Artificial Blood Substitute Market Evolution and Future Scope

Artificial Blood Substitute Market Size, Top Key Players and Dynamics

The global artificial blood substitute market size is calculated at US$ 9.7 million in 2024, grew to US$ 11.67 million in 2025, and is projected to reach around US$ 62.54 million by 2034. The market is expanding at a CAGR of 20.45% between 2025 and 2034.

According to the World Health Organization (WHO), millions of people die from severe chronic conditions, due to which the need for safe blood transfusions is of utmost importance. The artificial blood substitute market is accelerated by prime research and development across many areas, such as nanoparticle-based platelets, next-generation oxygen carriers, and freeze-dried substitutes. The clinical trials are conducted to ensure the promising nature of these modern solutions.

Key Takeaways

• Artificial blood substitute market to crossed USD 9.7 million by 2024.
• Market projected at USD 62.54 million by 2034.
• CAGR of 20.45% expected in between 2025 to 2034.
• North America dominated the artificial blood substitute market in 2024 and held a revenue share of 38%.
• Asia-Pacific is expected to witness the fastest growth during the predicted timeframe of 2025-2034.
• By product type, the plasma/volume expanders segment dominated the market in 2024 with a revenue share of 35%.
• By product type, the other/cell-derived RBCs & experimental biomimetic substitutes segment in the artificial blood substitute market is expected to grow at the fastest CAGR during the forecast period.
• By clinical application/use case, the trauma/emergency resuscitation segment dominated the market in 2024 with a revenue share of 40%.
• By clinical application/use case, the surgical blood replacement segment is expected to witness the fastest growth during the forecast period.
• By end user, the hospitals & acute care centers segment dominated the market in 2024 with a revenue share of 60%.
• By end user, the research institutes & CROs segment is expected to witness the fastest growth during the forecast period.
• By technology/formulation subsegment, the polymerized/cross-linked hemoglobins segment dominated the market in 2024 with a revenue share of 28%.
• By technology/formulation subsegment, the cell-derived/engineered RBCs segment is expected to witness the fastest growth during the forecast period.

Executive Summary Table

What is the Artificial Blood Substitute?

• The artificial blood substitute market is experiencing a massive transformation due to numerous advantages associated with the safety and storage of artificial blood products and their versatile applications in hospitals and clinics. Artificial blood substitutes (also called red-blood-cell substitutes or oxygen therapeutics) are engineered products that carry and/or deliver oxygen and/or perform volume/haemostatic functions when donor blood is unavailable or undesirable.
• They include hemoglobin-based oxygen carriers (HBOCs), perfluorocarbon (PFC)-based oxygen carriers, synthetic plasma/volume expanders, platelet, or hemostatic substitutes, and emerging cell-derived or biomimetic “artificial RBC” platforms. Recent second-generation products aim to overcome earlier toxicity issues (oxidative stress, vasoconstriction) and to provide shelf-stable, universal O2 carriers for trauma, military, and surgical use. 
• In July 2025, the British and German researchers made efforts to develop mature red blood cells along with the University of London and researchers at the University of Konstanz, Germany.

Market Outlook

• Industry Growth Overview: The global patient need for emergency care, trauma care, reduced reliance on blood donors, and chronic blood shortages led to a significant growth of the artificial blood substitute market. The integration of artificial blood into clinical care and the launch of innovative product types boost innovations in healthcare.
• Sustainability Trends: The responsibility and accountability of the corporate world towards social sectors, climate action, and decarbonization efforts represent sustainable initiatives. Moreover, sustainable sourcing and supply chains, circular economy practices, and a focus on biodiversity encourage efficient resource management.
• Major Investors: The prominent investors and funding sources across government and military are Defense Advanced Research Projects Agency (DARPA), Pentagon/U.S. Department of Defense (DoD), National Institutes of Health (NIH), and the University System of Maryland (USM) Momentum Fund. Furthermore, some other investors include venture capital and private equity firms like DSG Consumer Partners and organizations like the New York Blood Center.

How does AI Revolutionize the Artificial Blood Substitute Market?

AI contributes to research and development and advanced molecular modeling, including the prediction of molecular interactions and optimization of protein structure. It enhances quality control and monitoring, and streamlines the supply chain and logistics. AI can forecast consumer demands and optimize inventory. It accelerates the discovery process, improves diagnostic accuracy, and optimizes production methods.

