LONDON--(BUSINESS WIRE)--The global artificial blood substitutes market is expected to post a CAGR of more than 20% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global artificial blood substitutes market size is the presence of a large patient pool with intraoperative complications. The presence of a large patient pool with various disorders such as cancer, CVDs, malignant neoplasms, neonatal conditions, and organ transplants is increasing the demand for blood transfusion. The need for a solution to overcome blood supply shortage and growing awareness and incidence of transfusion-transmitted diseases is increasing the demand for artificial blood substitutes. This is expected to fuel the artificial blood substitutes market expansion during the forecast period.
As per Technavio, product innovations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global artificial blood substitutes market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Blood Substitutes Market: Product Innovations
The global artificial blood substitutes market is witnessing significant innovations and advances that are driving the demand for blood substitutes that can effectively mimic the properties of blood. Vendors are constantly focusing on bringing innovative and advanced products to cater to the growing demand for these products. For instance, vendors are using PFC-based oxygen carrier to develop products that can be used as a novel stroke management product through combined diagnostics and therapeutics properties for acute ischemic stroke (AIS).
“Apart from the product innovations, other factors such as the increasing healthcare expenditure, and the technological advances in research tools will have a significant impact on the artificial blood substitutes market worth during the forecast period,” says a senior analyst at Technavio.
Global Artificial Blood Substitutes Market: Segmentation Analysis
This market research report segments the global artificial blood substitutes market by product (HBOC, and PFBOC) and geographic regions (North America, Europe, Asia, and ROW).
The North American region led the artificial blood substitutes market in 2018, followed by Europe, Asia, and ROW respectively. The growth of the artificial blood substitutes market in North America can be attributed to factors such as the presence of a well-established healthcare system in countries such as the US and Canada, high expenditure on healthcare research, and thriving private healthcare sector.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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