Biomedical Warming and Thawing Devices Market Expected to Reach $376.7 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Biomedical Warming and Thawing Devices Market," The biomedical warming and thawing devices market size was valued at $159.30 million in 2021, and is estimated to reach $376.7 million by 2031, growing at a CAGR of 9.1% from 2022 to 2031. Cells and tissues are preserved by a process called cryopreservation, which uses very low temperatures. Cryopreserved items can be warmed and thawed with the help of biomedical warming and thawing equipment. Chemicals used in cryo-preservatives can harm living cells that have been kept for a longer time. Therefore, until complete thawing is achieved, they should be rapidly warmed from the frozen state. Before being transferred to a growing medium that has already been warmed, the frozen cells are quickly defrosted in a water bath at 37°C. To reduce the amount of time that cells are exposed to cryo-preservative substances, it is crucial to transfer the contents of the vials into the medium after defrosting. Therefore, warming and thawing devices are important to reduce the effect of cryo-preservatives on the cells, ensuring their viability for use in various purposes in healthcare and research. 

Factors that drive the biomedical warming and thawing devices market growth include, rise in the number of in-vitro fertilization technique and increase in the number of road traffic accidents. In addition, rise in the number of blood-related disorders that required blood transfusion is anticipated to fuel the growth of the market. Blood-related diseases, which require blood transfusion include, chronic anemia, bleeding disorder as hemophilia, blood cancer such as leukemia, lymphoma and myeloma. Rise in the number of blood-related disorders cause increase in the number of blood transfusion centers for storage of cryopreserved items. Thus, this factor is anticipated to fuel the biomedical warming and thawing devices market trends. 

For instance, according to Leukemia & Lymphoma Society, in 2021, it was reported that, a total of 186,400 people in the U.S. are expected to be diagnosed with leukemia. As per the same source, new cases of leukemia were expected to account for 9.8% of the estimated 1,898,160 new cancer cases diagnosed in the U.S. in 2021. Moreover, biomedical warming and thawing devices are also used to maintain cryopreserved samples of ovum, semen, and embryo. Therefore, increase in prevalence of infertility among male and female population and rise in the number of in-vitro fertilization procedures are anticipated to fuel the demand for biomedical warming and thawing devices. In addition, technological advancement in the healthcare sector and rise in expenditure by government to develop healthcare infrastructure are anticipated to fuel the growth of the biomedical warming devices market. Increase in the number of blood donation campaign and rise in the number of blood banks, stem cell banks, and diagnostic centers fuels the demand for biomedical warming and thawing devices. Moreover, rise in the number of R&D activities and increase used of biomedical warming and thawing devices in biotechnology and pharmaceutical companies boost the biomedical thawing devices market growth. 

On the basis of product, the market is classified into manual and automatic. The automatic segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in the usage of automatic warming and thawing device for storage of cryopreserved items and effectiveness of device to store them. 

On the basis of sample, the market is classified into blood products, stem cell, embryo, ovum, and others. The blood product segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in the prevalence of blood-related disorders, rise in the activity of blood donation, and rise in the number of blood banks and blood transfusion centers.
On the basis of end user, the market is classified into biotechnology & pharmaceutical companies, hospitals & diagnostic laboratories, and blood banks & stem cell banks. The hospitals & diagnostic laboratories segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to rise in the expenditure by government to develop healthcare infrastructure and rise in the number of hospitals & diagnostic laboratories. 

North America accounted for a majority of the global biomedical warming and thawing devices market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to high presence of biomedical industry who manufacture biomedical warming and thawing device and technological advancement in the healthcare sector. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in the activity of blood donation, rise in the number of blood banks and blood transfusion centers, and increase in expenditure by government to develop the healthcare sector.

Key findings of the study
•    By product, the automatic segment was the highest contributor to the market in 2021.
•    By sample, the blood products segment was the highest contributor to the market in 2021.
•    By end user, the hospitals & diagnostic laboratories banks segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
•    By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.