Temperature Management Market by Product (Surface & Intravascular System - Warming & Cooling), Application (Perioperative (Preoperative Care, Operating Room), Acute Care, Newborn Care), Medical Specialties (Pediatric, Orthopedic) - Global Forecast to 2024
“Increase in the incidence of chronic conditions and the resultant increase in the number of surgical procedures to drive market growth”
The temperature management market is projected to reach USD 3.0 billion by 2024 from 2.6 billion in 2019, at a CAGR of 3.2% during the forecast period. The growth of this market is driven by the increasing prevalence of chronic diseases 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 growth opportunities for market players during the forecast period. However, the high cost of intravascular temperature management systems is restraining the growth of this market.
“Patient cooling systems to register the highest CAGR during the forecast period”
Patient cooling systems are expected to witness the highest growth in the temperature management market, by product, during the forecast period. Patient cooling systems are used to cool a patient‘s body in emergency situations, such as cardiac arrests, strokes, and myocardial infarction. Factors such as the increasing adoption of intravascular cooling and the high demand for patient cooling systems in emergency medical conditions, such as traumatic brain injury (TBI), strokes, and cardiac arrests are supporting the growth of the patient cooling systems segment.
“Acute care is the fastest-growing application segment of the temperature management market during the forecast period”
The acute care segment is expected to register the highest growth in the temperature management market during the forecast period. Acute care encompasses specialized care and the support given to patients during emergencies or after undergoing surgeries in hospitals. The increasing number of surgical procedures performed, growth in the geriatric population, and the increasing number of product launches are supporting the growth of this application segment.
“Orthopedic surgery segment to grow at the highest CAGR during the forecast period”
The orthopedic surgery segment is expected to register the highest CAGR of 4.8% during the forecast period. The growing number of knee and hip replacement procedures, rising prevalence of arthritis, and the increasing prevalence of musculoskeletal disorders are the key factors responsible for the growth of the orthopedic surgery segment in the temperature management market.
“Asia Pacific to grow at the highest CAGR during the forecast period.”
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. The Asia Pacific market, on the other hand, is estimated to grow at the highest CAGR during the forecast period. A number of factors, such as the developing healthcare infrastructure, growing medical tourism, and government initiatives to increase the affordability of healthcare services are supporting the growth of the temperature management market in the Asia Pacific.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the temperature management market.
By Company Type: Tier 1: 40%, Tier 2: 30%, and Tier 3: 30%
By Designation: C-level Executives: 27%, Directors: 18%, and Others: 55%
By Region: North America: 50%, Europe: 20%, APAC: 15%, and the RoW: 15%
The temperature management market comprises major players such as 3M Company (US), Medtronic (Ireland), Smiths Medical (US), Stryker (US), and ZOLL Medical (Japan). The study includes an in-depth competitive analysis of these key players in the temperature management market, along with their company profiles, recent developments, and key market strategies.
The market study covers the temperature management market across various segments. It aims at estimating the market size and the growth potential of this market across different segments, based on product, application, medical specialty, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in this market and provide information on the closest approximations of the revenue numbers for the overall temperature management market and its subsegments. This report will help the stakeholders to understand the competitive landscape, to gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report will also help stakeholders to understand the pulse of the market and provide information on key market drivers, restraints, opportunities, and challenges.
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