Temperature management is very important in medicine. Several diseases are characterized by a change in body temperature. As with other diseases, the course of the disease can be followed by measuring body temperature. This allows doctor to analyze the effectiveness of treatment based on the body temperature. Moreover, temperature management helps in the regulation and maintenance of body temperature of patients in operating theatres, recovery rooms, intensive care units, and other areas of hospitals. Temperature management is a form of active treatment for a specific period of time during recovery, when blood flow to the brain is poor.
Market Statistics:
The Global Temperature Management Market is estimated to account for US$ 2,975.6 Mn in terms of value by the end of 2022.
Drivers:
Increasing demand for temperature management devices or systems due to increase in patient pool around the world is expected to boost the growth of the global Temperature Management Market over the forecast period. For instance, in April 2020, Bactiguard announced the launch of a new urinary catheter, named BIP Foley TempSensor, for patients in intensive care, surgery, and other conditions where continuous temperature monitoring is important. In intensive care, continuous temperature surveillance is critical in monitoring the health status and wellbeing.
Opportunities:
Rising number of surgical procedures across the globe is expected to provide significant growth opportunities for players in the Temperature Management Market. For instance, according to the American Society of Plastic Surgeons, around 2,314,720 cosmetic procedures were performed in the United States in 2020.
Restraints:
Products recalls/failures and high cost of temperature management devices/systems is expected to hinder growth of the global Temperature Management Market. For instance, in April 2021, Terumo Cardiovascular Systems Corp. recalled the Terumo HX2 Temperature Management System as the company was unable to validate a cleaning protocol to satisfy current regulatory concerns and expectations laid by the Food and Drug Administration (FDA).
Global Temperature Management Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 has had a short-term impact on the global Temperature Management Market due to the postponement of elective surgeries, as governments and authorities seek to ensure the availability of resources for COVID-19 patients. Temperature management devices are often used during surgical procedures to maintain the body temperature. The decline in the number of surgeries has led to a decline in the demand for temperature management devices. This in turn is expected to hinder growth of the market.
To know the latest trends and insights related to Global Temperature Management Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/temperature-management-market-5107
Key Takeaways:
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.
Among product type Patient Warming Systems segment held dominant position in the global Temperature Management Market in 2021, accounting for 76.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Increasing prevalence of cancer and cardiovascular diseases is expected to aid in the growth of the global Temperature Management Market. For instance, according to the American Cancer Society, in 2022, there will be an estimated 1.9 million new cancer cases diagnosed and around 609,360 cancer deaths in the United States.
- Introduction of novel products by market players is expected to drive growth of the global Temperature Management Market. For instance, in May 2022, Nippon Express Co. launched a logistics service capable of handling goods requiring ultra-low temperatures (-20°C to -85°C) for the pharmaceutical industry. This is good for goods requiring ultra-low temperatures.
Competitive Landscape:
Major players operating in the global Temperature Management Market include Zoll Medical Corporation, Stryker Corporation, Smith Medical Inc., Medtronic PLC, Geratherm Medical AG, Dragerwerk AG & Co. KgaA, Atom Medical Corporation, Cincinnati Sub-Zero Products LLC, 3M, and Becton, Dickinson and Company, among others.
Recent Developments:
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.
In June 2020, