Factors such
as increasing global incidence of chronic conditions and the subsequent
increase in the number of surgical procedures. 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. However,
the high cost of intravascular temperature management systems is restraining
the growth of temperature management market.
Temperature Management Market: Impact Analysis
1. Incidence of Chronic Medical Conditions
2. Number of Surgical Procedures
3. Contracts and Agreements Between Market Players
4. Covid-19 Impact on Temperature Management Market
The temperature
management market is projected to reach USD 3.2 billion by 2025 from USD
2.5 billion in 2020, at CAGR of 5.1%.
Key Questions Addressed in The Report:
1. Who are the top 10 players
operating in the global Temperature Management market?
2. What are the drivers, restraints, opportunities, and challenges in the Temperature
Management Industry?
3. What are the opportunities
for stakeholders and provide details of the competitive landscape for key
players?
4. What will be growth of Temperature Management in North America, Europe, Asia
Pacific, Latin America, and the Middle East and Africa?
5. What are the Known and Unknown Adjacencies
Impacting the Temperature Management Systems?
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Increase in the incidence of chronic conditions:
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.
Growth number of contracts and agreements between market players:
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. For instance, in February 2017, Advanced Cooling Therapy (Formally
known as Attune Medical) (US) received an innovative technology contract from
Vizient, Inc. (US) for its esophageal cooling device.
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Regional Growth Analysis of Temperature Management Market:
North
America, comprising the US and Canada, accounted for the largest share of the
temperature management market in 2019. The large volume of surgical procedures
performed in North American countries is a major factor driving market growth
in this region. Growth in the geriatric population, the rising incidence of
cardiac arrests and neurological disorders, and the availability of
technologically advanced products such as standalone and battery-powered
devices are the other factors supporting the growth of the temperature
management market in North America. The market in the Asia Pacific is estimated
to grow at the highest CAGR during the forecast period.
Key Players:
The major players operating in the temperature management systems market
include 3M (US), Smiths Medical (US), ZOLL Medical (US), Becton, Dickinson and
Company (US), Drägerwerk (Germany).
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