Temperature Management Market Worth $3.3 billion by 2026: Growing Number of Contracts and Agreements Between Market Players

Illinois, United States, 2021-Oct-06 — /EPR Network/ —

This report aims to provide detailed insights into the Temperature Management Market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.

Revenue Growth Analysis:

[298 Pages Report] The temperature management market is projected to reach USD 3.3 billion by 2026 from USD 2.7 billion in 2021, at a CAGR of 3.6%

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Key Factors Driving Market Growth:

Factors such as increasing 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. However, the high cost of intravascular temperature management systems is restraining the growth of this temperature management market.

Increase in the incidence of chronic conditions

Globally, there has been an increase in the incidence of chronic conditions, such as strokes, cardiac arrests, and neurological diseases such as traumatic brain injury. Several research studies indicate that survivors of cardiac arrests can suffer from devastating neurological impairments. Temperature management devices are widely used in the prevention of neurological damage after cardiac arrests. The use of mild therapeutic hypothermia is considered to improve neurological outcomes after cardiopulmonary resuscitation. Thus, the increasing incidence of chronic diseases is expected to drive the demand for temperature management market.

Surface patient warming segment accounted for the largest share of the temperature management market, by type in 2020

By type, temperature management systems segment is divided into surface warming systems, intravascular warming systems, and warming accessories. The surface warming systems segment accounted for the largest share of the patient warming systems market in 2020. In temperature management procedures, the number of surface warming procedures are more as compared to invasive cooling procedures due to the increasing adoption rate of surface warming systems in surgical procedures such as orthopaedic surgeries, gynaecology and obstetrics procedures, gastrointestinal procedures, and general surgeries

North America to Dominate The Industry:

North America, comprising the US and Canada, accounted for the largest share of the temperature management market in 2020. 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. 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 in the Asia Pacific.

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Key Players:

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

Recent Developments:

1. In 2021, ZOLL Medical Corporation (Japan)and Global Healthcare SG Sign exclusive agreement for distribution of portable targeted temperature management system in Asia Pacific.

2. In 2021, The Surgical company announced an agreement with Next Level Development TSC-PTM develops, produces and globally distributes specialist medical equipment for the prevention of hypothermia and the warming of patients undergoing surgery.

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