The global patient temperature management market is anticipated to reach a value of $4.6 billion by 2025, according to a new report by Grand View Research Inc.
An increase in the number of surgeries is anticipated to accelerate the demand for temperature management devices, according to the report.
“With growing prevalence of cardiac arrest and other chronic cardiac diseases, there is a rising number of surgeries being undertaken. Hence, this raises the need for patient temperature management, in order to avoid the adverse effects on brain,” according to Grand View Research. “Patient warming systems are also used for cancer patients as adjuncts with chemotherapy and radiation therapy for more effective results. Moreover, in neonatal care, newborns are likely to experience temperature fluctuations and hence, they are kept in incubators to maintain their normal body temperature. As a result, the aforementioned factors are giving rise to high demand for temperature monitoring devices.”
Advancements in technology have also enhanced the product portfolio of temperature management devices. The blood and fluid temperature management systems have evolved with new technology, facilitating circulation of warm or cool saline with the help of a catheter to the patient’s body. These and other technological advancements have led to market growth.
Grand View Research reports that patient warming systems held the largest market share in 2016 due to high usage of these devices before surgery, when provided with general anesthesia.
However, the report indicates that patient cooling systems are anticipated to exhibit a lucrative compound annual growth rate over the forecast period due to the introduction of new products like cooling caps and blood and fluid cooling systems.
According to a market research report from MarketsandMarkets, the temperature management market is expected to reach $2.72 billion by 2022 from an estimated $2.40 billion in 2017, at a CAGR of 2.5 percent.
“The key factors driving the growth of this market include increase in the development of technologically advanced intravascular systems, large number of awareness campaigns/conferences for physicians, growth in research funding, and incidence of chronic conditions are driving the growth of the temperature management market,” according to MarketsandMarkets. “However, the high cost of invasive temperature management systems and product recalls are restraining the growth of this market.”
By product, the patient warming systems segment accounted for the largest share of the market in 2017, according to MarketsandMarkets.
MarketsandMarkets list of key players in the global temperature management market include 3M Company, Smiths Medical, Medtronic plc, C.R. Bard Inc., Cincinnati Sub-Zero Products Inc., Geratherm Medical AG, Stryker Corporation, ZOLL Medical Corporation and GE Healthcare.