TEMPERATURE MANAGEMENT MARKET ANALYSIS

Temperature management remains a significant component of hospital care for all neonatal and paediatric patients. Temperature management refers to a treatment carried out to maintain body temperature of a patient for specific duration. It helps reduce the risk of tissue injury due to the lack of blood flow and helps improve health conditions. Body temperature is very important in medicine. A number of diseases are characterized by a change in body temperature. Monitoring body temperature, even when people are healthy, can help detect disease early. Therefore, close monitoring and regulation to avoid extremes of body temperature is particularly important in critically ill patient. Temperature is one of the vital signs signifying the well-being of a person, thereby temperature monitoring and management is a part of standard care.

Market Statistics:

The global Temperature Management Market was valued at US$ 2,856.6 Mn in 2021 and is forecast to reach a value of US$ 3,814.3 Mn by 2028 at a CAGR of 4.2% between 2022 and 2028.

North America held dominant position in the Global Temperature Management Market in 2020, accounting for 38.5% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Temperature Management Market Share (%), by Region, 2021

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Recent Developments:

In January 2022, Medtronic entered into a definitive agreement to acquire Affera. Affera offers technologies that support physicians in improving clinical workflows, procedural efficiencies, and ultimately optimizing patient care.

In June 2021, Geratherm Medical AG showcased products at the ARAB HEALTH 2021 in the fields of body temperature measurement, blood pressure measurement, temperature  management  – hypothermia prevention, and respiratory.

Market Drivers:

1. High prevalence chronic diseases, such as cardiovascular diseases and cancer, worldwide is expected to fuel growth of the global Temperature Management Market over the forecast period. For instance, according to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally. An estimated 17.9 million people died from cardiovascular diseases in 2019, representing 32% of all global deaths. Moreover, cancer was the leading cause of death worldwide, accounting for nearly 10 million deaths in 2020.
2. Increasing volume of surgical procedures across the globe is expected to drive growth of the global Temperature Management Market during the forecast period. For instance, according to the American Society of Plastic Surgeons, in 2020, over 6.8 million reconstructive procedures, 13.2 million cosmetic minimally invasive procedures, and around 2.3 million cosmetic surgical procedures were performed in the United States.

Figure 2. Global Temperature Management Market Share (%), by Product, 2021

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Market Restraints:

1. High cost of temperature management systems is expected to hinder growth of the global Temperature Management Market. The cost of temperature management devices depends upon the specification and features of the device and brand of the device. For instance, the average price of Warrior Blood and Fluid Warmer by Bell Medical Inc. is USD 3,438 - USD 5,403.
2. Products recalls and failures are expected to hamper the growth of the global Temperature Management Market. For instance, in September 2021, Smiths Medical recalled half a million Normoflo irrigation fluid warmers and warmer sets due to the potential for aluminium ions to leach into warmed fluids. The recall has been designated as a Class I recall, the most serious kind, by the Food and Drug Administration (FDA).

Market Opportunities:

1. Technological advances in temperature management systems is expected to provide lucrative growth opportunities for players in the global Temperature Management Market. For instance, in April 2021, TSS introduced a new era of efficiency, with next-generation Bluetooth-powered temperature monitoring solutions that help life science supply chain professionals automate their processes for time and cost savings while securing patient safety.
2. Growing geriatric population worldwide is expected to offer lucrative growth opportunities for players in the global Temperature Management Market. For instance, according to the WHO, by 2030, 1 in 6 people in the world will be aged 60 years or over, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050.

Market Trends/Key Takeaways:

1. Increasing demand for temperature management systems/devices worldwide is expected to boost the growth of the global Temperature Management Market. For instance, in March 2019, Smiths Medical launched Level 1 convective warmer, a next-generation high-flow convective warmer that gives health care providers a quiet, simple, and safe thermal care solution to help patients maintain normal body temperature through every stage of surgery.
2. Growing number of contracts and agreements between market players is expected to propel the growth of the global Temperature Management Market. For instance, in May 2021, ZOLL Medical Corporation and Global Healthcare SG signed exclusive agreement for distribution of portable targeted temperature management system in Asia Pacific.

Competitive Landscape:

1. 3M
2. Atom Medical Corporation
3. Becton, Dickinson and Company
4. Cincinnati Sub-Zero Products LLC
5. Dragerwerk AG & Co. KGaA
6. Geratherm Medical AG
7. Medtronic PLC
8. Smith Medical Inc.
9. Stryker Corporation
10. Zoll Medical Corporation