In 2018, North America accounted for the largest share of the temperature management market.
Northrook, IL -- (SBWIRE) -- 12/13/2019 -- Major factors driving the growth of Temperature Management market include the increasing incidence of chronic conditions and increasing number of surgical procedures. However, the high cost of intravascular temperature management systems is restraining the growth of this market.
What the Market Looks Like?
Predicted to grow at a CAGR of 3.2% during the forecast period, the global Temperature Management Market is estimated to reach USD 3.0 Billion by the end of 2024.
Based on products, the market is segmented into patient warming systems and patient cooling systems. Patient cooling systems are expected to register the highest growth in the forecast period. This growth can be attributed to factors such as the growing demand for these systems in diverse hospital settings and the increasing adoption of invasive warming in surgical procedures such as orthopedic surgeries, gynecological & obstetric procedures, gastrointestinal procedures, and general surgeries.
Based on applications, the market is segmented into perioperative care, acute care, newborn care, and other applications. The acute care segment is expected to grow at the highest CAGR during the forecast period. Acute care encompasses specialized care and the support given to patients during emergencies or after undergoing surgeries in hospitals including intensive care units (ICUs), emergency rooms, coronary care units (CCUs), neurological care units, burn centers, and cath labs. The increase in the number of surgical procedures, growth in geriatric population, and increasing number of product launches are driving the growth of the acute care segment.
Based on medical specialty, the temperature management market is segmented into general surgery, cardiology, neurology, thoracic surgery, orthopedics, pediatrics, and other medical specialties. The general surgery segment is expected to dominate the market in 2019. The rising incidence of cancers such as breast cancer, colorectal cancer, liver cancer, GI disorders, and endocrine disorders, globally, and the increasing number of general surgical procedures are the major factors driving the growth of this segment.
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What Drives the Market?
The growth of the global market for Temperature Management is primarily influenced by the following factors:
Increase in the Incidence of Chronic Conditions
Increasing Number of Surgical Procedures
Moreover, growing awareness about quality of food and increase in the export of fruits and vegetables across countries has increased the need for sterilizing and disinfecting the food. However, strict regulations and matured market in developed nations may slow down the growth of this market.
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Geographical growth scenario of Temperature Management Market
Geographically, the Temperature Management market has been studied for North America, Europe. North America is estimated to grow at the highest CAGR during the forecast period. Factors such as the large volume of surgical procedures performed in the North American region, growth in the geriatric population, the rising incidence of cardiac arrests and neurological disorders, and the availability of technologically advanced products are the key factors supporting the growth of the temperature management market in North America.
Leading market players and strategies adopted
The prominent players in the Temperature Management market include 3M Company (US), Medtronic (Ireland), Smiths Medical (US), Stryker (US), and ZOLL Medical (Subsidiary of Asahi Kasei) (Japan).
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