blood substitutes and blood products market consists of sales of artificial blood substitutes, blood plasma substitutes, and blood plasma products. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Synthetic Blood Substitutes And Blood Products Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on synthetic blood substitutes and blood products market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for synthetic blood substitutes and blood products ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The synthetic blood substitutes and blood products market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.