VANCOUVER, BC, Oct. 13, 2020
- The shortage of human blood for transfusion and rising incidence of accidents and injuries are amongst the significant factors influencing the market growth
- Market Size – USD 3,895.9 Million in 2019, Market Growth - CAGR of 18.5%, Market Trends –Increasing demand for blood transfusion during childbirth
VANCOUVER, BC, Oct. 13, 2020 /PRNewswire/ -- The Global Synthetic Blood Substitutes Market is projected to worth USD 15.40 Billion by 2027, according to a new report by Emergen Research. The market for synthetic blood substitutes such as Hemopure, Oxyglobin, and Hemotech, is growing at a double-digit rate attributed to its rising application in cardiovascular diseases, anemia, malignant neoplasm, injuries, neonatal conditions, maternal conditions, and organ transplant, among others. Moreover, obstetric conditions linked with blood transfusion may result in health complications, and even death, if inappropriately managed, is likely to fuel the demand for synthetic blood substitutes.
The shortage of human blood for transfusion is one of the significant factors influencing the market growth. Every year, more than 4.5 million people in America receive transfusions, owing to a surgical operation or a traumatic injury, and the count of patients needing a transfusion is surpassing the number of donors. According to the Pacific Heart, Lung, and Blood Institute, there is an acute shortfall of human blood availability for healthcare purposes. It is estimated that about 33.0% of Americans in their lifetime would receive transfusion in critical life-threatening condition. In the upcoming years, the shortage could be stark, as existing projections do not accommodate the need for blood in circumstances of mass civilian casualties, encompassing natural calamities, terrorist attacks, and wars, thereby driving market demand.
Synthetic substitutes offer benefits over the natural one, thereby creating enormous opportunities for market growth. One of the advantages being that synthetic substitutes belongs to universal blood group O-ve, and hence patients can receive transfusion irrespective of their group type, as well as will not experience any immunologic reactions.
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Key Highlights from The Report
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Emergen Research has segmented the Global Synthetic Blood Substitutes Market on the basis of source, type, application, end-use, and region:
Source Outlook (Revenue, USD Billion; 2017-2027)
Type Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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