Higher episodes of trauma accidents that incur serious injuries could bolster the demand for biomedical warming and thawing devices over the coming years.
Higher episodes of trauma accidents that incur serious injuries could bolster the demand for biomedical warming and thawing devices over the coming years. As per statistics by the National Center for Biotechnology Information, around 1.3 million people are killed as a result of road accidents and more than 78.2 million individuals report severe injuries per year.
Robust improvements in biotechnology research across some of the emerging countries have encouraged the penetration of warming and thawing devices in biomedical applications. Regulation of various government initiatives pertaining to blood donation, storage, and transfer has led to the provision of superior quality freezing and thawing devices to cater to the rising requirements in the healthcare sector.
Estimates reveal that the global biomedical warming and thawing devices market size will reach an annual estimation of over USD 270 million by 2024.
Demand for manual and automated equipment
Annual revenue from manual blood thawing devices contributed to over USD 91.3 million for the overall biomedical warming and thawing devices market in 2017 owing to their lower costs and higher use across several applications.
Demand for automatic warming and thawing devices is expected to grow at an exponential growth rate through 2024. This can be attributed to the benefits like multiple detection mechanisms, automatic thaw completion, phase change initiation as well as the calculation of the vial temperature offered by these systems.
Increased adoption to treat infertility
Biomedical warming and thawing devices market size from ovum/embryo samples is pegged to register an 11% CAGR through the coming years. This can be owed to the prevailing condition of infertility and the continuous need for technological progressions to tend to the health issue. There is also an inclined demand for in-vitro fertilization.
The influx of assisted reproductive technology to freeze and thaw embryos can be treated as a milestone in healthcare as frozen embryos bring successful outcomes for fertility patients that opt for in-vitro fertilization.
Wide scope in blood banking and research
From the application of warming and thawing devices in blood banks and transfusion centers, the industry exceeded a global revenue share of over USD 44.3 million in 2017. This can be attributed to the optimum presence of these facilities across the globe and enhanced use of blood/plasma samples.
On the other hand, the biomedical warming and thawing devices market value for these biomedical devices in research laboratories is anticipated to strike an exponential CAGR. There is continuous use in research activities to treat chronic diseases and cancer.
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China to emerge as a promising market
China is a hub for technological advancements pertaining to the healthcare industry. It ranks second in the production of medical devices around the world. The regional market is projected to record a 10.9% CAGR for the biomedical warming and thawing devices market up to 2024 with the jump in the number of accidents pushing the need for blood transfusion processes across the region.
Deployment of cutting-edge technologies
Manufacturers of biomedical warming and thawing devices are working towards technically upgraded and automated thawing equipment to render superior functioning in comparison to their traditional counterparts. These firms are consistently focused on R&D activities for novel product launches as well as mergers, partnerships, and acquisitions to strengthen their product and business portfolio.
For instance, FreMon Scientific, in 2020, launched the ZipThaw, a portable rapid warming device to thaw fresh frozen plasma (FFP) within 24 hours post phlebotomy (FP24) across clinical settings. Helmer Scientific, BioCision, Thermo Fisher Scientific, CytoTherm, Cardinal Health, Sartorius AG, Sarstedt AG & Co. KG, Boekel Scientific, Barkey, and GE Healthcare, are some of the other industry participants.
The ongoing COVID-19 pandemic has prominently driven the demand for innovations in medical devices. However, thawing of large batch size samples is likely to impose a challenge, leading to inaccurate outcomes. The formulation of stringent norms pertaining to the use of several thawed products and samples may also hamper the industry forecast to a certain extent.
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