Global Temperature Management Systems Market to Reach $3.3 Billion by 2026
SAN FRANCISCO, June 30, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Temperature Management Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: January 2021
Executive Engagements: 14932
Companies: 49 - Players covered include 3M Company; Adroit Medical Systems Inc; Attune Medical; Augustine Surgical, Inc.; Becton, Dickinson And Company; Belmont Medical Technologies; Biegler GMBH; DrÃ¤gerwerk AG & CO. KGAA; Ecolab Inc; Encompass group,LLC; Enthermics Medical Systems; GE Healthcare; Gentherm Incorporated; Geratherm Medical AG; Hirtz & CO. KG.; Inspiration Healthcare Group PLC; Istanbul Medikal Ltd.; Life Recovery Systems HD, LLC; Medtronic PLC; Smiths Medical, Inc; Stryker Corporation; The 37company; Vyaire Medical Inc; Zoll Medical Corporation and Others.
Coverage: All major geographies and key segments
Segments: Product (Patient Warming Systems, Patient Cooling Systems); Application (General Surgery, Cardiology, Neurology, Orthopedic Surgery, Pediatrics, Other Applications); End-Use (Operating Rooms, ICUs, Emergency Rooms, Neonatal ICUs, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Temperature Management Systems Market to Reach $3.3 Billion by 2026
Temperature management systems help in regulating and maintaining patients' body temperature in operation theatres, recovery rooms, intensive care units, and other hospital areas. These systems utilize heat transfer and thermodynamics to manage the temperature of patients in every hospital settings. Growth in the global market is being propelled by rising cases of strokes and cardiac arrest coupled with increasing number of surgical interventions that rely on anesthesia administration, which results in drop in body temperature and requires the use of temperature management solutions to prevent the development of intra-operative hypothermia. The demand for these systems is also propelled by rising incidence of cardiac conditions and strokes along with increasing cases of cancer that result in lower body temperature owing to proliferation of cancer cells. The adoption of temperature management systems is also facilitated by their ability to reduce treatment cost and surgical complications. Another prominent factor that is driving the market growth is increasing number of agreements and contracts among market participants to bolster their regional footprints and product portfolios.
Amid the COVID-19 crisis, the global market for Temperature Management Systems estimated at US$2.3 Billion in the year 2020, is projected to reach a revised size of US$3.3 Billion by 2026, growing at a CAGR of 5.8% over the analysis period. Patient Warming Systems, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$2.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Patient Cooling Systems segment is readjusted to a revised 6.7% CAGR for the next 7-year period. This segment currently accounts for a 30.3% share of the global Temperature Management Systems market. Patient Warming Systems segments commands a dominating position due to rising adoption in surgeries. These systems are used to manage hypothermia or drop in body temperature following administration of specific anesthesia. Growth in the Patient Cooling System segment is attributed to the increasing number of cardiac surgeries. The segment's growth is also bolstered by increasing need for low temperature to eliminate the risk of adverse neurologic outcome and associated brain injuries.
The U.S. Market is Estimated at $913.4 Million in 2021, While China is Forecast to Reach $404 Million by 2026
The Temperature Management Systems market in the U.S. is estimated at US$913.4 Million in the year 2021. The country currently accounts for a 36.3% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$404 Million in the year 2026 trailing a CAGR of 8.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR while Rest of European market (as defined in the study) will reach US$435.2 Million by the end of the analysis period. The US remains at the forefront of adoption of temperature management systems market, driven by the presence of sophisticated healthcare infrastructure and reimbursement policies favoring new technologies.
The demand for temperature management systems is fueled by increasing number of surgical procedures and availability of advanced products like battery-powered and standalone devices for temperature management. The US market is also augmented by increasing geriatric population along with rising cases of neurological disorders and cardiac arrests in the region. Growth in the Asia-Pacific region is attributed to increasing adoption of advanced medical treatments. The regional market is anticipated to gain from the sheer size of patient population, increasing number of surgical interventions and rising health consciousness. More
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SOURCE Global Industry Analysts, Inc.