Blood and Fluid Warming Devices Market
Number of pages: 100 | Report Format: PDF | Published date: December 07, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 1.13 billion |
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Revenue forecast in 2030 |
US$ 2.22 billion |
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Growth Rate |
CAGR of 8.92% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
product, type, application, end user, and region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global blood and fluid warming device market was valued at US$ 1.13 billion in 2021 and is expected to register a revenue CAGR of 8.92 % during the forecast period.
Market Fundamentals
Blood and fluid warming devices are used to warm blood or fluids before transfusion into a patient. For safe infusion, the conserved fluid must be heated to a specific temperature. Hypothermia and other complications could result from the transfusion of colder fluids in a person. It is also used in healthcare institutions to warm fluids, crystalloids, or blood products to body temperatures before being supplied (intravenously or by other parenteral routes) to patients who have undergone surgery or physical trauma to prevent hypothermia. The blood warmer includes a loud alert system and an automatic temperature adjustment to the flow rate.
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Market Dynamics
The major driver of the blood and fluid warming devices market revenue is the rise in the average life expectancy of people. Clinical hypothermia is typically seen in old and young patients, hence the market for blood fluid warming systems is being driven by an increase in these populations. Furthermore, due to a growth in incisions and trauma occurrences around the world, the market revenue is expected to expand during the forecast period. Additionally, the necessity for blood warmers from end users operating in extremely cold situations, such as ambulatory care, military operations, and rescue services, are expected to fuel market expansion.
However, revenue growth in emerging markets can be restrained by the poor awareness of blood-warming systems. Moreover, the high device development costs and stricter government regulations in developing nations for the clearance of medical devices is also expected to hamper the market revenue growth to some extent.
Market Ecosystem
The global blood and fluid warming device market has been analyzed from four perspectives: product, type, application, end-user, and region.
Blood and Fluid Warming Devices Market by Product
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Based on the product type, the global blood and fluid warming devices market is segmented into, surface blood and fluid warming system, intravenous blood and fluid warming system, patient blood and fluid warming system.
In terms of revenue, the intravenous warming system is expected to dominate the market during the forecast period due to recent product launches and expanded advantages of the system.
Patients who require a significant fluid transfusion can avoid hypothermia by using an alternative warming technique called intravenous fluid warming. By using it, doctors can help keep patient's body temperature within a healthy range and stave off hypothermia. The intravenous warming device helps surgical patients with hypothermia by lowering and curing it. As a result, the market will expand throughout the forecast period due to an increase in surgeries worldwide.
Blood and Fluid Warming Devices Market by Type
Based on the type, the market is segmented into portable and non-portable.
The non-portable blood & fluid warmers hold the largest revenue share in the market and is expected to maintain its dominance during the forecast period. The revenue growth in this segment is expected to be fueled by the rising number of traffic accidents, mishaps, gunshot wounds, and other injuries. Additionally, the aging population, rising rates of hospitalization due to various diseases, and better financing for healthcare facilities in developing nations are all expected to boost market revenue growth. Furthermore, the major causes of the requirement for blood transfusions include surgical procedures and hospital stays. Blood warmers have historically been crucial in reducing mortality among people living in industrialized nations from transfusion- or infusion-induced hypothermia, which propels the segment's revenue growth.
Blood and Fluid Warming Devices Market by Application
Based on application, the global blood and fluid warming device are segmented into, acute care, preoperative care, new-born care, homecare, and others.
The new-born care segment holds the largest revenue share because of the increased infant mortality rates. Additionally, the rising average life expectancy of people is a significant factor driving the blood fluid warming system market revenue growth. Clinically, hypothermia is more common in the elderly and young, hence the market for blood fluid warming systems is being driven by the growing infant and geriatric populations.
Blood and Fluid Warming Devices Market by End-User
Based on end-users, the global blood and fluid warming devices market is segmented into hospitals & clinics, blood banks, ambulatory services, defense forces, and rescue forces.
The hospital segment holds the largest revenue share in the global market. To reduce the prevalence of hypothermic conditions, the device is specifically used in operating rooms, intensive care units, and emergencies. The demand for blood and fluid warming devices has grown as surgical procedures are performed on more people worldwide. Blood warming machines are frequently used in hospitals because these devices help surgeons keep a patient's body temperature within healthy ranges and prevent hypothermia while they are on the operating table. The fact that hospitals have long-term contracts with manufacturers of blood warming equipment provides them greater negotiating power and expands their market for product after-sales, which is another reason why they are viewed as large buyers.
Blood and Fluid Warming Devices Market by Region
Based on the region, the global blood and fluid warming devices market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the market and accounts for the largest revenue share. The presence of important players, sizable government investments in the creation of cutting-edge medical equipment, and the existence of favorable reimbursement policies are supporting the market revenue growth in this region. Additionally, a rise in the demand for blood warmers is due to increased spending on defense as well as on search and rescue emergency services. This region's location causes it to experience exceptionally cold weather patterns that make it vulnerable to cyclones, blizzards, and severe snowfall. The market revenue growth in this region is expected to be driven by numerous fatalities linked to severe snow/frost-related occurrences.
Competitive Landscape
The prominent players operating in the feminine hygiene products market are:
Strategic Development
Blood and fluid warming devices are the devices that are used to warm blood and fluid before transfusion into a patient to prevent hypothermia during surgery or physical trauma.
The rising average life expectancy of people and the rising number of incisions and trauma occurrences around the world are the key factors governing the revenue growth of the global blood and fluid warming devices market.
3M Healthcare, Becton, Dickinson and Company, Boston Scientific Corporation, Smith & Nephew Group plc., and General Electric Company are among the key companies operating in the global blood and fluid warming devices market.
The high device development costs and tougher government guidelines for the clearance of medical devices in developing countries are the major factors that are restraining the market revenue growth.
The global blood and fluid warming devices market is expected to register a revenue CAGR of 8.92 % during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain