Staff report
An Allied Market Research report states that the global patient temperature management industry generated $2.9 billion in 2021, and is anticipated to generate $6 billion by 2031, witnessing a compound annual growth rate (CAGR) of 7.7% from 2022 to 2031.
Growth and innovations in medical devices is among the factors the report states is pushing the market higher. Other growth factors listed include a massive pool of chronic disease incidences, a surge in the geriatric population, the growth of the medical tourism sector in developed and developing countries, a growing awareness about health care and an increase in the number of hospitals, ambulatory care centers and emergency care centers.
The outbreak of the COVID-19 pandemic, according to the report, 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 because of customer loss of private health insurance coverage for the products, which in turn, adversely impacted the overall financial performance of the companies.
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.
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.
Grand View Research also predicts market growth in the coming years.
The global patient temperature management market size was valued at $3.2 billion in 2021 and is expected to expand at CAGR of 8.8% from 2022 to 2030, according to a Grand View Research report.
The firm Research and Markets also issued a report predicting continued growth of the patient temperature management market.
“The global patient temperature management market size is expected to reach $6.9 billion by 2030, registering a CAGR of 8.8%,” the report states.
