Artificial Blood Substitute Market Surges USD 62.54 Million by 2034 Amid Rising Emergencies and Innovation

The global artificial blood substitute market size is calculated at USD 11.67 million in 2025 and is expected to reach around USD 62.54 million by 2034, growing at a CAGR of 20.45% for the forecasted period.

Ottawa, Nov. 24, 2025 (GLOBE NEWSWIRE) -- The global artificial blood substitute market size was valued at USD 9.7 million in 2024 and is predicted to hit around USD 62.54 million by 2034, rising at a 20.45% CAGR, a study published by Towards Healthcare a sister firm of Precedence Research. The global artificial blood substitute market is driven by the increasing emergency conditions and growing innovations.

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Key Takeaways

North America held a major revenue of 38% share of the market in 2024.
Asia-Pacific is expected to be the fastest-growing region in the artificial blood substitute market between 2025-2034.
By product type, the plasma/volume expanders segment held a major revenue of 35% share of the market in 2024.
By product type, the other/cell-derived RBCs & experimental biomimetic substitutes segment is expected to witness the fastest growth in the market during the forecast period.
By clinical application/use case, the trauma/emergency resuscitation segment held a major revenue of 40% share of the market in 2024.
By clinical application/use case, the surgical blood replacement segment is expected to be the fastest-growing during the forecast period.
By end user, the hospitals & acute care centers segment held a major revenue of 60% share of the market in 2024.
By end user, the research institutes & CROs segment is expected to be the fastest-growing during the forecast period.
By technology/formulation subsegment, the polymerized/cross-linked hemoglobins segment held a major revenue of 28% share of the market in 2024.
By technology/formulation subsegment, the cell-derived/engineered RBCs segment is expected to be the fastest-growing during the forecast period.

What is an Artificial Blood Substitute?

The artificial blood substitutes market is driven by persistent blood shortage and technological advancements. The artificial blood substitutes refer to the synthetic or biologically engineered products, replicating some or all human blood functions. They are used for oxygen transportation or blood volume replacement when the donor blood is unsafe or unavailable.

Executive Summary Table

Table	Scope
Market Size in 2025	USD 11.67 Million
Projected Market Size in 2034	USD 62.54 Million
CAGR (2025 - 2034)	20.45	%
Leading Region	North America 38%
Market Segmentation	By Product Type, By Clinical Application/Use Case, By End User, By Technology/Formulation Subsegment, By Region
Top Key Players	Hemarina, OxyVita, Inc., Hemoglobin Oxygen Therapeutics/Hemopure, Aurum Biosciences, KaloCyte/KaloCyte, Inc., OPK Biotech/related oxygen therapeutic developers, NuvOx Pharma/Oxygen Biotherapeutics, Spheritech/SpheriTech Ltd., Boston Therapeutics/small specialty developers, NanoBlood/nanomedicine developers, Prolong Pharmaceuticals, Academic & research centers, Commercial plasma expander manufacturers, CDMOs & contract manufacturers, Defense/government research agencies, Small biotech startups developing synthetic platelets/hemostatic nanoparticles, Companies developing inhalable or organ perfusion oxygen therapeutics, Diagnostic & biomarker firms, Veterinary oxygen carrier suppliers, Emerging cell-manufacturing startups

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What are the Major Growth Drivers in the Artificial Blood Substitute Market?

The growing surgical cases is the major growth driver in the market. The increasing road accidents and military conflicts are increasing the surgical rates, driving the need for blood transfusions, ultimately increasing the demand for artificial blood substitutes. Additionally, growing innovations, an aging population, and investments are the other market drivers.

What are the Key Drifts in the Artificial Blood Substitute Market?

The market has been expanding due to the growing collaborations and grants to launch and enhance the use of artificial blood substitutes.

