Artificial Blood Market Will Reach $20 Million by 2028, New BCC Research Report Forecasts

Approved artificial blood and other blood substitutes are finally coming to market after numerous bankruptcies and failed products.

BOSTON, Oct. 31, 2023 /PRNewswire/ — It’s been a pipe dream since the seventeenth century. More than 400 years ago, when William Harvey first began to describe how the circulatory system works, scientists began to imagine how they could replace blood with substitutes such as milk, animal blood, and even wine and beer.

More recently, plans for artificial blood have become much more practical. Researchers have explored simple synthetic blood substitutes, more complex PFCs (perfluorocarbon-based oxygen carriers), and HBOCs (Hemoglobin-based oxygen carriers). While promising, artificial blood research has nothing to show for it but bankrupt firms and failed products.

Until now. In 2022, a HBOC product was approved in Europe and has yielded positive results. This will likely attract more investors, furthering the global development of artificial blood.

Now more than ever, there is a need for artificial blood. Currently, most hospitals have less than a three-day supply of all blood types. And trauma teams can use artificial blood in places where other blood products are impractical, like rural areas and trauma sites.

BCC Research’s report, Artificial Blood-Global Markets to 2028 [insert link], covers artificial blood’s background, market drivers, regulatory landscape, key company profiles, emerging technologies, market estimations, and more. Readers can expect to gain insights such as:

• The current and potential market for artificial blood. With the first product being approved, the market will increase by about $20 million by 2028, analysts forecast. While the product has been approved in Europe only, North America is predicted to have the highest market share, once there is FDA approval.
• Key factors driving the growth of artificial Blood. This includes, but is not limited to, blood shortages, challenges associated with traditional blood transfusions, and an increase in demand for blood transfusions.
• Significant companies in the artificial blood market and the barriers. Companies like Hemarina, VirTechBio, and NuvOxPharma will need to overcome obstacles such as intense regulation, long approval timelines, and perceptions shaped by previous failed blood products.

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