Temperature Management Market Worth $3.0 billion in 2024 to Reflect Impressive Growth in North America and Europe

Pune, India, 2020-May-29 — /EPR Network/ —

Some of the major factors driving the growth of temperature 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.

The global temperature management market is projected to reach USD 3.0 billion in 2024 from 2.6 billion in 2019, at CAGR of 3.2%.

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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.

Applications of Temperature Management Market:

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.

Medical Specialities (Orthopedic Surgery):

The growing number of knee and hip replacement procedures, rising prevalence of arthritis, sedentary lifestyles, increasing prevalence of musculoskeletal disorders, and the increasing number of sports injury cases are the key factors driving the growth of the orthopedic surgery segment. The increasing number of orthopedic surgical procedures will increase the demand for temperature management systems which will contribute to the growth of the segment.

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North America accounted for the largest share of this market, followed by Europe. The large share of this regional segment is mainly due to the large volume of surgical procedures performed in North American countries. On the other hand, the market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. 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 are the major factors supporting the growth of the Asia Pacific market.