By Akhil Nair
Medical thawing is an important step in blood transfusion. Hence, it is important to ensure plasma-based and blood products are stored in cold conditions. The global medical thawing system market growth is expected to progress at a CAGR of 7.93% by 2030, given the increasing number of surgical procedures and the rising incidences of hemorrhage associated with these surgical procedures.
The growing incidences of chronic diseases leading to increased demand for plasma and blood products, technological advancements that ease the thawing process, and increasing product launches are among the major growth drivers of the medical thawing system market.
At the same time, the market is hindered by the high costs of automating thawing machines. Moreover, the surging demand for novel medicinal inventions is estimated to propel the adoption of thawing systems, thereby offering lucrative growth opportunities.
One of the upcoming applications of medical thawing systems is stem cells. They are stored for longer durations and require temperature regulators and specialized freezers. Thawing systems play a vital role in transferring the contents of frozen stem cells into the patient. These systems maintain and regulate the process, thereby avoiding damage to the cell structures. As a result, the increasing usage of stem cells is anticipated to facilitate lucrative opportunities for the medical thawing system market.
Targeted Overview of the Global Market
According to Inkwood Research, the global medical thawing system market scope includes the analysis of sample type and end-user.
The segmentation prospects are defined by the growing awareness regarding plasma donation, favorable reimbursement policies, the increasing demand for easy access to thawed blood for emergency use, etc.
Blood is the dominating sample type, with a 53.70% revenue share in 2021. The growth is attributed to the growing incidences associated with hemorrhage and the increasing demand for blood & blood products. On the other hand, Embryo is the fastest-growing sample type projecting a CAGR of 8.41% by 2030. The growth is estimated to be propelled by the increased adoption of in vitro fertilization (IVF) treatment for infertility and the resultant need for advanced thawing systems.
With regard to end-user, blood banks are set to harbor the highest revenue share of 35.81% by 2030. The high usage of thawing systems and blood banks is the key growth driver of the segment. In addition, as per the World Health Organization, there are more than 13,300 blood centers in 169 countries with a collection of almost 106 million donations. Besides, an increase in the number of these donations and institutes offer growth opportunities.
On the other hand, tissue banks are the prominent end-user expected to project a CAGR of 8.90% by 2030. Tissue banks store and recover human body tissues for education and medical research. The segment growth is propelled by the rising applications of tissue products and technological advancements. Moreover, advanced thawing systems contribute to tissue transplantation procedures’ success rate.
Geographically, the global medical thawing system market is evaluated based on regions like North America, Europe, Asia-Pacific, and Rest of World.
North America is the largest region, with a 38.27% revenue share in 2021. The growth prospects are attributed to the presence of several leading players, the growing incidences of several types of chronic conditions, and the increasing awareness programs about plasma donation and blood donation.
Whereas Asia-Pacific is the most prominent region, evolving at a CAGR of 8.80% by 2030. The region encompasses a large patient pool with rising incidences of chronic diseases leading to organ failures that boost the demand for thawed blood. Besides, the government initiatives for healthcare, booming medical tourism, and the rising focus of companies to leverage growth opportunities in the regional market.
Some of the eminent players in the market include Cardinal Health, Danaher Corporation, Boekel Scientific, Caron Products & Services Inc, etc. The competitive rivalry is high, given the rising focus on the adoption of strategies like agreements, acquisitions, and product launches to harbor significant revenue share. For instance, Danaher Corporation signed an agreement in June 2021 to acquire US-based biotechnology company Aldevron from EQT Private Equity for almost $9.6 million.
Future Growth Avenues
The increasing Food and Drug Administration (FDA) approvals and the rising number of product launches are redefining the global medical thawing system market growth. Also, technological advancements enable benefitting features to thawing systems such as optimal tissue quality maintenance & fast-paced thawing and render them more dependable and reliable. Advanced features introduced are audio-visual high-temperature alarms, visual heater status, LED digital temperature display, and space-saving design.
Which is the leading country in the global medical thawing system market?
India is the leading country in the global medical thawing system market.
Which is the potential end-user in the global medical thawing system market?
Tissue banks are the potential end-user in the global medical thawing system market.