Artificial Blood Substitutes Market Research Report: By Type (Hemoglobin-Based Blood Substitutes, Perfluorocarbon-Based Blood Substitutes, Oxygen Carrier-Based Blood Substitutes), By Application (Emergency Medical Care, Trauma Management, Surgery, Transfusion Medicine), By End-User (Hospitals, Military, Pre-Hospital Care Providers) and By Region (North America, Europe, South America, Asia Pacific, Middle East and Africa)- Forecast to 2032

Artificial Blood Substitutes Market Overview:

As per MRFR analysis, the artificial blood substitutes market size was estimated at 1.76 (USD Billion) in 2022. The artificial blood substitutes market industry is expected to grow from 1.9 (USD Billion) in 2023 to 3.8 (USD Billion) by 2032. The artificial blood substitutes market CAGR (growth rate) is expected to be around 7.98% during the forecast period (2024-2032).

Key Artificial Blood Substitutes Market Trends Highlighted

Artificial Blood Substitutes Market: Dominant Trends and Future Opportunities

Key market drivers fueling the growth of the artificial blood substitutes market include rising demand for blood transfusions due to increasing surgical procedures and trauma cases, as well as the need for alternative sources of blood in emergency situations. Moreover, advancements in research and development, such as the development of new hemoglobin-based oxygen carriers, are expected to enhance the efficacy of artificial blood substitutes.

Recent trends in the market include the growing emphasis on reducing the risk of blood-borne infections, which is driving the adoption of artificial blood substitutes as a safer alternative. Additionally, the increasing focus on point-of-care testing and the development of portable blood substitutes are expected to expand the scope of application for these products. As a result, the artificial blood substitutes market presents significant opportunities for manufacturers to explore new distribution channels and develop innovative products.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Artificial Blood Substitutes Market Drivers

Increasing Prevalence of Trauma and Blood Loss

Trauma and blood loss are major causes of morbidity and mortality worldwide. According to the World Health Organization (WHO), approximately 1.3 million people die each year from trauma, with blood loss being a significant contributing factor.

The increasing incidence of trauma, particularly in developing countries due to road accidents, violence, and natural disasters, is driving the demand for artificial blood substitutes. These substitutes can provide immediate fluid resuscitation and oxygen delivery, potentially reducing mortality rates in trauma patients.

Advancements in Blood Transfusion Safety

Concerns about the safety of blood transfusions, such as the transmission of infectious diseases and allergic reactions, have led to the development of safer alternatives. Artificial blood substitutes are designed to be free from these risks, as they are produced synthetically or derived from non-human sources. This has increased their acceptance among healthcare professionals and patients alike, contributing to the growth of the global artificial blood substitutes market.

Growing Demand for Blood in Emergency Situations

When emergency situations occur, for example, natural disasters or military operations, the demand for blood may exceed its existing supply. People need an alternative and artificial blood substitutes can effectively be that alternative, which can be preserved and transported without any trouble. Their application can provide for many lives saved and numerous patients with improved health conditions.

Artificial Blood Substitutes Market Segment Insights:

Artificial Blood Substitutes Market Type Insights

Hemoglobin-based blood substitutes (HBBS) dominated the global artificial blood substitutes market with a revenue share of about 68% in 2023. The segment's large share can be attributed to the high efficiency of HBBS in oxygen delivery, their resemblance to natural red blood cells, and their longer shelf life compared to other types of artificial blood substitutes.

The global HBBS market is expected to register a steady CAGR of 6.5% during the forecast period of 2024-2032. Perfluorocarbon-based blood substitutes (PFCBS) are another important segment of the global artificial blood substitutes market, with a revenue share of around 20% in 2023.

PFCBS are known for their ability to dissolve large amounts of oxygen and their minimal interference with blood coagulation. They are often used in emergency situations when whole blood transfusions are not readily available. The PFCBS segment is projected to grow at a CAGR of 5.8% from 2024 to 2032. Oxygen carrier-based blood substitutes (OCBS) are a relatively new type of artificial blood substitute that is gaining traction in the market. OCBS use synthetic materials to carry oxygen and do not contain hemoglobin. They offer several advantages over traditional HBBS, such as reduced risk of infection, longer shelf life, and compatibility with all blood types.

