Medical Thawing System Market: Introduction
- Medical thawing can be defined as a process developed to defrost biological samples for cell biology research. Biology research is extensively utilized in biobanking, drug discovery, cellular therapy, assisted reproduction, and regenerative medicine.
- Thawing systems are primarily required during the transportation and storage of pharmaceutical products in the biopharmaceutical industry. Technological advancements in the thawing systems are a major factor driving the market. Development of automated thawing systems, which are designed for rapidly thawing the live biological content in order to retain the reproducibility and to reduce the risk of contamination, fuel the market.
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Key Drivers and Restraints of Global Medical Thawing System Market
- Expansion of the medical thawing system market can be attributed to an increase in the number of product approvals. For instance, in February 2020, FreMon Scientific received U.S. FDA approval for the Zip Sleeve and Zip Thaw system, which is a next-generation thawing device.
- Rise in incidence of chronic diseases, globally, leading to an increase in the demand for blood and blood products, propel the market. Additionally, surge in awareness among people concerning plasma donation, increase in government initiatives to enhance plasma donation, and favorable reimbursement scenario further boost the market.
- Technological advances in thawing systems that enable rapid thawing, include features such as LED digital temperature display, audiovisual high temperature alarm, and space-saving design, which fuel the market
- However, the high cost of automated devices, complex regulatory approval process, and growing consolidation in the market are likely to hamper the market during the forecast period
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North America to Lead Global Medical Thawing System Market
- In terms of region, the global medical thawing system market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global medical thawing system market in 2019, owing to the high rate of adoption, increase in awareness programs about blood donation and plasma donation, rise in incidence of chronic diseases, and the presence of leading market players
- Europe followed North America in terms of share of the global medical thawing system market in 2019. The market in Asia Pacific is projected to expand at a rapid pace, followed by Latin America and Middle East & Africa. Rise in focus of governments of countries in Asia on enhancing healthcare facilities, increase in focus of market players on Asia Pacific to leverage growth opportunities, booming medical tourism, and an increase in the patient pool further boost the medical thawing system market in Asia Pacific.
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Key Players Operating in Global Medical Thawing System Market
Major market players are focused on expansion of their presence in the medical thawing system market primarily by adopting inorganic growth strategies.
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