Growing Demand for Temperature Management Products: Market Growth Worth $3.2 billion by 2025
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 temperature management market.
Temperature Management Market: Impact Analysis
1. Incidence of Chronic Medical Conditions
2. Number of Surgical Procedures
3. Contracts and Agreements Between Market Players
4. Covid-19 Impact on Temperature Management Market
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%.
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global Temperature Management market?
2. What are the drivers, restraints, opportunities, and challenges in the Temperature Management Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of Temperature Management in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
5. What are the Known and Unknown Adjacencies Impacting the Temperature Management Systems?
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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 systems.
Growth number of contracts and agreements between market players:
Over the years, the number of companies offering temperature management systems has increased globally. Major market players are focusing on strengthening their product offerings, distribution networks, and geographic presence by entering into contracts and agreements with other established and emerging players in the market. This provides growth opportunities for emerging companies in the market. For instance, in February 2017, Advanced Cooling Therapy (Formally known as Attune Medical) (US) received an innovative technology contract from Vizient, Inc. (US) for its esophageal cooling device.
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Regional Growth Analysis of Temperature Management Market: 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. The market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period.
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).