The temperature management market is projected to reach USD 3.15 billion by 2025 from USD 2.56 billion in 2019, at CAGR of 5.1% during the forecast period.
Some of the major players operating in this market are 3M (US), Smiths Medical (US), and Zoll Medical (US).
The growth in this market 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.
However, the high cost of intravascular temperature management systems is restraining the growth of this market
Patient Warming Systems segment accounted for the largest share of the temperature management systems market, by medical specialty, in 2019.
Based on the product, the temperature management market is segmented into patient warming and cooling systems.
The patient warming systems segment accounted for the largest share of the temperature management market in 2019.
The rising demand for these systems in diverse hospital settings and the increasing adoption rate of invasive warming in surgical procedures are the major factors driving the growth of this segment.
Acute Care segment to grow at the highest CAGR of the temperature management systems market, by application in 2019.
On the basis of applications, the temperature management market is segmented into perioperative care, acute care, newborn care, and other applications.
Among these, the acute care segment is expected to grow at the highest CAGR during the forecast period.
As acute care encompasses specialized care and the support given to patients during emergencies or after undergoing surgeries in hospitals.
North America will continue to dominate the temperature management systems market during the forecast period.
In 2019, North America accounted for the largest share of the temperature management market, followed by Europe.
Factors such as the large volume of surgical procedures, growth in the geriatric population, rising incidence of cardiac arrests and neurological disorders, availability of technologically advanced products, and the presence of major players in the US are driving the growth of the temperature management market in North America.
On the other hand, the market in the Asia-Pacific is estimated to grow at the highest CAGR during the forecast period.
This is primarily attributed 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 are the major factors supporting the growth of the Asia-Pacific temperature management market
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