Synthetic Blood Substitutes and Blood Product Market Size & Forecast 2034

Synthetic Blood Substitutes and Blood Product Industry Perspective:

The global synthetic blood substitutes and blood product market size was worth around USD 9.73 billion in 2024 and is predicted to grow to around USD 46.37 billion by 2034 with a compound annual growth rate (CAGR) of roughly 16.90% between 2025 and 2034.

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Key Insights:

• As per the analysis shared by our research analyst, the global synthetic blood substitutes and blood product market is estimated to grow annually at a CAGR of around 16.90% over the forecast period (2025-2034)
• In terms of revenue, the global synthetic blood substitutes and blood product market size was valued at around USD 9.73 billion in 2024 and is projected to reach USD 46.37 billion, by 2034.
• The market is projected to grow at a significant rate due to the growing cases of complications related to traditional blood transfusions.
• Based on the type, the perfluorocarbon-based product (PFC) segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the end-user, the hospitals & clinics segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Synthetic Blood Substitutes and Blood Product Market: Overview

Synthetic blood substitutes and blood product industry deals with the development, production, and application of artificial blood and essential blood components in case of medical emergency or for research purposes. Synthetic blood substitutes are artificially prepared to mimic certain actions of red blood cells found in living organisms. These man-made substitutes do not actually contain essential blood components but deliver similar results. The demand for synthetic blood has increased in the last few years due to the burgeoning pressure on the existing healthcare infrastructure. The industry for artificial blood alternatives and blood products is currently dominated by two main types that are hemoglobin-based oxygen carriers (HBOCs) and perfluorocarbon (PFC)--based products. During the forecast period, demand for synthetic blood substitutes or blood products is expected to grow due to the limitations of the existing blood transfusion processes.

Additionally, increased research on improving the safety and efficiency of the use of artificial blood alternatives or blood products may create new opportunities for extended growth in the market. The industry currently faces challenges and growth limitations due to insufficient regulatory approvals and the negative health impact of the products on living organisms.

Synthetic Blood Substitutes and Blood Product Market: Growth Drivers

Growing cases of complications related to traditional blood transfusions to drive market demand

The global synthetic blood substitutes and blood products market is expected to be driven by the rising cases of complications associated with traditional blood transfusions. Some of the most common complications registered worldwide include immune reactions to the transfused blood and extensive blood testing and storing procedures until transfusion surgery is completed.

For instance, donor blood should be an exact match to recipients' blood and any error in testing procedures can result in serious health hazards for the patients. In addition to this, all transfused blood must be tested for transfusion-transmitted infections (TTIs) such as human immunodeficiency virus (HIV) and hepatitis.

According to official reports, more than 14,000 cases of HIV transmission due to blood transfusion have been reported across India in the last 7 years. The growing number of patients worldwide in contrast to the limited availability of skilled medical professionals has resulted in increased error for human or technological error. Medical mistakes especially in the case of blood transfusions can be fatal for patients. Synthetic blood substitutes and blood products do not carry bacteria or viruses since they are not derived from living beings. Hence they are safer to use and are not associated with TTI-related risks.

Growing number of patients with serious blood disorders to create novel growth avenues for industry players

The global synthetic blood substitutes and blood product market is projected to further gain momentum due to the growing rate of patients with serious blood disorders. Such recipients require regular blood transfusion over an extended period. Some of the common conditions reported worldwide that encourage the use of artificial blood alternatives include myelodysplastic syndrome which is a type of cancer and plastic anemia. Lack of timely access to blood for transfusion can result in patient death. The demand for quality medical care continues to grow globally creating proliferation paths for providers of artificial blood and related products.

Synthetic Blood Substitutes and Blood Product Market: Restraints

Lack of sufficient regulatory approvals worldwide to limit market expansion trends

The global synthetic blood substitutes and blood product industry is projected to be restricted due to a lack of sufficient regulatory approvals. Internationally recognized medical framework-governing entities such as the US Food & Drugs Administration (FDA) and European Medicines Agency (EMA) have not approved extensive use of artificial blood in regular cases. A limited number of solutions have been authorized to be used in special cases for animal testing. These factors can pose a significant threat to the future expansion strategies of the industry players.

Synthetic Blood Substitutes and Blood Product Market: Opportunities

Growing research and advancements in artificial blood and blood components to generate growth opportunities

The global synthetic blood substitutes and blood product market is projected to generate growth opportunities due to the rising level of research & development (R&D) in the market. In March 2025, researchers at the University of Pennsylvania (Penn) in the US were awarded USD 2.7 million by the National Institutes of Health (NIH) for the development of next-generation synthetic blood. The researchers are expected to invest in overcoming the existing problems of synthetic blood such as the inability of certain artificial agents to release oxygen in damaged tissue.

