The primary use of the blood substitute is to provide a temporary support to the circulation system whenever the conditions demand. These conditions may be blood transfusions or surgeries in which blood substitutes are mostly focused on the basic role of transporting the oxygen for a short duration. There various blood substitutes available such as Perflurocarbons (PFC) emulsions and Hemoglobin-based oxygen carriers. The Perflurocarbons are derived from a group of hydrocarbons in which the hydrogen atoms are replaced by fluorine atoms and has been beneficial in creation of artificial blood during surgeries.
 
The most common PFCs are the Perfluorodecalin and Perflubron. The major advantage of PFCs is they permit easy transportation of the oxygen to the body. However, the common side effects cited by use of these PFCs are decrease in the blood platelet counts and causes flu-like symptoms in the patients. While, the hemoglobin based oxygen carriers have been successfully being used to mimic the role of oxygen carrier role of hemoglobin in the body. Since, this substitute has been available in much larger quantities, can be stored for a longer duration and can be sterilized makes it a more preferred choice by the physicians. The chief problems associated with synthetic blood substitutes are anaphylactic shock especially in patients who are frequent users of these substitutes. Despite, significant research there has still a huge gap in meeting these safety requirements. Companies are now focusing towards introduction of innovative biotechnological techniques to introduce an effective blood substitute. The company OPK Biotech, managed to successfully develop hemoglobin-oxygen based carrier through chemical stabilization of bovine hemoglobin. This flagship product named “Hemopure” has been approved and sold in South Africa since past several years. Moreover, the U.S. Armed Services has also been conducting research since Vietnam War which has helped them to introduce substitutes such as dried powder that can be stored, packed and transported and then reconstituted as liquid prior to transfusion.
 
Some of the major driving factors for growth of this market are rise in the number of trauma cases including burns, road accidents and military wars. In addition, a plummeted rise in the geriatric population has led to seeking various surgical interventions such as blood cancer treatment, cardiac surgeries and others which has consequently led to a strong demand for artificial blood substitutes.Geographically, the North America accounts for the largest market for artificial synthetic blood substitutes market followed by Europe. Some of the major players of this market includes Biopure (Hemopure), Northfield (Polyheme), Sangart and Dendritech. 

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
  • Europe
  • 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.

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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.

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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.

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