Global Temperature Management Market Analysis and Forecast to 2022 | Growth Opportunity Assessment
Princeton, NJ -- (SBWIRE) -- 06/22/2018 -- The global temperature management market is projected to reach USD 2.72 Billion by 2022 from USD 2.40 Billion in 2017, at a CAGR of 2.5%. The growth of this market is majorly driven by increase in the incidence of chronic conditions, development of technologically advanced intravascular systems, large number of awareness campaigns/conferences for physicians, and growth in research funding. However, the high cost of invasive temperature management systems and product recalls are restraining the growth of this market.
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The number of companies offering temperature management devices is increasing, globally. Major market players are focusing on strengthening their product offerings, distribution networks, and geographic presence by entering into contracts and agreements with other established players in the market. For instance, in October 2016, 3M Company (U.S.) entered into an agreement with VitaHEAT Medical (U.S.) for the exclusive distribution of the VitaHEAT UB3 patient warming system in the U.S.
The report analyzes the temperature management market by product, application, medical specialty, end user, and region. On the basis of product, the patient warming systems accounted for the largest share in 2017, due to rising demand for these systems in diverse hospital settings.
Based on application, the market is divided into perioperative care, acute care, newborn care, medical/surgical units, physiotherapy, military applications, patient transport, chemotherapy, and other applications. The perioperative care segment is expected to account for the largest share of the temperature management market in 2017. The increasing number of surgical procedures performed across the globe is the major factor driving the growth of the segment.
Based on medical specialty, the market is categorized into general surgery, cardiology, neurology, thoracic surgery, orthopedics, pediatrics, and other medical specialties. In 2017, the general surgery segment is expected to account for the largest share due to rising incidence of colorectal cancer, GI disorders, and endocrine disorders.
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Based on end user, the market is segmented into surgeons and anesthesiologists, nursing staff, and paramedical staff. Surgeons and anesthesiologists segment is expected to account for the largest share in 2017. The large volume of surgical procedures performed across the globe is the major factor supporting the growth of this segment.
Geographically, the global temperature management market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, North America is expected to dominate the market which can be attributed to the large volume of surgical procedures performed, growth in geriatric population, rising incidence of cardiac arrests and neurological disorders, and rising adoption of technologically advanced devices. The Asia-Pacific region is expected to register the highest CAGR during the forecast period. Growth in this market can be attributed to a number of factors such as growing patient population, government efforts to increase access to elective surgeries, and improving healthcare infrastructural facilities. However, lack of awareness and high cost of temperature management systems are limiting the growth of this market.
In 2016, 3M Company (U.S.), Smiths Medical (U.K.), and Medtronic plc (Ireland) dominated the global temperature management market. Some of the other players competing in this market are C.R. Bard Inc. (U.S.), Cincinnati Sub-Zero Products, Inc. (U.S.), Geratherm Medical AG (Germany), Inspiration Healthcare Group plc (U.K.), Stryker Corporation (U.S.), The 37Company (Netherlands), ZOLL Medical Corporation (U.S.), GE Healthcare (U.S.), Becton, Dickinson and Company (U.S.), DRÄGERWERK AG & CO. KGAA (Germany), and Ecolab (U.S.).
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