Medical Thawing System Market Expected to Reach $279.17 million by 2027-Allied Market Research

According to a new report published by Allied Market Research, titled, "medical thawing system market by sample type and end user: opportunity analysis and industry forecast, 2019–2027," 

The global medical thawing system market was valued at $165.82 million in 2019 and is expected to reach $279.17 million by 2027 with a CAGR of 11.6% during the forecast period.

Medical thawing is a process developed to defrost biological samples for cell biology research such as regenerative medicine, cellular therapy, bio-banking, and drug discovery. Thawing makes samples free from effects of cold (hardness, stiffness, and numbness) through exposure to warmth.

Majority of thawing systems supply heat to object surface, followed by use of conduction to transfer heat to center of the object. A few thawing systems use electromagnetic radiation to generate heat within the object. Moreover, it is important to strike a balance while choosing a thawing system for industrial use. Components such as visible condition of a product, thawing time, cost of operation, and processing issues are must to be considered while buying the system.

Increase in incidences of chronic diseases leading to rise in demand for blood and plasma products, technological advancements to ease and simplify the process of thawing, and rise in launches and agreement of medical thawing systems are the major factors that propel the market growth. In addition, rise in awareness and government initiative toward plasma donation, increase in number of embryo donors, and rise in awareness regarding third-party reproduction further propels growth of the medical thawing system market. Moreover, the need for novel medicinal inventions is also expected to encourage adoption of thawing systems during the forecast period.

By sample type, the global medical thawing system market is categorized into blood, embryo, ovum, and semen.  The blood segment is expected to dominate the market during the forecast period. This is attributed to rise in demand for blood & blood products and increase in incidences of hemorrhage related events. Further, the embryo segment is estimated to grow rapidly during the forecast period, owing to increase in rate of pregnancy and live birth by embryo donation. Furthermore, increase in adoption of in vitro fertilization (IVF) treatment for infertility also propel the demand for advanced thawing systems.

On the basis of end user, the market is segregated into blood banks, hospitals, tissue banks, pharmaceutical & biotech companies, and others. The blood bank segment dominated the market in 2019, owing to vast utilization of thawing systems in transfusion centers and blood banks. Further, the tissue bank segment is estimated to grow at the fastest rate during the forecast period, as these institutions recover and store human cadaver tissues for medical studies and education. Mostly tissues such as cartilage, skin, tendons, bone joints, cornea, and dura mater are harvested and stored by these institutions.

Region wise, the global medical thawing system market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2019, owing to, increase in awareness programs regarding blood donation and plasma donation. In addition, presence of leading market players such as Boekel Scientific, GE healthcare, and Helmer Scientific further propels growth of medical thawing system market in this region. However, Asia-Pacific is expected to register highest CAGR, in terms of revenue, during the forecast period, as the region has a large patient pool with high incidences of chronic diseases. Increase in the number of chronic diseases that lead to organ failures is expected to boost demand for thawed blood.

Market players are adopting growth strategies such as product launches, mergers and acquisitions (M&As), product developments, and partnerships & collaborations to gain competitive advantage. 

Prominent players operating in the global medical thawing system market include Barkey GmbH & Co. KG, Boekel Scientific, BioLife Solutions Inc, Cardinal Health, Inc., General Electric Company, Helmer Scientific, Sartorius AG, Sarstedt AG & Co. KG, Terumo Corporation, and Thermo Fisher Scientific Inc.

Key Findings Of The Study 

• Depending on sample type, the blood segment led the market in 2019.
• By end user, the blood banks segment held the largest value share of the market in 2019. Further, the tissue banks segment is anticipated to be the fastest growing segment during the forecast period.
• Region wise, North America occupied substantial revenue share of the medical thawing system market in 2019, whereas Asia-Pacific is anticipated to grow with the highest CAGR during the forecast period.