Temperature Management Market

Global Temperature Management Market Size (2022 to 2027)

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

Global Temperature Management Market Share Insights:

• Based on product, the patient warming systems segment led the market and held 69.8% of the global temperature management market share in 2021.
• Based on application, the surgery segment dominated the market and captured 29.5% of the global market share in 2021.
• Based on end-user, the operating room segment accounted for the leading share of the global market in 2021.
• Based on the region, the North American region captured 39.1% of the global temperature management market share in 2021.
• The European region is predicted to value USD 884 million by 2027.
• The Asia-Pacific region is anticipated to grow at a CAGR of 3% from 2022 to 2027.

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

MARKET DRIVERS:

YOY growth in the number of surgical procedures is one of the major factors propelling the temperature management market growth.

For instance, open heart surgeries require careful monitoring and maintenance of the patient's temperature through blood cooling, reducing the risk of perioperative and postoperative surgical complications. In addition, reduction in blood loss 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 hospital stays, reducing healthcare costs by augmenting the healthcare infrastructure with patient temperature management devices.

Increasing adoption of technological advancements, a growing number of product launches for perioperative care, and an increasing number of partnerships between major market players and hospitals are anticipated to promote the growth rate of the temperature management market.

With time, intravascular systems are advancing technologically. An increasing number of conferences for physicians to spread awareness, growing investments for R&D, and rising cases of chronic diseases are further favoring the temperature management market growth. Factors such as the increasing number of healthcare organizations adopting the temperature management system in multiple clinical applications, the growing population suffering from nervous systems and cardiovascular disorders, advancements in the development of mobile devices, and rising cases of cancer are predicted to showcase favorable impact on the market growth during the forecast period. In addition, YOY birth rate growth has 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 major limiting factors in this temperature management market. Surgery is expensive due to using 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, and 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 performed. In addition, the postponement of elective surgeries and strict government regulations had negatively impacted the market growth earlier in the pandemic.

In efforts to minimize the strain on the healthcare system, the government and authorities' pursue to ensure the availability of resources for COVID-19 patients has shown a specific rise. Temperature management devices have been widely used to prevent neurological diseases and novel coronavirus. In addition, 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 segment had shown significant domination in the global temperature management market in 2021, which is anticipated to continue throughout the forecast period. The growing demand for these systems in diverse hospital settings is one of the significant factors contributing to the segment's growth.

On the other hand, the patient cooling systems segment is anticipated to grow at a promising CAGR during the forecast period. With the growing demand for these systems in a hospital environment, the patient cooling systems segment is expected to contribute considerably to the overall market growth. In addition, contracts and the number of agreements between the market participants (manufacturers and distributors) provide growth opportunities over the forecast period. Also, the increasing prevalence of cardiovascular disease and senile disease promotes temperature management market growth.

Temperature Management Market - By Application:

• Surgery
• Cardiology
• Orthopedics
• Neurology
• Others

Based on the Application, the surgery segment is estimated to command the largest share of the global temperature management market during the forecast period. This is because theperature management systems are used while performing the surgeries.

On the other hand, the cardiology segment is anticipated to register a healthy CAGR in the coming years. YOY growth in the patient count suffering from CVDs worldwide is one of the major factors propelling the segment's growth. According to the American Heart Association (AHA), an estimated 126.9 million American adults suffered from some CVD between 2015 to 2018.

Temperature Management Market - By End User:

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

Based on the end-user, the operating rooms segment was the largest segment of the global temperature management market in 2021. The segment is projected to grow at a CAGR of 10.02% during the forecast period. The usage of temperature management systems is increasing among the operating rooms, which is expected to result in the segment's growth. As a result, the temperature of patients will be checked in the operating rooms.  In addition, the growing number of surgeries in operating rooms worldwide is further accelerating the market’s growth rate.

On the other hand, the ICU segment is expected to hold a considerable share of the global market during the forecast period. YOY growth in premature deliveries promotes the need for temperature monitoring systems among intensive care units and fuelling the segment’s growth rate.

Temperature Management Market - By Region:

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

Geographically, the North American temperature management market had the largest share of the global market in 2021 and is forecasted to register domination in the worldwide market during the forecast period owing to the growing adoption of technological advancements and well-established healthcare infrastructure. In addition, countries such as the U.S. and Canada contributed significantly to the North American region. They played a vital role in registering dominance in the global market in the recent past.

The European temperature management market is another potential region in the global market and is projected to showcase a healthy CAGR during the forecast period. The growing number of cardiac surgeries and increasing awareness among medical professionals regarding the usage of temperature management systems are propelling market growth in the European region.

The Asia-Pacific temperature management market is expected to show the fastest CAGR 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 impact the temperature management market in the Asia-Pacific region positively.

The temperature management market in Latin America is expected to grow steadily during the forecast period. The growing investments in developing healthcare infrastructure and the increasing number of patients suffering from CVDs favor the market's growth rate in Latin America.

The MEA temperature management market is anticipated to grow at a moderate CAGR during the forecast period.

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

RECENT HAPPENINGS IN THIS MARKET:

• 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.