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Temperature Management Systems Market Revenue to Cross $ 3,343.41 million by 2028

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Temperature Management Systems Market Revenue to Cross $ 3,343.41 million by 2028

December 02
00:03 2021
Temperature Management Systems Market Revenue to Cross $ 3,343.41 million by 2028
theinsightpartners
The temperature management systems market is projected to reach US$ 3,343.41 million by 2028 from US$ 2,332.93 million in 2021; it is expected to grow at a CAGR of 5.3% from 2021 to 2028.

According to The Insight partners latest research study on “Temperature Management Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, Medical Indication,” the market is projected to reach US$ 3,343.41 million by 2028 from US$ 2,332.93 million in 2021; it is expected to grow at a CAGR of 5.3% from 2021 to 2028. The report highlights trends prevailing in the market and the factors driving and restraining the market growth.

Temperature management systems, called as thermal management systems, utilizes heat transfer and thermodynamics to manage the temperature of a system. Temperature management systems aid in regulating and maintaining the normal body temperature of patients in intensive care, resting rooms, OT’s, and other regions of hospitals. These systems are captious for patients in every setting. Temperature management is a type of active treatment for a specific period during recovery when the blood flow to the brain is poor. The factors such as the increasing prevalence of chronic disease and cardiovascular diseases and rising number of surgical procedure drive the growth of the temperature management systems market. However, high cost of these products is expected to restrict the market growth to a certain extent during the forecast period.

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Temperature Management Systems Market: Competitive Landscape and Key Developments

3M, ZOLL MEDICAL CORPORATION, BD, Smiths Medical, Dragerwerk AG & Co. KGaA, Ecolab, GENTHERM, Geratherm Medical AG, Inspiration Healthcare Group plc, and Stryker Corporation are among the major companies operating in the market.

Increasing Prevalence of Chronic Disease and Cardiovascular Diseases

Healthcare system across the world is observing massive growth in the prevalence of infectious diseases. Additionally, the prevalence of chronic conditions such as cancer, diabetes, and cardiovascular disorders is witnessing a rise across the world. This increase in prevalence of infectious and chronic conditions is projected to drive the adoption of temperature management systems, which will eventually accelerate the market growth. For instance, according to the Centers for Disease Control and Prevention (CDC), almost 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions in 2019. Globally, there has been an increase in chronic conditions, such as strokes, cardiac arrests, and neurological diseases such as traumatic brain injury. Several research studies indicate that survivors of cardiac arrests can suffer from devastating neurological impairments. Temperature management devices are widely used in the prevention of neurological damage after cardiac arrests. In addition, the use of mild therapeutic hypothermia is considered to improve neurological outcomes after cardiopulmonary resuscitation. Thus, the increasing incidence of chronic diseases is expected to drive the demand for temperature management systems.

Cardiovascular diseases (CVDs) are the number one cause of death globally, taking an estimated 17.9 million lives each year. One person dies every 36 seconds in the US due to cardiovascular disease. About 655,000 Americans die from heart disease each year, i.e., one in every four deaths. For example, during open-heart surgery, the lowering of the patient’s body heat is essential. This is achieved through blood cooling, which helps reduce the complications before and after the surgery. On the other hand, patient warming systems are used to treat cancer patients who are undergoing chemotherapy or radiation therapy for effective results. Such staggering prevalence of chronic conditions generates demand for temperature management systems during the forecast period.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Based on product, the temperature management systems market is categorized into patient warming systems and patient cooling systems. The patient warming systems segment held a larger share of the market in 2020, whereas the patient cooling systems is anticipated to register the highest CAGR in the market during the forecast period.

Based on application, the temperature management systems market has been segmented into perioperative care, acute care, newborn care, and others. The perioperative care segment held the largest share of the market in 2020, whereas the acute care segment is estimated to register the highest CAGR in the market during the forecast period.

Based on medical indication, the temperature management systems market has been segmented into general surgery, cardiology, neurology, pediatrics, orthopedic surgery, thoracic surgery, and others. The general surgery segment held the largest share of the market in 2020, whereas the cardiology segment is estimated to register the highest CAGR in the market during the forecast period.

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