North America and Europe are the Largest Revenue Generating Region for Temperature Management Market
(EMAILWIRE.COM, June 30, 2020 ) According to the new market research report "Temperature Management Market by Product (Surface & Intravascular System - Warming & Cooling), Application (Perioperative (Preoperative Care, Operating Room), Acute Care, Newborn Care), Medical Specialties (Pediatric, Orthopedic) - Global Forecast to 2024", published by MarketsandMarkets, the Temperature Management Market is expected to grow from USD 2.6 billion in 2019 to USD 3.0 billion by 2024, at a CAGR of 3.2% during the forecast period.
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The increase in the incidence of chronic conditions and the subsequent increase in the number of surgical procedures are the key factors driving market growth.
Patient warming systems to account for the largest share of the global Temperature Management Market in 2019
Based on product, the patient warming systems segment is expected to account for the largest share of the Temperature Management Market in 2019. Factors such as the rising demand for these systems in diverse hospital settings and the increasing adoption rate of invasive warming in surgical procedures such as orthopedic surgeries, gynecology and obstetrics procedures, gastrointestinal procedures, and general surgeries driving the growth of this segment.
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The perioperative care segment to be the largest application segment of the market in 2019
Based on applications, the Temperature Management Market is segmented into perioperative care, acute care, newborn care, and other applications. The perioperative segment is expected to dominate the market in 2019. The increasing number of surgical procedures performed worldwide is the major factor driving the growth of this application segment. In addition, technological advancements, the increasing number of product launches for the perioperative care segment, and a growing number of partnerships between key market players and hospitals are also supporting market growth.
General surgery to account for the largest share of the market, by medical specialty, in 2019
Based on medical specialty, the Temperature Management Market is segmented into general surgery, cardiology, neurology, thoracic surgery, orthopedics, pediatrics, and other medical specialties. The general surgery segment is expected to dominate the market in 2019. The rising incidence of cancers such as breast cancer, colorectal cancer, liver cancer, GI disorders, and endocrine disorders, globally, and the increasing number of general surgical procedures are the major factors driving the growth of this segment.
North America to dominate the market in 2019
North America is estimated to grow at the highest CAGR during the forecast period. Factors such as the large volume of surgical procedures performed in the North American region, growth in the geriatric population, the rising incidence of cardiac arrests and neurological disorders, and the availability of technologically advanced products are the key factors supporting the growth of the Temperature Management Market in North America.
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The major companies in the global Temperature Management Market include 3M Company (US), Medtronic (Ireland), Smiths Medical (US), Stryker (US), and ZOLL Medical (Subsidiary of Asahi Kasei) (Japan).
3M (US) was one of the major players operating in the temperature management market in 2018. The company provides an extensive range of temperature management products, such as warming blankets, warming systems, warming gowns, and non-invasive temperature management systems. For more than 20 years, 3Ms patient warming systems have been effectively used by more than 200 million patients.
Mr. Aashish Mehra
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