CHICAGO, Oct. 31, 2023 /PRNewswire/ -- Temperature Management Systems Market in terms of revenue was estimated to be worth $3.0 billion in 2023 and is poised to reach $3.9 billion by 2028, growing at a CAGR of 4.9% from 2023 to 2028 according to a new report by MarketsandMarkets. Growth in the temperature management systems market is mainly driven by the increasing prevalence of chronic and infectious diseases, the rising number of surgical procedures, and the increasing number of hypothermia cases expected to offer growth opportunities for players operating in the temperature management systems market during the forecast period. However, the high cost of intravascular temperature management systems and a lack of awareness are restricting the growth of this market.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141546773
Browse in-depth TOC on "Temperature Management Systems Market"
206 - Tables
44 - Figures
241 - Pages
Temperature Management Systems Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $3.0 billion |
Estimated Value by 2028 | $3.9 billion |
Growth Rate | Poised to grow at a CAGR of 4.9% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Application and Medical Speciality |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growing number of contracts and agreements between market players |
Key Market Drivers | Increasing number of hypothermia cases |
Patient Warming Systems segment is expected to account for the largest share in 2022.
The Temperature Management Systems market, by product, has been segmented into patient warming systems, patient cooling systems, and accessories for patient warming/cooling systems. Patient warming systems will drive the growth of the market due to increasing number of hypothermia cases. In the US and Canada, the number of hypothermia-related deaths is estimated at 25,000 and 8,000, respectively. Preventing inadvertent perioperative hypothermia helps to reduce surgical-site infections, the length of hospital stays, and the cost per patient.
The Perioperative care segment held the largest market share in the Temperature Management Systems market.
By Application, the global Temperature Management Systems market is broadly segmented into Perioperative care, acute care, newborn care, and other applications. Perioperative care is expected to grow highest in the upcoming years. The increasing number of hospital and advance medical surgical procedures will driving the growth of this application segment. Technological advancements, product developments and launches, and growing partnerships between key market players and hospitals are also supporting market growth.
The medical specialty segment held the largest market share in the Temperature Management Systems market.
By medical specialty, the global Temperature Management Systems market is broadly segmented into general surgery, cardiology, neurology, thoracic surgery, orthopedic surgery, pediatrics, and other medical specialties (such as ophthalmic, bariatric, and cosmetic surgeries). General surgery is expected to grow highest in the upcoming years. The increasing number of surgical procedures performed worldwide is the major factor driving the growth of this medical specialty segment.
North America dominates the global Temperature Management Systems market.
Based on the region, the Temperature Management Systems market is segmented into North America, Europe, Asia Pacific and Rest of the world. The North American market is driven by the growing focus on growing government and private investments to meet the increasing demand for increasing prevalence of chronic and infectious diseases.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=141546773
Temperature Management Systems Market Dynamics:
Drivers:
- Increasing number of hypothermia cases
Restraints:
- Lack of awareness regarding temperature management systems in developing countries
Opportunities:
- Growing number of contracts and agreements between market players
Challenge:
- Product recalls
Key Market Players of Temperature Management Systems Industry:
The Key players in the Temperature Management Systems market are 3M Company (US), GE Healthcare (US), Dragerwerk AG & Co. KGAA (Germany), Ecolab (US), Asahi-kasei Corporation (Japan), Becton, Dickinson and Company (US), ICU Medical (US), Gentherm Incorporated (US), Inspiration Healthcare Group PLC (UK), Medtronic PLC (Ireland), Stryker Corporation (US), The Surgical Company (Netherlands), Adroit Medical Systems (US), Attune Medical (US), Augustine Surgical, Inc (US), Belmont Medical Technologies (US), Biegler GMBH (Austria), Encompass Group, llc (US), Enthermics, INC (US), Hirtz & Co. KG (Germany), Istanbul Medikal ltd. (Istanbul), Life Recovery Systems (US), Medcare Visions (Germany), TahatAksi (Belarus) and Beijing Eternal Medical Technology Co., Ltd (China)
Breakdown of supply-side primary interviews by company type, designation, and region:
- By Company Type: Tier 1 (30%), Tier 2 (44%), and Tier 3 (26%)
- By Designation: C-level (30%), Director-level (33%), and Others (37%)
- By Region: North America (40%), Europe (28%), Asia-Pacific (18%), RoW (14%),
Recent Developments:
- In June 2023, Dragerwerk AG & Co. KGAA has launched the FDA-cleared Babyroo TN300, a new open warmer that offers supportive lung protection and temperature stability from the moment of birth through discharge.
