Patient temperature management systems are used to help patients stay normothermic, before, during, and after surgery. In case of patients receiving general or local anesthesia, their body temperature fluctuates, which could be life-threating, thus medical professionals use patient temperature management systems to avoid such circumstances. Novel product launches and increasing number of surgeries are increasing the demand for patient temperature management systems, thus driving growth of the patient temperature management system market.
The global patient temperature management system market size is estimated to be valued at US$ 2,574.1 million in 2017 and is expected to witness a CAGR of 2.5% over the forecast period (2018 – 2026).
Figure 1. Global Patient Temperature Management System Market Share (%), By Product Type
Source: Coherent Market Insights Analysis (2018)
New entrants launching novel products contribute to the patient temperature management system market growth
Attune Medical, formerly known as Advanced Cooling Therapy, founded in 2014, received an Innovative Technology contract for demonstrating an enhanced ability to improve clinical care or patient safety, from Vizient, Inc., for its Esophageal Cooling Device (ECD), in 2017. Furthermore, in May 2018, Attune Medical received FDA clearance for its EnsoETM, also known as ECD, which is a targeted temperature management device to warm patients with Cincinnati Sub-Zero’s Norm-O-Temp, a hyperthermia system. The company also received clearance for using EnsoETM with Medi-Therm III by Stryker in 2015. Increasing number of such clearances to use products in combination with products of major manufacturers such as Stryker and Cincinnati Sub-Zero Products, LLC, in turn, is expected to boost the company’s market share. Moreover, VitaHEAT Medical also received innovative technology contract from Vizient, Inc. for its VitaHeat UB3 Patient warming solution in 2017.
Asia Pacific Patient Temperature Management System Market to exhibit fastest growth over the forecast period
North America patient temperature management systems market holds dominant position amongst regional segment owing to high prevalence of cardiac disorders due to increasing sedentary life style, suggesting large pool of population subjected to surgery. For instance, according to Center for Disease Control and Prevention’s (CDC), Heart Disease and Stroke Statistic 2017, around 92.1 million adults were suffering from one or the other form of cardiovascular disease or suffered from stroke in the past, in the U.S. Such high patient population subjected to cardiac surgery coupled with high adoption of advanced products in the region is expected to boost growth of the market in the region over the forecast period. Additionally, according to 3M Corporation over 80% of the U.S. hospitals used Bair Hugger, a patient temperature management system, to maintain the body temperature of patients in normal range before, during, and after a surgery. However, Asia Pacific patient temperature management system market is expected to demonstrate rapid growth, owing to increasing market penetration in emerging economies such as India and China. For instance, in 2013, BSD Medical Corporation’s Chinese distributor, Dalian Orientech Co. Ltd., received China’s FDA approval for the BSD-2000, patient warming system.
Inorganic strategies by market players is fuelling growth of the patient temperature management system market, globally
Strategic agreement, mergers, and collaborations by market players to expand their geographic reach, is in turn, fueling patient temperature management systems market growth. For instance, in 2016, VitaHEAT Medical LLC, privately held medical company, and 3M Company signed an agreement under which 3M received exclusive rights for the distribution of VitaHEAT UB3 patient warming systems in the U.S. Furthermore, in 2017, VitaHEAT Medical and 3M Company expanded their partnership, which included both equity investment and an exclusive U.S. distribution agreement, aiming to achieve scaling and development of its next generation patient warming technologies. Such strategies are expected to increase company’s market share in the global patient temperature management systems market. Furthermore, in same year, company expanded sales distribution with Medline Industries, Inc., for providing full access to clinicians across the country.
Major players operating in the patient temperature management systems market include 3M Company, Cincinnati Sub-Zero Products, LLC, C.R. Bard, Inc., Zoll Medical Corporation, Smith Medicals, Stryker Corporation, Medtronic plc, and The 37Company.
Temperature is one of the vital signs signifying the well-being of a person, for which the medical society recommends monitoring and management as a part of standard care therapy for patients undergoing surgery due to critical illness. Patient temperature management systems is used in preoperative warming, operating and surgery rooms, post-operating warming, critical care units and intensive care units, chemotherapy and emergency medical services. Increasing product approvals coupled with strategies of market player are key factors augmenting the market growth.
The global patient temperature management system market is projected to witness significant growth over the forecast period, owing to increasing number of product launches by market players and new entrants in the patient temperature management systems market. For instance, in 2012, Medline Industries, Inc., launched PerfecTemp system, an innovative patient warming system, with reduced risk of surgical site infection. Furthermore, in 2016, VitaHEAT Medical, LLC launched its innovative product VitaHeat UB3 patient warming system. This company also partnered with 3M Corporation for multi-year distribution agreement of its product. Moreover, increasing surgical procedures for cardiac and neurological disorders and aging-related surgeries such as orthopedic surgeries are fueling growth of the patient temperature management systems market.
Key features of the study:
Strategies “*” marked represents similar segmentation in other categories in the respective section.