The OCBS segment is expected to witness the fastest growth during the forecast period, with a CAGR of 8.2% from 2024 to 2032. The global artificial blood substitutes market is expected to grow significantly in the coming years, driven by increasing demand for blood transfusions, a growing geriatric population, and advancements in blood substitute technology. The market is also expected to benefit from increasing research and development activities aimed at improving the efficacy and safety of artificial blood substitutes.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Artificial Blood Substitutes Market Application Insights

The application segment of the global artificial blood substitutes market is categorized into emergency medical care, trauma management, surgery, and transfusion medicine. Emergency medical care accounted for the largest market share in 2023, owing to the increasing demand for artificial blood substitutes in emergency situations, such as battlefield injuries and natural disasters. Trauma management is expected to witness significant growth during the forecast period, due to the rising number of trauma cases and the need for immediate blood transfusion.

Surgery applications are also anticipated to contribute to the market growth, as artificial blood substitutes can reduce the risk of complications and infections associated with blood transfusions. Transfusion Medicine is projected to hold a steady market share, primarily driven by the growing demand for blood transfusions in various medical procedures.

Artificial Blood Substitutes Market End-User Insights

The global artificial blood substitutes market is segmented by end-user into hospitals, military, and pre-hospital care providers, with hospitals accounting for most of the market share. The market growth for hospitals is attributed to increasing demand for blood transfusions in emergency and trauma cases. The military segment is expected to grow significantly over the forecast period due to increasing adoption of artificial blood substitutes in combat situations.

Pre-hospital care providers are also expected to witness a rise in demand for artificial blood substitutes as they offer a portable and convenient alternative to traditional blood transfusions. Overall, the increasing prevalence of trauma and emergency situations, along with advancements in technology, is driving the growth of the artificial blood substitutes market.

Artificial Blood Substitutes Market Regional Insights

The global artificial blood substitutes market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2023, owing to the increasing prevalence of trauma cases and the presence of major market players in the region. Europe is expected to be the second-largest market, followed by APAC.

The APAC region is expected to witness significant growth due to the rising demand for blood transfusions and the increasing healthcare expenditure in developing countries. South America and MEA are expected to have a moderate market share. The Global Artificial Blood Substitutes Market is expected to grow at a CAGR of 7.98% over the forecast period of 2023-2032.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Artificial Blood Substitutes Market Key Players and Competitive Insights:

The artificial blood substitutes market major players strive to continually gain a leading edge through going into R investments, expanding product portfolio, and acquiring smaller startups and companies. For gaining a major market share, industry players are constantly expanding their market presence by adopting strategies like cross-integration and partnerships, agreements, etc.

The artificial blood substitutes market is highly competitive and dynamic. At the same time, given the rapid growth and technological advances of the industry, new entrants cannot be ruled out. Increasing demand for applications such as blood transfusions is driving the Artificial Blood Substitutes Market.

Companies operating in the market are focused on investing in new project developments and establishing new facilities to capitalize on the rapidly growing demand for Artificial Blood Substitutes. Key players focus on developing high-quality and innovative products that offer value to customers.

Haemonetics Corporation is a major player in the market possessing a solid market presence on a global level, wide product mix. The company develops and markets revolutionary blood management devices, of which artificial blood substitutes are a crucial part.

Haemonetics Corp. has a strong track record in terms of innovation, as it obtains numerous regulatory approvals annually, while solidifying its dominant market position through key partnerships that the Company maintains over the years with healthcare providers, distributors, etc.

Another important major player in the artificial blood substitutes market is Octapharma AG- a global human plasma company, which develops, manufactures and distributes highest quality human proteins from human plasma and human cell line sources.

Focused on research, Octapharma has several innovative products in the pipeline in the artificial blood substitutes space. The Company has a global presence, employing over5,000 people in over 100 countries and markets its product to patients worldwide.

Key Companies in the Artificial Blood Substitutes Market Include:

• HemCon Medical Technologies Inc.


• Matrox Medical Inc.


• Sorrento Therapeutics Inc.


• Xeris Pharmaceuticals Inc.


• BPL Medical Technologies


• Hemarina AB


• Sangart Inc.


• Hemosol Inc.


• Sonaca Group


• The Medicines Company


• Erytech Pharma


• American Red Cross


• Baxter International Inc.


• Hemerus Medical B.V.

Artificial Blood Substitutes Market Developments

The global artificial blood substitutes market size was valued at USD 1.9 billion in 2023 and is projected to reach USD 3.8 billion by 2032, exhibiting a CAGR of 7.98% during the forecast period. Rising prevalence of blood-related disorders, technological advancements, and increasing demand for blood transfusions are driving market growth.

Key players include Hemarina, Sangart, and HemoShear. Recent developments include Hemarina's positive clinical trial results for its hemoglobin-based oxygen carrier, and Sangart's collaboration with the Indian Red Cross Society to enhance blood availability in India.

Artificial Blood Substitutes Market Segmentation Insights