With 5.3% CAGR, Temperature Management Systems Market to Exceed USD 3,343.41 Million By 2028 – A Recent Study by The Insight Partners

 

According to our new research study on “Temperature Management Systems Market to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and Medical Indication, and Geography,” the market was is projected to reach US$ 3,343.41 million by 2028 from US$ 2,332.93 million in 2021; it is expected to grow at a CAGR of 5.3% during 2020–2028. The growth of the market is attributed to an increasing prevalence of chronic disease and cardiovascular diseases, and rising number of surgical procedures.

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North America to Dominate Temperature Management Systems Market

The North America temperature management systems market is further segmented into the US, Canada, and Mexico. The US accounts for the largest share of the temperature management systems market in this region, followed by Canada and Mexico, respectively. The leading position of North America in the global market is primarily attributed to innovations in the temperature management systems, emphasis on preventive measures to deal with disease and patient monitoring, and prominent presence of leading market players. Further, strategic activities by the major market players would propel the market growth in the review period. In August 2018, Augustine Surgical Inc. acquired Augustine Temperature Management, LLC and all of its assets, including the HotDog Patient Warming System, one of the leading conductive-electric warming products in market. These devices are also capable of transmitting information from any remote location. Augustine Temperature Management is now a wholly owned subsidiary of Augustine Surgical.

China, Japan, India, Australia, and South Korea are among the key contributors to the Asia Pacific temperature management systems market. The market has also been evaluated for the rest of the countries in the region. Main factors driving the market in this region include the increasing adoption of technologically advanced monitoring devices, presence of an established market for medical devices, surging prevalence of chronic conditions along with aging, and favorable regulatory policies that are in effect. Japan is one of the important markets for medical devices. The temperature management systems market growth in Japan is attributed to the emphasis on preventive care, growing awareness regarding temperature management systems, and focus on providing quality healthcare.

Rising Number of Surgical Procedures Accelerate Temperature Management Systems Market Growth

Body temperature is one of the vital parameters of human body during surgeries. If the temperature accidentally drops below 36°C (96.8°F), physicians term the condition as perioperative hypothermia. If this condition is not noticed in time, the low temperature can lead to medical complications. Perioperative hypothermia occurs during almost all surgeries. A temperature management system prevents hypothermia and simplifies the anesthesia procedure of patients during surgeries due to an immediate and effective heat supply.

Growing geriatric population, increasing prevalence of chronic diseases, increase in number of accidents, and rise in hospital admissions have triggered the number surgical procedures. Moreover, technological advancements are allowing various hospitals and medical institutes to perform a large number of surgeries in a year. For instance, Taiwan’s Chang Gung Memorial Hospital performs ~1.67 lakh surgeries in a year, and it claims to perform the highest number of surgeries across the world. All India Institute of Medical Science (AIIMS) performed ~1.94 lakh of surgeries in 2018.

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Temperature Management Systems Market: Segmental Overview

Based on product, the temperature management systems market is segmented into patient warming systems and patient cooling systems. The patient warming systems segment held a larger share of the market in 2020, whereas the patient cooling systems is anticipated to register a higher CAGR in the market during the forecast period.

Based on application, the temperature management systems market is segmented into perioperative care, acute care, newborn care, and others. The perioperative care segment held the largest share of the market in 2020, whereas the acute care segment is estimated to register the highest CAGR in the market during the forecast period.

Based on medical indication, the temperature management systems market is segmented into general surgery, cardiology, neurology, pediatrics, orthopedic surgery, thoracic surgery, and others. The general surgery segment held the largest share of the market in 2020, whereas the cardiology segment is estimated to register the highest CAGR in the market during the forecast period.

Impact of COVID-19 Pandemic on Temperature Management Systems Market

The COVID-19 pandemic has become the most significant challenge across the world. It has disturbed trade and business activities of various countries. However, the pandemic has brought several growth opportunities for the companies involved in business of patient monitoring and controlling devices. Hence, although there has been a disruption in the manufacturing and supply chain of the manufacturing companies, the heightened demand has led to spur in the temperature management systems market growth.

Temperature Management Systems Market: Competitive Landscape and Key Developments

3M, ZOLL MEDICAL CORPORATION, BD, Smiths Medical, Dragerwerk AG & Co. KGaA, Ecolab, GENTHERM, Geratherm Medical AG, Inspiration Healthcare Group plc, and Stryker Corporation are among the key companies operating in the temperature management systems market. The major market players focus on the launch of new products, expansion and diversification of market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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• In June 2021, ZOLL and Global Healthcare SG signed exclusive agreement for distribution of portable targeted temperature management system in Asia Pacific.
• In March 2019, Smiths Medical launched Level 1 Convective Warmer. This next-generation, high-flow convective warmer aids healthcare providers with a quiet, simple, and safe thermal care solution, thereby allowing them to maintain a normal temperature of patients’ body throughout the surgery.

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