PUBLISHER: The Business Research Company | PRODUCT CODE: 1829937
PUBLISHER: The Business Research Company | PRODUCT CODE: 1829937
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.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp increase in U.S. tariffs and resulting trade tensions in spring 2025 are significantly impacting the medical equipment sector, especially for imported components used in imaging machines, surgical-grade stainless steel, and disposable plastics. With hospitals and clinics pushing back against price increases, manufacturers are facing margin pressure. The situation is further complicated by regulatory challenges, as switching suppliers due to tariffs often necessitates re-certification of medical devices, leading to delays in market entry. In response, companies are mitigating risks by dual-sourcing key components, ramping up domestic production of standardized items, and accelerating research into more cost-effective materials.
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 $7.6 billion in 2025 at a compound annual growth rate (CAGR) of 16.0%. 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 $13.63 billion in 2029 at a compound annual growth rate (CAGR) of 15.7%. 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).
The forecast of 15.7% growth over the next five years indicates a slight reduction of 0.2% from the previous estimate for this market.This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through supply chain disruptions for hemoglobin-based oxygen carriers and sterile filtration systems, sourced from key regions such as the United Kingdom and Denmark, could lead to treatment limitations and higher transfusion alternative costs.The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
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, including technological disruption, regulatory shifts, and changing consumer preferences? 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 technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.