In September 2025, an exclusive license agreement was formed between Chrysea and KaloCyte to develop biosynthetic hemoglobin, that is ErythroMer™, a dried, nanoparticle-encapsulated hemoglobin-based blood, by utilizing innovative artificial red blood cell technology of KaloCyte and synthetic biology expertise of Chrysea.
In March 2025, a four-year, $2.7 million grant to develop the next generation of synthetic blood was received by a multi-institutional team led by Dipanjan Pan, the Dorothy Foehr Huck & J. Lloyd Chair Professor in Nanomedicine at Penn State, from the National Institutes of Health’s National Heart, Lung, and Blood Institute.

What is the Significant Challenge in the Artificial Blood Substitute Market?

High cost acts as the major challenge in the market. The development and production of artificial blood substitutes require expensive manufacturing and sophisticated facilities, which limit their innovations. Moreover, regulatory hurdles, limited clinical adoptions, and short circulation time are some of the other market restraints.

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Regional Analysis

Why did North America Dominate the Artificial Blood Substitute Market in 2024?

In 2024, North America captured the biggest revenue share of 38% in the market, due to the presence of robust R&D ecosystems. The growing healthcare investments also encouraged the development and innovations of artificial blood substitutes, which were used by hospitals and clinics during surgeries or emergency situations. The growing diseases and trauma cases also increased their use, where the military and government funding also contributed to the market growth.

What Made the Asia Pacific Grow Fastest in the Artificial Blood Substitute Market in 2024?

Asia Pacific is expected to host the fastest-growing market during the forecast period, due to a large population, which is increasing their use to deal with growing road accidents, surgeries, and trauma cases. The industries are also focusing on their development and innovations, which are supported by the government, accelerating their R&D. The growing collaborations are also driving their development to tackle the blood shortages, which is promoting the market growth.

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Segmental Insights

By product type analysis

Why Did the Plasma/Volume Expanders Segment Dominate in the Artificial Blood Substitute Market in 2024?

By product type, the plasma/volume expanders segment led the market with a 35% share in 2024, driven by its rapid restoration of blood volume. This increased their use in trauma or surgeries to stabilize blood pressure. Moreover, their lower risk profiles and room temperature stability increased their adoption rates.

By product type, the other/cell-derived RBCs & experimental biomimetic substitutes segment is expected to show the highest growth during the predicted time, due to oxygen-carrying similarity to the RBCs. Their faster production is being supported by the investments, which are increasing their use in blood shortages.

By clinical application/use case analysis

Which Clinical Application/Use Case Type Segment Held the Dominating Share of the Artificial Blood Substitute Market in 2024?

By clinical application/use case, the trauma/emergency resuscitation segment held the dominating share of 40% in the market in 2024, driven by its high and immediate demand for blood volume restoration. It also eliminated the time required for matching the blood group and was stable at room temperature, which increased its use.

By clinical application/use case, the surgical blood replacement segment is expected to show the fastest growth rate during the predicted time, driven by increasing surgical procedures. This is increasing the use of artificial blood substitutes due to their safety, driven by the low risk of contamination of blood-borne infection.

By end user analysis

What Made Hospitals & Acute Care Centers the Dominant Segment in the Artificial Blood Substitute Market in 2024?

By end user, the hospitals & acute care centers segment led the market with 60% share in 2024, due high volume of patients and critical care. This increased the use of artificial blood substitutes for the blood transfusion process, where the advanced infrastructure contributed to their proper handling and storage.

By end user, the research institutes & CROs segment is expected to show the highest growth during the upcoming years, driven by growing R&D investments. This, in turn, is promoting their innovations, collaborations, outsourcing trends, and clinical trials.

By technology/formulation subsegment analysis

How the Polymerized/Cross-Linked Hemoglobins Segment Dominated the Artificial Blood Substitute Market in 2024?

By technology/formulation subsegment, the polymerized/cross-linked hemoglobins segment held the dominating share of 28% in the market in 2024, as they showed enhanced stability. Moreover, they also minimized the toxicity, enhancing the safety profile, which increased their use in various conditions.