- In July 2023, Asahi-kasei Corporation (Japan) signed an agreement with BrainCool, a medical device company specializing in temperature management solutions, for the exclusive distribution of the BrainCool System/IQool System and the IQool System Pads in the US and key markets in Europe. The companies are working toward expanding distribution to select markets in Asia.
- In January 2022, ICU Medical completed the acquisition of Smiths Medical from Smiths Group plc. The Smiths Medical business includes syringe and ambulatory infusion devices, vascular access, and vital care products. When combined with ICU Medical's existing businesses, the combined companies create a leading infusion therapy company with estimated pro forma combined revenues of approximately USD 2.5 billion.
- In July 2022, Gentherm acquired Jiangmen Dacheng Medical Equipment Co., Ltd., a manufacturer of medical materials and medical equipment, including patient temperature management solutions.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=141546773
Temperature Management Systems Market- Report Highlights:
- Recession Impact: The current edition of the report consists of the impact of the recession on the temperature management systems market.
- Product Segment: The product segment has been revised in the current report. The market is categorized as patient warming systems, patient cooling systems, and accessories for patient warming & cooling systems.
- New and Improved Representation of Financial Information: The new edition of the report provides updated financial information till 2022 (depending on the availability) for each listed company in a graphical representation in a single diagram (instead of multiple tables). This will allow for the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating country/region, and business segment focus in terms of the highest revenue-generating segment.
- Company Evaluation Matrix: The competitive landscape chapter has been updated with the company evaluation matrix. The competitive landscape also includes the market share analysis for 2022, an updated company evaluation matrix, and competitive situations and trends. The company evaluation matrix covers a comprehensive study of the key vendors and startups/SMEs.
- Recent Market Developments: Recent developments help understand market trends and growth strategies adopted by players. For instance, the number of product launches has increased in the last three years (2020 to 2023).
- Latest Company Profiling and Product Portfolio: The new edition of the report includes profiles for 25 companies. These companies have emerged as key market players in recent years due to the products they offer and various strategic investments undertaken in the temperature management systems market space.
- Additional Information: The current edition of the report includes the pricing analysis, value chain analysis, supply chain analysis, ecosystem analysis, trade analysis, technology analysis, regulatory landscape analysis, patent analysis, Porter's Five Forces analysis, trends & disruptions impacting customer's business, key conferences and events in 2023-2024, and key stakeholders and buying criteria in the market overview chapter. This edition of the report also covers the product and geographical footprint of key players in the competitive landscape chapter.
Temperature Management Systems Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall temperature management systems market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The Temperature Management Systems Market report provides insights on the following pointers:
- Analysis of key drivers (Increasing prevalence of chronic and infectious diseases, rising number of surgical procedures and Increasing number of hypothermia cases), restraints (High cost of intravascular temperature management systems, Lack of awareness regarding temperature management systems in developing countries and Lack of proper supply chain management) opportunities (Increasing growth opportunities in emerging markets, Growing number of contracts and agreements between market players and Developing healthcare infrastructure) and Challenges (Product recalls and Lack of skilled healthcare professionals) are influencing the growth of the temperature management systems market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the temperature management systems market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the temperature management systems market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the temperature management systems market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, among others, in the temperature management systems market strategies.
Related Reports:
Respiratory Care Devices Market - Global Forecasts To 2028
IoT Medical Devices Market - Global Forecasts to 2028
Patient Monitoring Devices Market - Global Forecasts to 2027
Veterinary Equipment Market - Global Forecasts to 2027
Extracorporeal Membrane Oxygenation Machine Market - Global Forecasts to 2026
About MarketsandMarkets:
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/temperature-management-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/temperature-management.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/temperature-management-systems-market-worth-3-9-billion--marketsandmarkets-301972547.html
