The growing
number of contracts and agreements between market players is also expected to
offer a wide range of growth opportunities for market players during the
forecast period. However, the high cost of intravascular temperature management
systems is restraining the growth of temperature management market.
Temperature Management Market by Product (Patient Warming
Systems, Patient Cooling Systems), Application (Perioperative Care, Acute Care,
Newborn Care), Medical Speciality (Cardiology, Neurology, Pediatrics,
Orthopedic) – Global Forecast to 2025.
The temperature
management market is projected to reach USD 3.2 billion by 2025 from USD 2.5
billion in 2020, at CAGR of 5.1%.
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Growth in
North America Region:
North America, comprising the US and Canada, accounted for the largest share of
the temperature management market in 2019. The large volume of surgical
procedures performed in North American countries is a major factor driving
market growth in this region. Growth in the geriatric population, the rising
incidence of cardiac arrests and neurological disorders, and the availability
of technologically advanced products such as standalone and battery-powered
devices are the other factors supporting the growth of the temperature
management market in North America.
Growth in Asia Pacific Region:
The market in the Asia Pacific is estimated to
grow at the highest CAGR during the forecast period. A number of factors such
as the growing demand for aesthetic and medical surgeries, rising incidence of
cardiac arrests and CNS disorders, government efforts to increase access to
elective surgeries, and improving healthcare infrastructure are driving the
growth of the temperature management market in the Asia Pacific.
COVID-19
impact on the Global Temperature Management Industry:
The COVID-19 has
resulted in significant disruption to business and economic activity globally
and is expected to show short-term impacts on the temperature management
product business. Temperature management products for perioperative care are
expected to be impacted to some extent due to the postponement of elective
surgeries caused by COVID-19, as governments and authorities seek to ensure the
availability of resources for COVID-19 patients. In an effort to reduce the
strain on the healthcare system, decrease disease transmission, and conserve personal
protective equipment (PPE), various governments have provided guidelines on
elective surgeries. For instance, as of March 18, 2020, the US CMS announced
that all elective surgeries, non-essential medical, surgical, and dental
procedures would be delayed.
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Key Players:
The major players operating in the temperature management systems market
include 3M (US), Smiths Medical (US), ZOLL Medical (US), Becton, Dickinson and
Company (US), Drägerwerk (Germany).
Recent Developments:
1. In 2019, Smiths Medical (US)
launched Level 1 convective warmer.
2. In 2017, BD and Company (US) and C. R. Bard (US) entered into a definitive
agreement under which BD acquired Bard. Through this acquisition, BD entered
the temperature management market.
3. In 2017, Drägerwerk (Germany) launched Incu Warmer Babyleo TN500.