Temperature management is the process of regulating a patient’s body temperature during a specific medical/surgical condition.
The global temperature management market to grow from USD 2.6 billion in 2019 to USD 3.0 billion by 2024, at a CAGR of 3.2% during the forecast period. Market growth is largely driven by the 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.
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Based on products, the temperature management market is segmented into patient warming systems and patient cooling systems. Of these two segments, patient warming systems accounted for the largest share of the temperature management market in 2018. The large share of this market segment can primarily be attributed to factors such as the growing demand for these systems in diverse hospital settings and the increasing adoption of invasive warming in surgical procedures such as orthopedic surgeries, gynecological & obstetric procedures, gastrointestinal procedures, and general surgeries.
Based on applications, the temperature management market is segmented into perioperative care, acute care, newborn care, and other applications. The perioperative care segment accounted for the largest share of the temperature management market in 2018. The increasing number of surgical procedures performed worldwide is the major factor driving the growth of this application segment. In addition, technological advancements, the increasing number of product launches for the perioperative care segment, and the growing number of partnerships between key market players and hospitals are also supporting market growth.
The temperature management market is divided into four major regions North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America was the largest contributor to the global temperature management 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. However, the Asia Pacific is considered the most lucrative market for temperature management for the market players owing to the growing demand for aesthetic and medical surgeries, rising incidence of cardiac arrests and CNS disorders, government efforts to increase access to elective surgeries, and improving healthcare infrastructures. The market players are tapping these opportunities through the adoption of inorganic growth strategies such as agreements and partnerships and acquisitions.