Temperature is one of the most vital signs of human life. Patient temperature management systems provide rapid control of the core temperature of the patients. They take care of both cooling and warming requirements as far as the patients are concerned. Rising demand for different methods like gel pads, warming blankets, ice packs and internal temperature control methods are creating strong demand for the temperature management market. Technological advancements in the existing methods and rising healthcare sector, especially across the emerging markets are expected to create potential business opportunities for the key players in the market. They are also expected to provide investment and business expansion opportunities for the new entrants.
Segmentation in Temperature Management Industry
In order to understand the key drivers and restraints for the market, researchers segment it into different types of products, their applications and demand from various end-users and geographic regions. The types of products are basically divided into two segments, which include cooling and warming systems. These systems are sub-segmented into surface cooling/warming and intravascular cooling/warming systems and patient cooling/warming accessories. Major applications of these products include newborn care, acute care, perioperative care and others including physiotherapy, medical units, military applications, patient transport, and chemotherapy. Major end-users in the market include nursing and paramedical staff and surgeons and anesthesiologists.
Major Drivers and Restraints for the Industry
According to the researchers, major drivers for the patient temperature management market include high instances of cardiac arrests and disorders related with central nervous systems and rapid rise in the number of aging population around the world. Increased product approvals and new product launches are expected to create profitable growth in the market. Apart from that, technological advancements especially in the field of intravascular systems are expected to create strong demand prospects in the market. Also, growing number of healthcare awareness campaigns arranged by private, public and government organizations are also expected to drive the market. Major restraints for the market include healthcare reforms in US, higher costs of intravascular systems and product recalls.
Opportunities and Growth Prospects
Major challenges in the temperature management market include forced air warming, sustainability of players and rising prices of the products. However, emerging markets and increasing contracts and agreements are expected to drive the growth in this market. According to the reports, the market is expected to witness a steady CAGR of over 2.4% from 2014 to 2019. At the estimated growth rate, the market is poised to become worth $2.5 billion by the end of the year 2019. As of year 2014, North America is expected to dominate the global market in terms of market share, which is followed by Europe. Asia Pacific region on the other hand is expected to witness highest CAGR during the next few years thanks to growing rate of adoption and awareness campaigns.