According to a study by Future Market Insights (FMI), the global blood warmer devices market is anticipated to witness steady growth. The market is estimated to increase to 5.0% CAGR throughout the forecast period 2017-2026. Moreover, the market is also estimated to bring in US$ 223.5 million revenue by the end of 2026. Owing to the increasing incidence of trauma incidents, bypass surgeries, thyroid, orthopedic surgeries, and diabetes, the use of blood warming devices is also rising. The devices are also being used largely for treatment and prevention of complications such as hemorrhage and hypothermia. However, stringent government regulations and lack of awareness about the blood warming devices are some of the factors hampering the growth of the market.
Hypothermia has become very common and causes major complications, this is driving the demand for blood warmer devices. Since these devices can help in preventing complications during blood transfusion process the demand is expected to grow in the future. Companies are also investing in the research and development of portable and smart blood warming devices. Manufacturers are also working on new business strategies in order to launch a new product. Partnerships and collaborative activities are also on the rise. The demand for disposable blood and fluid warmer devices is also increasing, due to the rise in a number of complications.
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Forecast Highlights on the Global Blood Warmer Devices Market
The global blood warmer devices market is segmented on the basis of end user, product type, application, and region. Based on the product type, the segment includes intravenous warming system, surface warming system and blood warming accessories. Among these, surface warming system is expected to be the widely accepted product in the global blood warmer devices market. By the end of 2026, surface warming system is estimated to surpass US$ 100 million revenue.
On the basis of end user, the segmentation consists of hospitals, blood banks, home care settings and others. Hospitals are expected to be the largest users of the blood warmer devices. By the end of 2017, hospitals are estimated to account for nearly two-third of the revenue share.
Based on the application, the market is segmented into home care, preoperative care, acute care, new born care and other application. Blood warming devices are expected to find the largest application in the preoperative care. By the end of 2026, preoperative care segment is estimated to reach nearly US$ 100 million revenue.
Geographically, the market is segmented into Europe, North America, Japan, Asia Pacific Excluding Japan (APEJ), the Middle East and Africa (MEA), and Latin America. Among these, North America is expected to dominate the global blood warmer devices market during the forecast period 2017-2026. Increasing occurrence of hypothermia among ageing population and infants in the U.S. is one of the factors driving the growth in North America. Growth in trauma cases and surgeries is also contributing towards the growth of the market in the region.
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Key Market Player Competing to Sustain in the Market
The report offers a detailed profile of some of the key market players in the global blood warmer devices market such as 3M Company, Smiths Medical, The 37 Company, GE Healthcare, Emit Corporation, Stryker Corporation, Geratherm Medical, Barkey GmbH & Co. KG, Stihler Electronic GmbH, Biegler GmbH, Belmont Instrument, Keewell Medical Technology Co. Ltd., and Baxter International Inc. (Gambro). These key players are continuously working on new business strategies to offer better product and compete in the global market.