Temperature Management Market

Global Temperature Management Market Size (2022 to 2027)

The global temperature management market size is projected to be growing at a CAGR of 2.8% during the forecast period. The size of the market is estimated to be worth USD 2.89 Billion by 2027 from USD 2.52 billion in 2022.

Temperature management systems are used in various applications, including emergency, perioperative, and neonatal care.

MARKET DRIVERS:

The demand for temperature management products is expected to be driven by the growing number of surgical procedures. For instance, open heart surgeries require careful monitoring and maintenance of patients' temperature through blood cooling, which in turn reduces the risk for perioperative and postoperative surgical complications.

Reduction in the loss of blood during surgeries, reduced risks of neurological disorders post cardiac arrests, rapid post-surgery recovery, and decreasing risks of SSIs are a few of the benefits of temperature management devices. These benefits further reduce the stay at hospitals, thereby reducing the healthcare costs by augmenting the healthcare infrastructure with the usage of patient temperature management devices.

The perioperative care category is projected to command the largest market share. The growing number of surgical procedures performed worldwide is the key factor driving this market segment. Further, technological advancements, a rising number of product launches for the perioperative care segment, and an increasing number of partnerships between major market players and hospitals also buttress market growth.  

More and more technologically advanced intravascular systems, an increasing number of conferences for physicians to spread awareness, more significant research funding, and rising cases of chronic diseases are the primary factors driving the growth of this market. Secondary factors include an increasing number of healthcare organizations adopting the temperature management system in multiple clinical applications, the prevalence of Nervous Systems and Cardiovascular Disorders, advancements in the development of mobile devices, rising cases of cancer. Growing birth rates have also given rise to an additional demand for temperature management devices to control neonatal care temperature.

MARKET RESTRAINTS:

The high cost associated is one of the critical limiting factors in this temperature management market. Surgery is expensive due to the use of these management systems, such as intravascular methods. The cost per disposable component also increases. For example, Arctic 5000 and its related consumables are expensive and require a group of professionals to handle medical devices. As a result, price pressures and a shortage of trained professionals hinder the growth of the global temperature management market.

Impact of COVID-19 on the global temperature management market:

Global debacle SARS-COV-2 had been identified in China. SARS-COV-2 is an infectious disease that transmits quickly from person to person. In the battle against the novel coronavirus, a nationwide lockdown had been imposed, a ban on transportation was made to stop the migrants from foreign countries. The Temperature management market witnessed a growth decline because the temperature management products supply chain was disrupted due to no exchange of export and import activities had performed. Postponement of elective surgeries and strict government regulations had negatively impacted the market growth at the earlier period of the Pandemic.

In efforts made to minimize the strain on the healthcare system, the government and authorities pursue to ensure the availability of resources for the COVID-19 patients has shown a specific rise. Temperature management devices have been widely used in the prevention of neurological diseases and novel coronavirus. Various governments have provided guidelines on elective surgeries; the market is expected to retain its growth during the forecast period.

REPORT COVERAGE:

This research report on the global temperature management market has been segmented and sub-segmented based on the product type, application, end-user, and region.

Temperature Management Market – By Product Type:

• Patient Warming Systems
  • Conventional Warming System
  • Surface Warming System
  • Intravascular Warming System
• Patient Cooling Systems
  • Conventional Cooling System
  • Intravascular Cooling System
  • Surface Cooling System

Based on Product Type, the Patient warming systems category is likely to command the largest market share. The growing demand for these systems in diverse hospital settings is the primary factor fuelling the market growth.

With the growing demand for these systems in a hospital environment, the patient cooling systems segment of the market is expected to contribute to market growth actively. Contracts and the number of agreements between the major players (manufacturers and distributors) provide growth opportunities over the forecast period. Also, the increasing prevalence of cardiovascular disease and senile disease drives the development of the temperature management market.

Temperature Management Market - By Application:

• Surgery
• Cardiology
• Orthopedics
• Neurology
• Other

Based on the Application, the general surgery category is estimated to command the largest market share.

Temperature Management Market - By End User:

• Operating Rooms
• Intensive Care Units
• Emergency Rooms
• Others

Temperature Management Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, North America is supposed to dominate the global temperature management market during the forecast period due to the advanced adoption of developed healthcare infrastructure, healthcare facilities, and new technologies.

The Asia-Pacific region is also expected to show attractive growth over the forecast period due to the high growth opportunities for the target population's unmet needs and medical tourism development in Asian countries. Coupled with the growing number of hospitals, the government's favorable modern medical infrastructure initiatives are also expected to positively impact the global temperature management market.

KEY MARKET PLAYERS:

Some of the major companies dominating the global temperature management market profiled in the report are 3M Company (U.S.), Smiths Medical (U.K.), Medtronic plc (Ireland), C.R. Bard Inc. (U.S.), Cincinnati Sub-Zero Products, Inc. (U.S.), Geratherm Medical AG (Germany), Inspiration Healthcare Group plc, (U.K.), Stryker Corporation (U.S.), The 37 Company (Netherlands), ZOLL Medical Corporation (U.S.), GE Healthcare (U.S.), Becton Dickinson and Company (U.S.), DRÄGERWERK AG & CO. KGAA (Germany) and Ecolab (U.S.).

Large companies are taking initiatives such as mergers and acquisitions, new product development, and geographic expansion to meet patients' growing needs.

In March 2016, ZOLL Medical Corporation, a Japanese subsidiary of Asahi Kasei ZOLL Medical Corp., announced approval from the Japan Pharmaceuticals and Medical Devices Agency (PMDA). The growing demand for temperature management systems drives the growth of the global temperature management market with the introduction of multiple surface heating and cooling systems.