On the basis of type of product, the global temperature management market has been divided into two major segments – patient warming systems and patient cooling systems, according to a PR Newswire news release.
“The patient warming systems segment is further classified into surface warming systems (convective and conductive systems), intravascular warming systems, and patient warming accessories. Likewise, the patient cooling systems segment is further divided into surface cooling systems, intravascular cooling systems, and patient cooling accessories,” according to the news release.
“The patient warming systems segment is expected to account for the largest share of the global temperature management market in 2015,” according to PR Newswire. “Furthermore, the patient cooling systems segment is expected to grow at the highest CAGR (compound annual growth rate) in the next five years, primarily owing to technological advancements in the field of intravascular temperature management (IVTM) systems, and numerous growth strategies followed by market players.”
On the basis of type of application, the global temperature management market is classified into four major segments, including acute care and perioperative care. Segments also include newborn care and other applications.
“The perioperative care applications segment is expected to account for the largest share of the global temperature management market in 2015. The acute care applications segment is expected to grow at the highest CAGR in the next five years, owing to rising number of technologically advanced new product launches,” according to the news release.
A report by MarketsandMarkets predicts continued growth in the temperature management market.
“The temperature management market is poised to reach $2,576.8 million by 2020 from $2,302.7 Million in 2015, at a CAGR of 2.3 percent from 2015 to 2020,” according to MarketsandMarkets.
New technology and an aging worldwide population are among factors cited when forecasting growth.
“A number of factors such as the worldwide development of technologically advanced temperature management systems, increase in aging population (which in turn is increasing the demand for age-related surgeries), and growing prevalence of cancer and cardiovascular diseases is propelling the growth of the global temperature management market,” according to MarketsandMarkets. “However, unfavorable health care reforms in the U.S., product recalls, and rising price pressure on market players are some major factors restraining the growth of this market. In addition to this, the stringent regulatory policy in developed countries is a key challenge faced by market players in the temperature management market.”
Among the key players in the temperature management market, according to MarketsandMarkets, are 3M Company, C.R. Bard Inc., Cincinnati Sub-Zero Products Inc., Medtronic PLC, Geratherm Medical AG, Inditherm Plc, Smiths Group Plc, Stryker Corp. and ZOLL Medical Corp.