Temperature Management Market: Comparison of Industry Growth in North America and Asia Pacific

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. However, the high cost of intravascular temperature management systems is restraining the growth of temperature management market.

Temperature Management Systems Market by Product (Patient Warming Systems, Patient Cooling Systems), Application (Perioperative Care, Acute Care, Newborn Care), Medical Speciality (Cardiology, Neurology, Pediatrics, Orthopedic) – Global Forecast to 2025.

The temperature management market is projected to reach USD 3.2 billion by 2025 from USD 2.5 billion in 2020, at CAGR of 5.1%.

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Growth in North America Region:

North America, comprising the US and Canada, accounted for the largest share of the temperature management market in 2019. The large volume of surgical procedures performed in North American countries is a major factor driving market growth in this region. Growth in the geriatric population, the rising incidence of cardiac arrests and neurological disorders, and the availability of technologically advanced products such as standalone and battery-powered devices are the other factors supporting the growth of the temperature management market in North America.

Growth in Asia Pacific Region:

The market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. A number of 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 infrastructure are driving the growth of the temperature management market in the Asia Pacific.

COVID-19 impact on the Global Temperature Management Systems Industry:

The COVID-19 has resulted in significant disruption to business and economic activity globally and is expected to show short-term impacts on the temperature management product business. Temperature management products for perioperative care are expected to be impacted to some extent due to the postponement of elective surgeries caused by COVID-19, as governments and authorities seek to ensure the availability of resources for COVID-19 patients. In an effort to reduce the strain on the healthcare system, decrease disease transmission, and conserve personal protective equipment (PPE), various governments have provided guidelines on elective surgeries. For instance, as of March 18, 2020, the US CMS announced that all elective surgeries, non-essential medical, surgical, and dental procedures would be delayed.

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Key Players:

The major players operating in the temperature management systems market include 3M (US), Smiths Medical (US), ZOLL Medical (US), Becton, Dickinson and Company (US), Drägerwerk (Germany).

Recent Developments:

1. In 2019, Smiths Medical (US) launched Level 1 convective warmer.

2. In 2017, BD and Company (US) and C. R. Bard (US) entered into a definitive agreement under which BD acquired Bard. Through this acquisition, BD entered the temperature management market.

3. In 2017, Drägerwerk (Germany) launched Incu Warmer Babyleo TN500.