The goal of this research was to develop a novel oxygen therapeutic made from a pectin-based hydrogel microcapsule carrier mimicking red blood cells. The study focused on three main criteria for developing the oxygen therapeutic to mimic red blood cells: size (5–10 μm), morphology (biconcave shape), and functionality (encapsulation of oxygen carriers; e.g., hemoglobin (Hb)). The hydrogel carriers were generated via the electrospraying of the pectin-based solution into an oligochitosan crosslinking solution using an electrospinning setup. The pectin-based solution was investigated first to develop the simplest possible formulation for electrospray. Then, Design-Expert® software was used to optimize the production process of the hydrogel microcapsules. The optimal parameters were obtained through the analysis of a total of 17 trials and the microcapsule with the desired morphology and size was successfully prepared under the optimized condition. Fourier transform infrared spectroscopy (FTIR) was used to analyze the chemistry of the microcapsules. Moreover, the encapsulation of Hb into the microcapsule did not adversely affect the microcapsule preparation process, and the encapsulation efficiency was high (99.99%). The produced hydrogel microcapsule system shows great promise for creating a novel oxygen therapeutic.