Blood Warmer Market Size, Share & Trends Analysis Report By Product (Portable, Non-portable Blood Warmers), By Application (Surgery, Acute Care, New Born Care, Homecare), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the blood warmer market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for blood warmer market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of blood warmer market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Blood Warmer Market Categorization:

The blood warmer market was categorized into four segments, namely product (Portable Blood/IV Warmers Device, Non-portable Blood/IV Warmers), application (Surgery, Acute Care, New Born Care, Homecare), end-use (Hospitals/Clinic, Ambulatory Services, Defense Forces, Rescue Forces), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The blood warmer market was segmented into product, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The blood warmer market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nineteen countries, namely, the U.S., Canada, the UK, Germany, France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, Argentina, Colombia, South Africa, UAE, Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Blood warmer market companies & financials:

The blood warmer market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Stryker - Stryker is a company engaged in the business of the development and commercialization of products & services related to advanced medical technology. It has offerings in segments such as MedSurg, orthopedics, and neurotechnology & spine. Its neurotechnology & spine segment is comprised of products such as neurosurgical, neurovascular, and spinal implant devices. These products are sold to the customers through owned distribution outlets in the U.S., China, the Netherlands, Switzerland, and France, as well as leased outlets in locations such as Ireland & the U.S. MedSurg, the second principal segment of the product portfolio entails instruments, medical devices, and endoscopy & sustainability solutions. The orthopedic segment of the company delivers products such as implants for use in hip & knee joint replacements and trauma surgeries. Stryker has a strong distribution channel in more than 80 countries which involves branches, subsidiaries, distributors, and third-party dealers to sell their products to doctors, hospitals, & healthcare facilities. In addition, Stryker has been putting in strategic efforts to progress further in the domain of Advanced Digital Healthcare tools.

• Gentherm - Gentherm is a company established in 1991, which is in the business of thermal management systems. Their functions include designing, developing, manufacturing, and selling thermal management systems. The company works through two key segments of business which include medical and automotive. The medical segment offers wide-ranging temperature management products that are often used in ICUs, recovery rooms, operating rooms, and other areas of hospitals. In addition, it provides home healthcare temperature management products as well. Along with its devices, the company offers services to its customers such as support & maintenance, calibration, service & repair, parts, upgrades, and installations & training. The company has operations across the globe through its product offerings and services. These locations include the U.S., Canada, Germany, Hungary, Mexico, the Czech Republic, China, Japan, Korea, Macedonia, Malta, the UK, Ukraine, and Vietnam as well. It engages in strategic acquisitions to further its course toward growth in existing segments of business.

• Belmont Medical Technologies - Earlier known as Belmont Instrument, LLC, it declared its rebranding program in 2018, and changed its name to Belmont Medical Technologies. The company is engaged in activities such as developing, manufacturing, and marketing fluid resuscitation & patient temperature management systems for use in battlegrounds (military), therapeutic facilities, and during emergency transport worldwide Belmont’s range of product offerings includes Belmont Rapid Infuser RI-2, Allon system with ThermoWrap patient garment, and CritiCool system with CureWrap patient garment. It offers portable & battery-operated buddy lite for particular settings such as hospital and prehospital blood/fluid warming.

• The Surgical Company PTM - The Surgical Company PTM, established in 1993 and headquartered in the Netherlands now, is the business of solutions for patient temperature management. The company offers a wide range of products, such as Mistral-Air, Thermoflect, Fluido, and Fluido Irrigation. The company puts in efforts with a proactive approach by working with medical professionals to enhance the outcome for patients and reduce the cost related to the process. In addition, it offers products across the world in 50 different countries through a well-established network of business partners. The company had an employee strength of 375 in 2020.

• 3M - 3M is engaged in the development, manufacturing, and marketing of products & services across the globe. The company operates around four key segments of its business: transportation & electronics, safety & industrial, healthcare, and consumer. The healthcare segment of the company is comprised of products and services including skin health & infection prevention products, oral care solutions, medical tapes & dressings, wound closure products, orthopedic casing materials, stethoscopes, and transdermal drug delivery systems. 3M markets its offerings through several direct & indirect distribution networks, including a range of wholesalers, retailers, dealers, and distributors, in a number of countries around the world. It owns nearly 75 manufacturing plants in 30 different U.S. states and functions around 110 manufacturing & converting facilities in nearly 35 other countries. The healthcare segment of 3M contains medical and surgical care. Some of its products include 3M Ranger and Fluid Warming System, 3M Ranger Fluid Warming Accessories.

• ICU Medical (Smiths Medical) - ICU Medical is a company engaged in the development of medical devices such as IV therapy systems, solutions, software, and consumables as well. The company’s products are diligently designed with an approach to prevent infections and protect healthcare workers using these products. The company’s product portfolio entails IV therapy products, needle-free vascular access devices, sensor catheters, and hemodynamic monitoring systems. In addition, it works in oncology and critical care domains as well to help optimize patients’ fluid levels and maximize blood & oxygen delivery as per the requirement. Currently, ICU Medical has operations in regions such as North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.The company was established in 1984 and has been in the sector for a few decades now. In 2020, it had employee strength between 5001 to 10000. In the year 2022, ICU Medical announced the acquisition of Smiths Medical from Smiths Group Plc.

• Vyaire Medical, Inc - Vyaire Medical, Inc. is a designer and manufacturer of medical diagnostic equipment focused on the domain of respiratory support. The company offers range of products including respiratory diagnostics, ventilation, anesthesia delivery, and patient monitoring under the brands named AirLife, Vital Signs, Pulmonetic Systems, Bear Medical Systems, Sensormedics, & Viasys, among others. It has a presence across the globe, and its products are being sold in over 100 countries. The headquarters of the company are in United States. This company was established in 2016 and in 2020 it had an employee strength of 4000 personnel. In 2018 it acquired Acutronic Medical Systems. Before that, in 2017, it acquired Revolutionary Medical Devices, Inc., which was the manufacturer of novel airway management products. enFlow IV Fluid and Blood Warming System is key product offered by Vyaire Medical Inc.

• Baxter International - Baxter International produces and distributes products & technologies linked with healthcare problems such as kidney disease, infectious diseases, hemophilia, immune disorders, trauma, and other chronic & acute medical conditions. It provides products in numerous segments, such as pharmaceuticals, clinical nutrition, renal care, medication delivery, advanced surgery, and acute therapies. The company develops IV bags & related products for hospital use for the delivery of drugs & fluids, including parenteral nutrition, surgical care, and IV infusion pumps & administration kits. The renal segment of the company supplies products for individuals with kidney diseases and healthcare providers. Products offered by this segment include peritoneal dialysis, hemodialysis, and additional dialysis therapies & services. In addition, the company specializes in medical devices, pharmacy automation, anesthetics, and bio-surgery & wound care solutions as well. The company has a presence across the globe and it largely functions in regions including the U.S., Asia Pacific, Europe, and the MEA.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Blood Warmer Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Blood Warmer Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.