The temperature management market is expected to register a CAGR of around 3% from 2018 to 2023, according to Mordor Intelligence.
“With the rising number of surgeries being performed in hospitals worldwide, there is a growing demand for temperature management devices, which are used to manage the human body temperature by providing regulations in inside recovery rooms, operations theaters, and other types of hospital rooms. The well-established healthcare infrastructure with the high adoption rate of new technologies and increasing surgical centers, would help North America dominate the market share,” according to Mordor Intelligence.
A MarketWatch press release also indicates continued market growth.
The global patient temperature management market will experience substantial growth from 2017 to 2024, according to the press release. The industry will witness significant growth due to increased number of surgeries along with soaring geriatric population base globally. Rising prevalence of cancer and cardiovascular diseases will drive the patient temperature management market size. According to WHO data, cardiovascular disease is the leading reason for mortality globally. Nearly 17.7 million people died worldwide due CVD in the year 2015.
MarketsandMarkets also reports growth in coming years.
“The global temperature management market is projected to be valued at $2.40 billion in 2017 and is expected to grow at a CAGR of 2.5% during the forecast period to reach $2.72 billion by 2022.
Base year considered for the report is 2016. Some of the key factors driving the growth of this market include the increase in the incidence of chronic conditions, development of technologically advanced intravascular systems, large number of awareness campaigns/conferences for physicians and growth in research funding.”
The rising number of surgical procedures is one of the primary drivers for the temperature management market, according to Mordor Intelligence. According to Eurostat 2017, a high number of surgeries were performed in European countries, including cataract surgery and colonoscopy. With that, a large increase in recent years has been observed in appendectomies and hysterectomies using keyhole surgery. Also, globally cardiovascular along with musculoskeletal operations are done majorly in most of the regions. This raises the demand for temperature management device usage in hospital rooms, intensive care units (ICUs) and other areas.
Other driving factors for this market are rising prevalence of cancer and cardiovascular diseases, development of technologically advanced intravascular systems and growing medical tourism, according to Mordor Intelligence.
The Mordor Intelligence report adds that the high cost associated with temperature management systems is one of the major restricting factors for the market. The surgical procedure becomes expensive due to the use of temperature management systems such as endovascular methods. The cost per treatment for single-use components also increases.
“For example, Arctic 5000 and its related consumables are costly and require a team of specialists to handle the medical device. Thus, the price pressure and lack of availability of trained professionals impede this market,” according to Mordor Intelligence.
Other factors impeding this market include product recalls and failures of temperature management devices, according to Mordor Intelligence.
Mordor Intelligence also indicates that the Asia-Pacific region is expected to show attractive growth during the forecast period due to the presence of high growth opportunities for the unmet needs of the target population in this region. Due to growing medical tourism, countries such as Malaysia, India, China, Thailand, and Japan are gaining growth in this market. With that, the North American region is expected to dominate the market share in the forecast period due to the well-developed health care infrastructure, health care facilities and high adoption of new technologies.