What are the Trends in the Artificial Blood Substitute Market?

• The significant investments and funding aim to expand quick access to safe blood sources. For instance, in March 2025, the Penn State College of Engineering reported that it had received a $2.7 million grant from the National Heart, Lung, and Blood Institute of the National Institutes of Health (NIH) to fund and develop the next generation of synthetic blood.
• Japan remains the first country to address global blood shortage challenges and begin clinical trials of artificial blood. For instance, in July 2025, Japan announced the launch of the World’s first clinical trials for artificial blood in the year 2025, supported by Nara Medical University, which will transform emergency medicine.

Innovative Artificial Blood Substitute Companies in the World

Segmental Insights

How does the Plasma/Volume Expanders Segment Dominate the Artificial Blood Substitute Market in 2024?

The plasma/volume expanders segment dominated the market in 2024, with a revenue of approximately 35% owing to their offerings in oxygen delivery, restoration of blood volume, maintenance of blood pressure, and enhanced microcirculation. The volume expanders are critical for the function of oxygen carriers, and they provide the essential circulatory volume. Research focuses on the development of oxygen-carrying plasma expanders that have combined features.

The other/cell-derived RBCs & experimental biomimetic substitutes segment is expected to grow at the fastest CAGR in the market during the forecast period due to reduced infection risk, optimal functionality, extended storage, and broad applications. The advantages, such as oxygen delivery, long shelf-life, and universal compatibility, drive segmental growth. This approach focuses on growing mature and functional RBCs in a laboratory setting.

What made Trauma/Emergency Resuscitation the Dominant Segment in the Artificial Blood Substitute Market in 2024?

The trauma/emergency resuscitation segment dominated the market in 2024, with a revenue of approximately 40% owing to immediate availability, ease of use, rapid oxygen delivery, and universal compatibility. It helps to overcome challenges associated with incomplete blood function, short half-life, toxicity, and adverse effects. The launch of bioengineered solutions and freeze-dried options drives segmental growth.

The surgical blood replacement segment is estimated to grow at the fastest rate in the market during the predicted timeframe due to its major role in critical surgical procedures and specialized surgical applications. It enables organ transplantation and neurovascular and ischemic tissue perfusion. Patients with rare blood types and patients who refuse blood transfusions get numerous benefits from surgical blood replacement.

How did the Hospitals & Acute Care Centers Segment Dominate the Artificial Blood Substitute Market in 2024?

The hospitals & acute care centers segment dominated the market in 2024, with a revenue of approximately 60% owing to the primary functions of artificial blood in acute care. It allows the management of blood shortages and improves care for specific patient populations. It enables targeted oxygen delivery and helps in organ preservation.

The research institutes & CROs segment is anticipated to grow at a notable rate in the market during the upcoming period due to the major importance of R&D efforts, testing of medical devices, drug delivery systems, etc. The preclinical development, clinical trial execution, formulation, manufacturing support, and regulatory compliance drive the expansion of CROs and research institutes. They allow the study of complex biological processes and the development and evaluation of new therapies.

Which Segment by Technology/Formulation Subsegment Dominated the Artificial Blood Substitute Market in 2024?

The polymerized/cross-linked hemoglobins segment dominated the market in 2024, with a revenue of approximately 28% owing to the essential oxygen-carrying capacity in the absence of RBCs. The scientific efforts focus on overcoming the severe toxicity of free hemoglobin. Research improvements allow it to function outside of RBCs for a longer time.

The cell-derived/engineered RBCs segment is predicted to grow at a rapid rate in the market during the studied period due to the use of Artificial blood substitutes, such as perfluorocarbons (PFCs) and hemoglobin-based oxygen carriers (HBOCs) for a large-scale manufacturing of engineered red blood cells (RBCs). These solutions expand the emergency medicine field through extensive R&D. They overcome the limitations of acellular and earlier substitutes.

Regional Insights

How does North America Dominate the Artificial Blood Substitute Market in 2024?

North America dominated artificial blood substitute market share by 38% in 2024, owing to the expansion of clinical applications, a favorable regulatory environment, and military and defense applications. These advanced solutions are used in several clinical applications such as organ transplantation, oncology treatments, neonatal conditions, and support for patients with rare blood disorders. The government-supported research, investments, and innovations in bioengineering accelerated the North American market. Scientists are focusing on the development of artificial blood that could save lives in emergencies. Research has shifted towards more efficient storage of developed artificial blood that could be provided to ambulances, military medics, and medical helicopters.