In June 2025, scientists from Japan announced the development of a universal artificial blood substitute which is expected to deliver breakthrough changes in the healthcare industry. Researchers at the Nara Medical University in Japan developed virus-free artificial blood which can be stored for multiple years. If approved for use in the medical care sector, this artificial blood can eliminate issues such as blood shortages and blood incompatibility. The increasing use of advanced technologies such as Artificial Intelligence, synthetic biology, tissue engineering, gene editing, and stem cell solutions among others can prove highly effective for the industry players in the coming years.

Synthetic Blood Substitutes and Blood Product Market: Challenges

Side effects related to the use of artificial blood components will challenge market expansion

The global synthetic blood substitutes and blood product industry is expected to be challenged by the several side effects related to the use of artificial blood in medical treatments. Some of the most evident and serious side effects include damage to the kidney, increase in blood pressure, reaction to artificial blood, and vasoconstriction. Limited use of artificial blood in real-life cases has further created growth barriers for the market players.

Synthetic Blood Substitutes and Blood Product Market: Report Scope

Synthetic Blood Substitutes and Blood Product Market: Segmentation

The global synthetic blood substitutes and blood product market is segmented based on type, application, end-user, and region.

Based on the type, the global market divisions are a recombinant factor, synthetic platelet, hemoglobin-based oxygen carrier, perfluorocarbon-based product (PFC), and blood expander. In 2024, the highest growth was listed in the perfluorocarbon-based product (PFC) segment which dominated nearly 24.05% of the total revenue. PFC artificial blood encourages easier transportation of oxygen as compared to counterparts. However, a significant side effect of PFC synthetic blood subsidies includes reduced platelet count.

Based on application, the global synthetic blood substitutes and blood product industry divisions are injury & trauma, organ transplant, anemia, cardiovascular diseases, and others.

Based on the end-user, the global market segments are blood banks, hospitals & clinics, and others. In 2024, the highest market share was held by the hospitals & clinics segment which dominated nearly 19% of the total revenue. The growing number of patients across hospitals requiring blood transfusion has helped the segment thrive in the last few years. Moreover, the growing expansion of quality healthcare in remote areas will aid improved segmental proliferation during the forecast period.

Synthetic Blood Substitutes and Blood Product Market: Regional Analysis

North America to hold control over the largest part of the market share during the forecast period

The global synthetic blood substitutes and blood product market is expected to be led by North America during the forecast period. The region held prominence over 36.01% of the global revenue in 2024 with the US emerging as the highest revenue generator in the region. The presence of a robust medical research & development industry across North America is helping the region grow at a steady pace.

Moreover, growing regional healthcare expenditure, investments in next-generation medical technologies, and higher integration of AI in medical research will propel North America toward improved growth in the coming years.

Asia-Pacific is expected to grow at a higher CAGR during the forecast period as compared to the last few years. Japan is anticipated to lead the regional industry. The growing rate of development in synthetic blood substitutes and end-user applications across major Asian countries will help the region deliver impressive results in the future.

Additionally, the growing number of patients suffering from serious chronic conditions will encourage higher investments in the development of safe artificial blood. The regional industry may face challenges due to limited government initiatives encouraging large-scale development and end-application of artificial blood and related products.

Synthetic Blood Substitutes and Blood Product Market: Competitive Analysis

The global synthetic blood substitutes and blood product market is led by players like:

• HemoBioTech Inc.
• Aurum Biosciences Ltd
• NuvOx Pharma LLC
• FluorO2 Therapeutics
• Hemoglobin Oxygen Therapeutics LLC
• Hemarina SA
• Dentritech Inc.
• Baxter International Inc.
• Biopure Corporation
• KaloCyte Inc.
• SpheriTech Ltd
• Northfield Laboratories Inc.
• Alpha Therapeutic Corp.
• Dextro‑Sang Corp.
• Sangart Inc.

The global synthetic blood substitutes and blood product market is segmented as follows:

By Type

• Recombinant Factor
• Synthetic Platelet
• Haemoglobin Based Oxygen Carrier
• Perfluorocarbon Based Product (PFC)
• Blood Expander

By Application

• Injury & Trauma
• Organ Transplant
• Anemia
• Cardiovascular Diseases
• Others

By End-User

• Blood Banks
• Hospitals & Clinics
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa