The global temperature management market is projected to reach USD 3.0 billion in 2024 from 2.6 billion in 2019, at CAGR of 3.2% during the forecast period. Some of the major factors driving the growth of this market include the increasing incidence of chronic conditions and increasing number of surgical procedures.
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The major players in the temperature management market include 3M Company (US), Medtronic (Ireland), Smiths Medical (US), Stryker (US), and ZOLL Medical (a subsidiary of Asahi Kasei) (Japan). Various growth strategies have been adopted by these players, such as product launches, agreements, and acquisitions to increase their presence in the global temperature management market.
Premium Insights of global Temperature Management Market:
1. Temperature Management Market Overview
2. Market, By Product
3. North America: Market, By Country & Product (2018)
4. Market, By Country
Global Market Drivers:
1. Increase in the Incidence of Chronic Conditions
2. Increasing Number of Surgical Procedures
Opportunities:
1. Growing Number of Contracts and Agreements Between Market Players
Restraints:
1. High Cost of Intravascular Temperature Management Systems
Challenges:
1. Sustainability of Players in the Highly Competitive Market
Temperature Management Market by Product:
1. Patient Warming Systems
2. Surface Warming Systems
3. Convective Warming Systems
4. Conductive Warming Systems
5. Intravascular Warming Systems
6. Warming Accessories
7. Patient Cooling Systems
8. Surface Cooling Systems
9. Intravascular Cooling Systems
10. Cooling Accessories
3M (US) was one of the major players operating in the market in 2018. The company provides an extensive range of temperature management products, such as warming blankets, warming systems, warming gowns, and non-invasive temperature management systems. For more than 20 years, 3M’s patient warming systems have been effectively used by more than 200 million patients. 3M’s patient warming systems has been researched extensively and its clinical benefits, efficacy, and safety are documented in more than 170 studies and more than 60 randomized controlled clinical trials. Such clinical trials and studies spread awareness about the 3M’s patient warming products across the globe. In the past two years, 3M’s healthcare revenue grew from 5.5 billion in 2016 to 6 billion in 2018 at a rate of 3% per year.
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Smiths Medical (US) is among the leading players in the temperature management market. The company operates through three segments—Infusion Systems, Vascular Access, Vital Care and Specialty Products. The company has a strong portfolio of invasive temperature management systems, blood and fluid warmers, disposable administration sets, and accessories. The long-term presence of the company in the market provides it with an additional edge over its competitors.
Recent Developments in Global Market:
In 2019, Smiths Medical launched its Level 1 convective warmer in the market.
In 2017, Stryker Corporation launched the Altrix Precision Temperature Management System.
In 2017, Dräger launched its Incu Warmer Babyleo TN500.
In 2017, The 37Company partnered with Medival (Italy) to distribute 37Company’s temperature management products in Italy.
In 2016, Gentherm acquired Cincinnati Sub-Zero Products, LLC (CSZ), one of the leading providers of temperature management equipment for USD 65 million.
