Biomedical Warming and Thawing Devices Market Size By Product (Manual, Automatic), By Sample (Blood Products, Ovum/Embryo, Semen), By End User (Blood Banks and Transfusion Centers, Hospitals, Research Laboratories, Pharmaceutical Industry), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, China, India, Japan, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Biomedical Warming and Thawing Devices Market will exceed USD 270 million by 2024; as per a new research report.
Increase in number of trauma accidents and serious injuries will augment the biomedical warming and thawing devices market over the forecast period. According to an article published in the National Center for Biotechnology Information, globally, an estimated 1.3 million people are killed in road traffic crashes each year and as many as 78.2 million are injured. Furthermore, growing instances of biotechnology studies in developing regions will also increase the demand for biomedical warming and thawing devices.
Growing government initiatives around the globe with regards to blood donation, storage and transfer has helped the healthcare sector to provide the best quality devices for freezing and thawing purposes. Numerous companies are striving hard to manufacture thawing equipment which are technologically advanced and have superior functioning as compared to the traditional ones.
Issues related to thawing of large batch size samples might restrain the market growth in the coming years. Furthermore, strict regulation for the use of thawed products and samples is another obstacle, which might pull back the growth of the market.
Manual warming and thawing devices captured the maximum share in the global market valued at around USD 91.3 million in 2017. Manual thawing equipment are widely available at affordable prices, that has in turn increased its application, thereby fostering the segment’s growth. Automatic warming and thawing devices market segment is expected to grow swiftly during the forecast period. Multiple detection mechanisms, determination of vial temperature, phase change initiation and automatic thaw completion are few factors which will propel the growth of the segment in the coming years.
Based on sample, ovum/embryo market segment is forecasted to grow rapidly at a CAGR of 11.0% during the projected years. Increasing incidence of infertility, growing demand for in-vitro fertilization and greater technological advancement in the field infertility is driving the market growth. In addition, the ability to freeze and thaw embryos successfully is one of the greatest developments in assisted reproductive technology, and a number of fertility patients who undergo in vitro fertilization benefit from the use of frozen embryos.
Blood banks and transfusion centers market segment was valued at USD 44.3 million in 2017. Presence of various number of blood banks and transfusion centers worldwide and application of blood/plasma samples in healthcare setting is propelling the segment growth. Research laboratories market segment is expected to foresee the swiftest growth due to increased level of research activities on various chronic diseases and cancer.
China biomedical warming and thawing devices market is anticipated to grow at a lucrative CAGR of 10.9% in the forecast period. China is one of the most technologically advanced country, majorly contributing in the healthcare industry of the region. The country is the second largest medical devices manufacturer globally. Rapidly rising incidences of accidents coupled with blood transfusion processes will drive the demand over the projection years.
Some of the notable industry players are Helmer Scientific, BioCision, Sartorius AG, Sarstedt AG & Co. KG, Boekel Scientific, Barkey, CytoTherm, Cardinal Health, GE Healthcare, Thermo Fisher Scientific, among others. These companies focus on increasing their research and development activities by launching technologically advanced and automatic devices, that will enhance market presence as well as share. Furthermore, companies carry out mergers, collaborations and acquisition in order to expand their product portfolio and geographic reach.
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