Transparency Market Research Report Added "Patient Warming Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2016 - 2024"
Albany, NY -- (SBWIRE) -- 01/10/2018 -- The global patient warming devices market has been prognosticated to demonstrate a significantly high degree of competitive rivalry amongst leading industry players. In a report published by Transparency Market Research (TMR), amid the consolidated nature of the competitive landscape of the market, players could aim at amalgamating their share through mergers and acquisitions. Players have been expected to not only add to their current product portfolio but also extend their geographical footprint via the acquisition of smaller yet time-honored businesses. Furthermore, players could dedicate more significance to product differentiation.
According to TMR, the world patient warming devices market has been prophesied to earn an around US$2.78 bn by 2024. This revenue valuation could progress at a CAGR of 5.3% during the forecast period 2016–2024 from a US$1.73 bn touched in 2015. By product, surface warming system has been envisaged to attain a maximum share by the concluding forecast year as it had secured an approximate 76.0% in 2015. In respect of geography, forecasted to be trailed by Europe at close quarters in future, North America could continue its dominance in the market, evident by its 45.7% share in 2015.
Requirement of Urgent Body Temperature Management Swells Demand
The demand for patient warming devices has been projected to be shored up by the urgent need for the management of body temperature in patients that undergo surgical procedures involving the usage of anesthesia. Such patients usually experience a drastic drop in their body temperature, which calls for the pressing requirement of patient warming devices. Perioperative care, in particular, has been anticipated to hike up the growth of the world patient warming devices market for most of the forecast period. With this in consideration, the surge in the count of chronic diseases could act in the favor of the market.
More prospects have been predicted to take birth in future as the demand for patient warming devices witnesses an increase with the elevating prevalence of oncological and cardiovascular conditions. This could likely be due to the rising demand for surgical interventions on a global platform. The mounting rate of premature births and increasing number of neonates could maintain the need for the implementation of patient warming devices. The rising age of population making people susceptible to chronic disorders could augment the need for patient warming devices. The snowballing occurrence of work-related musculoskeletal disorders and developing trend of sedentary lifestyle have been expected to further add to the growth of the market.
High Excise Duties Imposed on Medical Device Manufacturers Hamper Growth
The risk of serious side effects with the implementation of patient warming devices on account of their invasive nature could discourage the growth of the market. Another major restraint that has been foreseen to impede the growth of the international patient warming devices market could be high excise duties that manufacturers of medical devices are faced with.
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However, in the coming years, the need for patient warming devices could spike with the emergence of technologically sophisticated offerings including targeted temperature management devices. The demand for patient warming devices has been estimated to be further bolstered by bettering healthcare infrastructure and economic development in developing regions.