Growth & innovations in the medical devices, massive pool of chronic disease incidences, surge in geriatric population, growth of the medical tourism sector, and increase in the number of hospitals, ambulatory care centers, and emergency care centers drive the growth of the global patient temperature management market.
PORTLAND, Ore., Jan. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Patient Temperature Management Market by Product (Patient Warming Systems, Patient Cooling Systems, Accessories), by Application (Infants and Pediatric, Intensive Care, Operations, Others), by Distribution (Operating Room, Neonatal Intensive Care unit, Emergency Room, Intensive care units, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global patient temperature management industry generated $2.9 billion in 2021, and is anticipated to generate $6.0 billion by 2031, witnessing a CAGR of 7.7% from 2022 to 2031.
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Prime determinants of growth
Growth & innovations in the medical devices, massive pool of chronic disease incidences, surge in geriatric population, growth of the medical tourism sector in developed and developing countries, growing awareness about healthcare, rising healthcare expenditure, and increase in the number of hospitals, ambulatory care centers, and emergency care centers drive the growth of the global patient temperature management market. However, the unfavorable regulatory scenarios of the products used for testing restrict the market growth. Moreover, increase in promotional activities by manufacturers and growth in awareness of respiratory testing kits devices among the general population present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global patient temperature management market, owing to severe disruptions in various medical device industries during the lockdown.
- Furthermore, the market players experienced constrained supply or curtailed customer demand due to customer loss of private health insurance coverage for the products, which in turn, adversely impacted the business, results of operations and overall financial performance of the companies.
The patient warming systems segment to maintain its leadership status throughout the forecast period
Based on product, the patient warming systems segment held the highest market share in 2021, accounting for more than half of the global patient temperature management market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 8.0% from 2022 to 2031, owing to increase in the prevalence of chronic diseases like cardiovascular diseases, increase in the adoption of patient temperature management devices for controlling thermoregulation and availability of patient temperature management in the market by various key players.
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The operations segment to maintain its leadership status throughout the forecast period
Based on applications, the operations segment held the highest market share in 2021, accounting for more than two-fifths of the global patient temperature management market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 8.2% from 2022 to 2031. This is attributed to increase in the adoption of patient temperature management devices for surgical procedures of various diseases and increase in technological advancements. In addition, growth in prevalence of chronic diseases ?m?ng the population & surge in cardiac surgeries are ?????t?d t? ?r???l th? gr?wth ?f th? m?rk?t.
The operating room segment to maintain its lead position during the forecast period
Based on distribution channel, the operating room segment accounted for the largest share in 2021, contributing to around two-fifths of the global patient temperature management market, and is projected to maintain its lead position during the forecast period. This segment is expected to portray the largest CAGR of 8.4% from 2022 to 2031, as hospitals and diagnostic centers are the oldest and most conventional medium for using patient temperature management devices to manage the temperature of patients in acute critical care or surgical care.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly half of the global patient temperature management market, and is likely to dominate the market during the forecast period. This is due to high prevalence rate of neurological and cardiac diseases, increase in the number market players and surge in the awareness about temperature management devices in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.6% from 2022 to 2031. The market growth in this region is attributed to the presence of medical device companies in the region as well as growth in the purchasing power of consumers in the populated countries, such as China and India.
Leading Market Players: -
- Stryker Corporation
- ASAHI KASEI CORP
- Becton
- Dickinson and Company
- Medtronic plc
- ICU Medical Inc.
- Inspiration Healthcare Group plc
- 3M Company
- The Surgical Company,
- Atom Medical Corporation,
- Geratherm Medical AG
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