The main one I learnt, personally wasn't haemogloblin but perflurochemicals
Artificial blood can be advantageous over real blood as there is a shortage of real blood, a need for real blood to be cross-matched as certain blood types reject blood from other blood types due to the antigen contained within red blood cells, a need for there to be an absence of infectious agents and lastly as artificial blood often have a longer shelf life than real blood (e.g Perflurochemicals last for 12 months compare to real blood which has a shelf-life of around 3 months).
An example of artificial blood is Perflurochemicals. It is completely sterile and disease-free as it does not contain any biological materials, it has a longer shelf life than real blood of approximately 8 more months, it can be stored at room temperature hence making it suitable to be transported conveniently in emergency vehicles such as ambulances, furthermore perflurochemicals can be used universally with all blood types, is cheaper to produce compared to using real blood, is able to dissolve 5 times more oxygen than real blood. An example of Perflurochemicals is Oxycyte TM which is currently under trial.
Disadvantages associated with perflurochemicals include that it's around 70x smaller than real blood, hence allowing it to pass through places where real blood would not normally be able to travel in, it's need to be mixed with lipids to form an emulsion that can be mixed with blood and how it can only be used to replace the function of Red blood cells, essentially, as perflurochemicals are not able to act as disease-fighting instruments, such as white blood cells are, nor are they able to act as clotting agents, like platelets.
Therefore, although real blood is disadvantageous over artificial blood in it's cost-efficiency, artificial blood with current technology, is not able to fully replace all functions of real blood, and because of it's size, may affect metabolic processes in the body.