Global Artificial Blood Market: Overview
Artificial blood are synthetic substitutes of biological blood expected to harness a new horizon in transfusion medicine. These products are considered as substitute for red blood cells and act to serve few key functions of biological blood, most notably acting as transportation medium for oxygen and carbon dioxide across the body cells. They can be produced by chemical isolation or using recombinant biochemical technology. Although there are various products in advanced stages of clinical trials, the commercialization of artificial blood is still slow. The key concerns that marketers are addressing are safety, compatibility, and effectiveness of artificial blood.
Hemoglobin-based products have gained popularity in the artificial blood market in recent years as has been evident in a majority of products in late-stage clinical studies in various parts of the world. Hemoglobin-based oxygen carriers are expected to receive constant attention among industry players, which will underpin several of the key growth trajectories of the market in the not-so-distant future.
The report offers in-depth insights into the growth dynamics, the current outlook of the artificial blood market, and future avenues.
Global Artificial Blood Market: Trends and Opportunities
The global artificial blood market is in preliminary stages as these are functionally useful in only short-term blood replacement applications. Biotechnology companies across the world are increasingly engaged in manufacturing longer-lasting products that can also serve some other critical functions of blood such as clotting and immunity building. Substantial risks of infections, such as HIV, in the process of blood transfusion was crucial factor triggering industry interests in artificial blood market.
Currently, there is a paucity of blood donors in developing nations and the limited supply for blood for the patient population. This can be potentially robust factor creating lucrative avenues in the artificial blood market. Efforts are underway to develop artificial blood with vast oxygen-carrying capability. This will be supported in increasingly by protein-engineering strategies
The global rise in number of surgeries and the growing risk of blood transfusions are factors bolstering the expansion of the market. The growing interest in recombinant therapies is also a notable trend boosting demand. Growing focus on recombinant clotting factors is a case in point. Progress being made in Hb-based RBC substitutes will catalyze the prospects of the global artificial blood market.
Global Artificial Blood Market: Regional Outlook
The report on the global artificial blood market offers in-depth assessment of the prospects of the artificial blood in key regions and highlights key technology advances in various regions. The development of licensing in the treatment of hemophilia. Regionally, developed and developing countries are expected to show great potential in the artificial blood market. These regions are gaining widespread boost from surge in research in hemoglobin-based products. Meanwhile, developing regions, notably Asia Pacific, witnessing the growing potential of the market owing to the emergence of new, recalcitrant disease strains such as that of Ebola and H1N1.
Global Artificial Blood Market: Competitive Landscape
Large unmet needs of developing countries will also give rise to abundant opportunities for companies to capitalize on in the global artificial blood market. Some of the key players operating in the global artificial blood market could be Therapure Biopharma Inc., Sanguine Biosciences, Northfield Laboratories Inc., Baxter Healthcare Corp., and Alliance Pharmaceutical.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.