The temperature management market is projected to reach $3.2 billion by 2025, according to a report from MarketsandMarkets. Factors promoting market growth include an increasing global incidence of chronic conditions and the subsequent increase in the number of surgical procedures.
Globally, there has been an increase in the incidence of 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. 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.
The growing number of contracts and agreements between market players is also expected to offer a wide range of growth opportunities for market players during the forecast period.
Over the years, the number of companies offering temperature management systems has increased globally. Major market players are focusing on strengthening their product offerings, distribution networks, and geographic presence by entering into contracts and agreements with other established and emerging players in the market. This provides growth opportunities for emerging companies in the market.
However, the high cost of intravascular temperature management systems is restraining the growth of this market.
Intravascular temperature management systems provide rapid, safe, and effective management of the core body temperature of patients. However, the cost of these systems and accessories is significantly higher than that of noninvasive systems and accessories. This can restrain market growth.
The COVID-19 pandemic has resulted in significant disruption to business and economic activity globally and is expected to show short-term impacts on the temperature management product business, according to MarketsandMarkets. Temperature management products for perioperative care are expected to be impacted to some extent because of the postponement of elective surgeries caused by COVID-19 in 2020.
By type, the patient warming systems segment is divided into surface warming systems, intravascular warming systems, and warming accessories. The surface warming systems segment accounted for the largest share of the patient warming systems market in 2019, according to MarketsandMarkets.
Grand View Research reports that, “The global patient temperature management market size was valued at $2.64 billion in 2018 and is expected to witness attractive CAGR of 8.5% over the forecast period (through 2026).”
Patient cooling systems are anticipated to showcase lucrative growth over the forecast period, due to the rising number of cardiac surgeries and requirement of low temperature for eliminating the adverse neurologic outcomes and related brain trauma injuries, according to Grand View Research.