What are the Notable Government Initiatives in the U.S. that support the Artificial Blood Substitute Market?

The U.S. government and the Defense Advanced Research Projects Agency (DARPA) invested millions of dollars in programs that aim to develop artificial blood substitutes. Some other government initiatives include DARPA FSHARP Program, DARPA Smart-RBC Initiative, and Department of Defense funding. These programs aim to address and resolve critical challenges associated with medical and logistics.

Statistics from 2024 and 2023 indicate that approximately 11 million units of blood were collected annually in the United States, supported by about 6.5 million donors. Key organizations involved in the U.S. blood supply include the American Red Cross and America's Blood Centers

How does Canada Remain Ahead in the Artificial Blood Substitute Market through R&D?

The Canadian researchers and regulatory bodies, like Health Canada, are involved in general research and development and funding. The federal agencies such as the Public Health Agency of Canada (PHAC), Canadian Food Inspection Agency (CFIA), Canadian Institutes of Health Research (CIHR), and Patented Medicine Prices Review Board (PMPRB) play a crucial role in health and help Canadians maintain and improve their health. These efforts are enabling access to safe and effective health products, managing risks to health, and responding to public health emergencies.

In 2023–2024, Canada performed over 2.3 million surgeries, a 5% increase over pre-pandemic levels. However, a Fraser Institute report found the average wait time for specialist treatment in 2024 was 30 weeks, with orthopedic surgery delays reaching 57.5 weeks.

What is the Potential of the Artificial Blood Substitute Market in the Asia Pacific?

Asia Pacific is expected to grow at the fastest CAGR in the market during the forecast period due to government-supported programs for research and development and numerous clinical trials. The Asian Pacific countries, like Japan, launched a major government-led program to research artificial blood substitutes. These programs focus on addressing blood shortages and saving the lives of people during emergencies. The advanced technologies are contributing to the development of universal artificial blood. The other countries, like China, are also making efforts to develop universal synthetic blood through clinical trials that will be long-lasting.

Artificial Blood Substitute Market Value Chain Analysis

R&D

The modern R&D process for artificial blood substitutes includes pre-clinical research, clinical trials, regulatory approval, and manufacturing.

Key Players: Hemoglobin Oxygen Therapeutics LLC, HEMARINA SA, KaloCyte Inc., Prolong Pharmaceuticals LLC, Membio.

Clinical Trials and Regulatory Approvals

In March 2025, Nara Medical University announced the initiation of Phase I clinical trials for a universal artificial blood composed of hemoglobin vesicles. Researchers in the UK and Germany also conducted clinical trials on artificial blood products. Hemopure is approved for clinical use in countries like Russia and South Africa.

Key Players: KaloCyte, Inc., Hemarina SA, NuvOx Pharma, HbO2 Therapeutics LLC.

Patient Support and Services

The ongoing clinical research for patient support and services is conducted on Hemoglobin-based oxygen carriers (HBOCs), Perfluorocarbon-based oxygen carriers (PFCs), Japanese universal blood, ErythroMer, and rebranded products, among others.

Key Players: KaloCyte, Inc., Hemarina SA, NuvOx Pharma, HbO2 Therapeutics LLC, Prolong Pharmaceuticals.

Top Vendors in the Artificial Blood Substitute Market

• HbO2 Therapeutics: It has offered two hemoglobin-based oxygen carrier products, such as Oxyglobin for veterinary use and Hemopure for human use.
• KaloCyte, Inc.: It is leading the development of a single artificial blood substitute product called ErythroMer.
• HEMARINA: HEMO2life, M-101 molecule, and other products are delivered by HEMARINA
• NuvOx Pharma: It has provided a leading therapeutic candidate, NanO₂™ (also known as NVX-108).
• OxyVita, Inc.: Hemoglobin-Based Oxygen Carrier (HBOC) known as OxyVita Hb is a product of OxyVita, Inc., which is in the R&D phase.

Top Companies in the Artificial Blood Substitute Market

• 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

Recent Developments in the Artificial Blood Substitute Market

• In June 2025, Japan launched universal artificial blood that holds an immense potential to save lives by addressing critical blood shortage challenges and revolutionizing global healthcare.
• In April 2025, an Indian American-led research team received $2.7 million grant for the development of synthetic blood.

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
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait