Biomedical Warming and Thawing Devices Market size is set to exceed USD 270 million by 2024; according to a new research study published by Global Market Insights, Inc. Increasing incidence of road accidents and trauma cases that require blood transfusions will drive the growth of global biomedical warming and thawing devices market. Furthermore, growing demand for in-vitro fertilization and artificial insemination processes due to rising incidence of infertility will also propel the market growth in the long run. Developing countries such as India, China, Mexico opt for in-vitro fertilization due to which the application of thawing devices has only increased.
North America has the largest share in the global biomedical warming and thawing devices owing to the presence of numerous blood banks and centers as well as strong government support. Constantly growing government initiatives in the U.S. has aided for the development of medical devices sector by providing superior quality products, hence fostering the market growth. These mentioned factors will boost the growth opportunities for biomedical warming and thawing devices market.
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Unveiling the regional trends of biomedical warming and thawing devices market
Speaking of the global terrain, U.S. is at the forefront, accounting for the largest regional biomedical warming and thawing devices industry share. The presence of sophisticated healthcare infrastructure along with strong governmental support & initiatives, has been fostering the regional expansion. Beyond this, the presence of a large number of blood banks & transfusion centers, especially in the United States, will further expedite the regional business vertical. If reports are to be believed, more than 36,000 units of red blood cells are required per day in the U.S., which in turn has raised the demand for warming and thawing devices in critical care centers and hospitals. Analyzing these key factors, estimates claim that U.S. biomedical warming and thawing devices market will record a CAGR of more than 9.6% over 2018-2024.
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With a projected CAGR of 12.2% over 2018-2024, India is emerging as another lucrative investment hub for the potential biomedical warming and thawing devices industry players, given the rapidly developing surgical centers, blood transfusion centers, and hospitals. Along with the improving healthcare expenditure, the growing focus on biotechnology studies and research is also expected to prevail the regional expansion.
In line with the phenomenally thriving regional expanse of biomedical warming and thawing devices market, it wouldn’t be wrong to say that the involvement of regional players in bringing forth further advancement will majorly impact the commercialization matrix of this business space. According to a report by Global Market Insights, Inc., biomedical warming and thawing devices market is projected to surpass USD 270 million by 2024.