Synthetic blood substitute or artificial blood is a replacement for blood. It generally replicates and fulfills some functions of blood and provides an alternative to blood transfusion. The main purpose of artificial blood is transportation of oxygen and carbon dioxide across the body. Blood loss due to traumatic injuries and diseases is responsible for thousands of deaths each year. Furthermore, fresh blood can be stored for only 42 hours. The need of a substitute to overcome blood supply shortage and increased awareness and incidence of transfusion transmitted diseases led to the invention of artificial blood substitutes. In the past, several substances such as milk, saline solution, and sheep’s blood were used as blood substitutes. Experimentation over the years led to the invention of new type of blood substitute called perflurochemical in 1966. However, it had few side effects. The artificial blood or blood substitute should possess certain characteristics to be used as replacement. It should be able to transport and release oxygen when required, should be sterile, and have definite shelf life.
Increase in demand for blood transfusion in cases such as blood loss during surgeries, trauma, and anemia led to growth of synthetic blood substitutes. Increase in incidence of disease seeking medical interventions or surgeries, rise in road accidents, military wars and trauma cases, insufficient number of blood donors, and rise in blood related disorders are the major drivers of the synthetic blood substitutes and blood products market. Advent of stem cell therapy has created new opportunities for players in this market. However, instability and lower shelf life of artificial blood products and stringent regulatory approval process are considered major restraints of the synthetic blood substitutes and blood products market.
Based on product type, the synthetic blood substitutes and blood products market has been segmented into perflurocarbon-based products (PFC), hemoglobin-based oxygen carriers, synthetic platelets, recombinant factors, and blood expanders. Commonly used PFCs are Perfluorodecalin and Perflubron. Major advantage of PFCs is easy transportation of oxygen throughout the body. However, decrease in blood platelets count is a major side effect of usage of PFC. Hemoglobin-based blood carriers are preferred over PFCs due to longer shelf life. However, hemoglobin-based blood carriers can cause anaphylactic shock when frequently used in patients.
In terms of region, the synthetic blood substitutes and blood products market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to hold the largest market share owing to advanced research and development in stem cell therapy.
Key players in the synthetic blood substitutes and blood products market are BioPure, Sangart, Inc., Northfield Laboratories, Dentritech, Inc., HemoBioTech, Inc., Dextro-Sang Corp., Baxter International, FluorO2 Therapeutics, and Alpha Therapeutic Corp.
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.