By technology/formulation subsegment, the cell-derived/engineered RBCs segment is expected to show the fastest growth rate during the upcoming years, driven by their similarity to RBCs. Their low-risk immune reactions are increasing their use as a transfusion alternative and driving their production rates.

Browse More Insights of Towards Healthcare:

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Recent Developments in the Artificial Blood Substitute Market

In August 2025, clinical trials were launched in Japan to test a universal artificial blood in human volunteers, where the project was led by Professor Hiromi Sakai’s team at Nara Medical University.
In July 2025, the researchers of Nara Medical University developed an artificial blood substitute to carry oxygen similar to RBCs, which will be utilized in emergency conditions and in regions with limited access to blood supplies and cold storage.

Artificial Blood Substitute Market Key Players List

Hemoglobin Oxygen Therapeutics/Hemopure
Hemarina
Aurum Biosciences
OPK Biotech/related oxygen therapeutic developers
OxyVita, Inc.
NuvOx Pharma/Oxygen Biotherapeutics
KaloCyte/KaloCyte, Inc.
NanoBlood/nanomedicine developers
Spheritech/SpheriTech Ltd.
Prolong Pharmaceuticals
Boston Therapeutics/small specialty developers
CDMOs & contract manufacturers
Academic & research centers
Defense/government research agencies
Commercial plasma expander manufacturers
Small biotech startups developing synthetic platelets/hemostatic nanoparticles
Emerging cell-manufacturing startups
Companies developing inhalable or organ perfusion oxygen therapeutics
Veterinary oxygen carrier suppliers
Diagnostic & biomarker firms

Segments Covered in The Report

By Product Type

Plasma/Volume Expanders (colloids, crystalloids)
Hemoglobin-Based Oxygen Carriers (HBOCs)
Perfluorocarbon (PFC)-based Oxygen Carriers
Platelet/Hemostatic Substitutes (synthetic platelets, hemostatic nanoparticles)
Oxygen Therapeutics & Organ-preservation products (e.g., HEMO2life®)
Other/Cell-derived RBCs & experimental biomimetic substitutes

By Clinical Application/Use Case

Trauma/Emergency Resuscitation
Surgical Blood Replacement (elective & emergency)
Pre-hospital & Military Medicine
Organ preservation & transplant adjuncts
Chronic anemia/supportive therapy (e.g., when transfusion contraindicated)
Research/Diagnostic & other

By End User

Hospitals & Acute Care Centers
Emergency Medical Services/Prehospital Providers
Military & Defense (strategic stockpiles)
Blood Banks & Transfusion Services (adjunct/shortage planning)
Research Institutes & CROs (R&D usage)

By Technology/Formulation Subsegment

Polymerized/Cross-linked Hemoglobins (HBOCs)
Encapsulated Hb/Liposomal Hb
Liquid PFC emulsions
Synthetic platelet nanoparticles & hemostatic agents
Cell-derived/engineered RBCs (biomanufactured)
Stabilized marine-hemoglobin and novel oxygen carriers (e.g., Arenicola-derived)
Other supportive formulations (lyophilized, organ perfusates)

By Region

North America

U.S.
Canada
Mexico
Rest of North America

South America

Brazil
Argentina
Rest of South America

Europe

Western Europe
- Germany
- Italy
- France
- Netherlands
- Spain
- Portugal
- Belgium
- Ireland
- UK
- Iceland
- Switzerland
- Poland
- Rest of Western Europe
Eastern Europe

Austria
Russia & Belarus
Türkiye
Albania
Rest of Eastern Europe

Asia Pacific

China
Taiwan
India
Japan
Australia and New Zealand,
ASEAN Countries (Singapore, Malaysia)
South Korea
Rest of APAC

MEA

GCC Countries
Saudi Arabia
United Arab Emirates (UAE)
Qatar
Kuwait
Oman
Bahrain
South Africa
Egypt
Rest of MEA

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