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Temperature Management Systems: Market Trends

The global temperature management systems market is projected to reach USD 3.9 Billion by 2028 from USD 3.0 Billion in 2023, at a CAGR of 4.9%

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Temperature Management Systems Market in terms of revenue was estimated to be worth $3.0 billion in 2023 and is poised to reach $3.9 billion by 2028, growing at a CAGR of 4.9% from 2023 to 2028 according to a new report by MarketsandMarkets™.

Temperature Management Systems Market by Product (Warming Systems (Surface, Intravascular), Cooling Systems, Application (Perioperative, Acute, Newborn Care), Medical Speciality (Cardiology, Neurology, Pediatrics, Orthopedics) – Global Forecast to 2028

Growth in the temperature management systems market is mainly driven by the increasing prevalence of chronic and infectious diseases, the rising number of surgical procedures, and the increasing number of hypothermia cases expected to offer growth opportunities for players operating in the temperature management systems market during the forecast period. However, the high cost of intravascular temperature management systems and a lack of awareness are restricting the growth of this market.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141546773

The Temperature Management Systems market, by product, has been segmented into patient warming systems, patient cooling systems, and accessories for patient warming/cooling systems. Patient warming systems will drive the growth of the market due to increasing number of hypothermia cases. In the US and Canada, the number of hypothermia-related deaths is estimated at 25,000 and 8,000, respectively. Preventing inadvertent perioperative hypothermia helps to reduce surgical-site infections, the length of hospital stays, and the cost per patient.

By Application, the global Temperature Management Systems market is broadly segmented into  Perioperative care, acute care, newborn care, and other applications. Perioperative care is expected to grow highest in the upcoming years. The increasing number of hospital and advance medical surgical procedures will driving the growth of this application segment. Technological advancements, product developments and launches, and growing partnerships between key market players and hospitals are also supporting market growth.

By medical specialty, the global Temperature Management Systems market is broadly segmented into general surgery, cardiology, neurology, thoracic surgery, orthopedic surgery, pediatrics, and other medical specialties (such as ophthalmic, bariatric, and cosmetic surgeries). General surgery is expected to grow highest in the upcoming years. The increasing number of surgical procedures performed worldwide is the major factor driving the growth of this medical specialty segment.

Based on the region, the Temperature Management Systems market is segmented into North America, Europe, Asia Pacific and Rest of the world. The North American market is driven by the growing focus on growing government and private investments to meet the increasing demand for increasing prevalence of chronic and infectious diseases.

Temperature Management Systems Market Dynamics:

Drivers:

  1. Increasing number of hypothermia cases

Restraints:

  1. Lack of awareness regarding temperature management systems in developing countries

Opportunities:

  1. Growing number of contracts and agreements between market players

Challenge:

  1. Product recalls

Key Market Players of Temperature Management Systems Industry:

The Key players in the Temperature Management Systems market are 3M Company (US), GE Healthcare (US), Dragerwerk AG & Co. KGAA (Germany), Ecolab (US), Asahi-kasei Corporation (Japan), Becton, Dickinson and Company (US), ICU Medical (US), Gentherm Incorporated (US), Inspiration Healthcare Group PLC (UK), Medtronic PLC (Ireland), Stryker Corporation (US), The Surgical Company (Netherlands), Adroit Medical Systems (US), Attune Medical (US), Augustine Surgical, Inc (US), Belmont Medical Technologies (US), Biegler GMBH (Austria), Encompass Group, llc (US), Enthermics, INC (US), Hirtz & Co. KG (Germany), Istanbul Medikal ltd. (Istanbul), Life Recovery Systems (US), Medcare Visions (Germany), TahatAksi (Belarus) and Beijing Eternal Medical Technology Co., Ltd (China)

Recent Developments:

  • In June 2023, Dragerwerk AG & Co. KGAA has launched the FDA-cleared Babyroo TN300, a new open warmer that offers supportive lung protection and temperature stability from the moment of birth through discharge.
  • In July 2023, Asahi-kasei Corporation (Japan) signed an agreement with BrainCool, a medical device company specializing in temperature management solutions, for the exclusive distribution of the BrainCool System/IQool System and the IQool System Pads in the US and key markets in Europe. The companies are working toward expanding distribution to select markets in Asia.
  • In January 2022, ICU Medical completed the acquisition of Smiths Medical from Smiths Group plc. The Smiths Medical business includes syringe and ambulatory infusion devices, vascular access, and vital care products. When combined with ICU Medical’s existing businesses, the combined companies create a leading infusion therapy company with estimated pro forma combined revenues of approximately USD 2.5 billion.
  • In July 2022, Gentherm acquired Jiangmen Dacheng Medical Equipment Co., Ltd., a manufacturer of medical materials and medical equipment, including patient temperature management solutions.

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