The Temperature Management Market is expected to value at USD XX.XX billion in 2021 and is anticipated to reach USD XX.XX billion by 2030 at a CAGR of xx.xx% during the forecast period. Temperature management is a treatment performed for maintaining a specific body temperature for particular duration. It also helps in improving health conditions as well as reduces the risks of causing tissue injuries which occurs due to the lack of blood flow.
Certain factors like increasing global incidence of chronic health ailments and the subsequent increase in the number of surgical procedures are expected to drive the temperature management market during the forecast period. The growing number of contracts, as well as agreements between market players, is also expected to provide a wide range of growth opportunities for the global leaders during the forecast period. But the high cost of the intravascular temperature management systems can affect the growth of this market.
COVID 19 Impact on Temperature Management Market
The coronavirus has resulted in significant disruption to business as well as an economic activity globally and is expected to show short term impacts on the temperature management product business. Temperature management related products are preoperative care that is expected to impact to some extent. The postponement of elective surgeries caused by COVID-19 because governments and authorities are making heavy investments for the availability of resources for the coronavirus patients. To reduce the strain of the healthcare infrastructure, decrease disease transmission and conserve personal protective equipment, different governments have issues guidelines on elective surgeries. Under such circumstances, the demand for the temperature management systems has increased during the pandemic to monitor patients temperatures and management.
Driving Factors
There has been a significant increase in the cases of chronic conditions like cardiac arrests, strokes and neurological diseases like a traumatic brain injury. Various research studies have indicated that survivors of cardiac arrests can suffer from neurological impairments. Temperature management devices are used to prevent neurological damage post cardiac arrests and surgeries. The use of mild therapeutic hypothermia is known to improve neurological outcomes after cardiopulmonary resuscitation. Thus, increasing cases of chronic diseases is expected to contribute to the demand for temperature management market.
Restraining Factors
Temperature management systems offer safe, fast and effective management of the core body temperature of patients. However, the cost of these systems, as well as accessories, is significantly higher than that of non-invasive accessories and systems. This is expected to restrain the market growth of the temperature management.
Segmentation Analysis
By Product
Based on product, the global temperature management market is segmented into warming and cooling. Among these, the cooling systems segment is expected to grow at a high CAGR during the forecast period due to increasing number of cardiovascular surgeries and technological advancements such as cooling caps and blood cooling systems.
By Application
Based on the application, the global temperature management market is segmented into perioperative, acute care, newborn care and medical specialties. The perioperative segment is then sub segmented into pre operative care, operating room, acute care and newborn care. On the other hand, medical specialties segment is sub segmented into pediatric and orthopedic.
Among these, the acute care segment is holding the largest market share owing to a large number of ICU admissions which are responsible to take care of the complicated cases. Apart from this, the increase in the severity of illnesses among hospital patients is contributing to the increase in ICU admissions. This is the main driving factor for the growth of the temperature management systems market.
By Region
Based on region, the global temperature management market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. North America accounts for the largest market share owing to the large number of surgical procedures that are performed in different North American countries. Growing geriatric population and rising cases of cardiac arrests and neurological problems, are the other factors contributing to the regional growth of the global temperature management market.
Asia Pacific is estimated to witness fastest growth with the highest CAGR during the forecast period due to increasing demand for medical surgeries, government initiatives for increasing access to elective surgeries and rising cases of CNS (central nervous system) disorders.
Key Industry Players
The key market players of the global temperature management market are mainly focusing on boosting features of the products as well as working on optimizing the cost.
List of Key Companies Profiled
- 3M
- Smiths Medical
- Becton
- ZOLL Medical
- Ecolab
- Gentherm
- Inspiration Healthcare
- Medtronic
- The 37Company
Key Industry Developments
- March 2019- Smiths Medical introduced Level 1 convective warmer. The product is introduced to help the hospitals in increasing efficiencies.
- June, 2017- Dregerwerk launched Incu Warmer Babyleo TN500. This convective heater, dual radiant warmer and heated mattress are synchronized for keeping the temperature stable.
Market Segmentation
By Product:
- Warming
- Cooling
By Application:
- Perioperative
- Preoperative Care
- Operating Room
- Acute Care
- Newborn Care
- Medical Specialties
- Pediatric
- Orthopedic
By Region:
North America
- North America, by Country
- US
- Canada
- Mexico
- North America, By Product
- North America, By Application
Europe
- Europe, by Country
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Europe, By Product
- Europe, By Application
Asia Pacific
- Asia Pacific, by Country
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Asia Pacific, By Product
- Asia Pacific, By Application
Middle East & Africa
- Middle East & Africa, by Country
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Product
- Middle East & Africa, By Application
South America
- South America, by Country
- Brazil
- Argentina
- Rest of South America
- Rest of South America, By Product
- Rest of South America, By Application
FAQs Answered in the Report
- In the temperature management industry, what are the most important regional markets?
- What is the market segmentation based on the product?
- What is the market segmentation based on application?
- What are the different phases of the market’s value chain?
- What are the major drivers and threats in the market?
- Who are the main players in the market and what is their structure?
- What level of rivalry does the temperature management market have?
- What are the profit margins in the market?
For more information, contact: sales@quincemarketinsights.com