Hemoglobin is a red blood pigment that transports oxygen and carbon dioxide, composed of four polypeptide chains and heme groups. It exhibits allosteric behavior and follows a sigmoid oxygen dissociation curve, influenced by factors such as pH, temperature, and 2,3-bisphosphoglycerate (2,3-BPG). Structural changes in hemoglobin between its deoxy (T state) and oxy (R state) forms facilitate efficient oxygen binding and release in response to physiological conditions.