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The artificial blood substitutes market is driven by the increasing funding for product development. In addition, the presence of a large patient pool with intraoperative complications is anticipated to boost the growth of the artificial blood substitutes market.
Over the years, the market has observed significant investments and funding from research institutes and pharmaceutical companies in cell-based drug development to provide better treatment to patients. For instance, in 2018, KaloCyte, a company that works on developing bio-synthetic hybrid red blood cells, raised USD 800,000 from investments. The company also received a USD 2 million Fast Track Phase I/II STTR grant from the National Heart Blood and Lung Institute and a USD 3 million grant from the Congressionally-directed Medical Research Program from the United States Department of Defense. The company successfully developed and tested the blood substitute in mice and rats. The new funding will support further study in larger animals. Such funding and investments in the development of cell-based drugs are expected to foster the growth of the global artificial blood substitutes market during the forecast period.
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Major Five Artificial Blood Substitutes Companies:
Aurum Biosciences Ltd.
Aurum Biosciences Ltd. operates its business through the Unified segment. The company develops novel pharmaceuticals for use in different clinical indications. The company is currently completing the preclinical development of ABL101, a stroke management product.
Hemarina SA
Hemarina SA operates its business through the Unified segment. The company offers HEMOXYCarrier. This hemoglobin oxygen carrier allows oxygenation recovery without the side effects (primarily vasoconstriction) caused by first-generation hemoglobin-based oxygen carriers (HBOCs). Moreover, its superoxide dismutase activity reduces neurological damage in the immediate post-injury phase, with or without hemorrhage.
Hemoglobin Oxygen Therapeutics LLC
Hemoglobin Oxygen Therapeutics LLC operates its business through the Unified segment. The company provides Hemopure, an oxygen carrier. The product performs three main functions, as a perfusion fluid in organ transplantation, oxygen carrying support in severe anemia, and ischemia/infarct reduction in patients with large anterior wall myocardial infarctions.
KaloCyte Inc.
KaloCyte Inc. operates its business through the Unified segment. The company provides ERYTHROMER, a nano-encapsulated human hemoglobin, which can emulate physiologic red blood cell oxygen capture and delivery and demonstrate benign interaction with vasculature.
NuvOx Pharma LLC
NuvOx Pharma LLC operates its business through the Unified segment. The company provides dodecafluoropentane (DDFPe) is under investigation to be used as a neuroprotection emulsion in acute ischemic stroke patients.
Artificial Blood Substitutes Market Product Outlook (Revenue, USD Billion, 2020-2025)
- HBOC - size and forecast 2020-2025
- PFBOC - size and forecast 2020-2025
Artificial Blood Substitutes Market Geography Outlook (Revenue, USD Billion, 2020-2025)
- North America - size and forecast 2020-2025
- Europe - size and forecast 2020-2025
- Asia - size and forecast 2020-2025
- ROW - size and forecast 2020-2025
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