Asia Pacific to grow at the highest CAGR of the temperature management systems market in 2020.
Northbrook, IL -- (SBWIRE) -- 10/12/2021 -- According to the new market research report "Temperature Management Systems Market by Product (Warming Systems (Surface Warming), Cooling Systems), Application (Perioperative Care, Acute Care, Newborn Care), Medical Speciality (Cardiology, Neurology, Paediatrics, Orthopaedic) – Global Forecast to 2026", published by MarketsandMarkets™, the Temperature Management Systems Market is projected to reach USD 3.3 billion by 2026 from USD 2.7 billion in 2021, at a CAGR of 3.6% during the forecast period.
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334 – Tables
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298 – Pages
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The Market growth is largely driven by factors increasing the global incidence of chronic conditions and the subsequent increase in the number of surgical procedures. 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.
Perioperative care commanded the largest share of the temperature management systems market in 2020
By applications, the temperature management market is segmented into perioperative care, acute care, newborn care, and other applications. Among these, the perioperative care segment accounted for the largest share of the market in 2020. The increasing number of surgical procedures performed worldwide is the major factor driving the growth of this application segment. In addition, technological advancements, product development and launches, and growing partnership between key market players and hospitals are also supporting market growth.
General Surgery segment dominated the temperature management systems market in 2020
Based on medical specialty, the temperature management market is segmented into general surgery, cardiology, neurology, thoracic surgery, orthopedic surgery, pediatrics, and other medical specialties (such as ophthalmic, bariatric, and cosmetic surgeries). The general surgery segment accounted for the largest share of the market in 2020. The large share of this segment can primarily be attributed to the large number of general surgery procedures performed worldwide.
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Geographically; the temperature management system market is divided into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest share of this market, followed by Europe. The market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. This is primarily attributed to 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 infrastructures.
The major players operating in this market are 3M Company (US), Medtronic (Ireland), Smiths Medical (US), Stryker (US), ZOLL Medical (a subsidiary of Asahi Kasei) (Japan), BD Company (US), Drägerwerk (Germany), Baxter (US), Ecolab (US), GE Healthcare (US), Inspiration Healthcare Group plc (UK), and Encompass Group (UK).
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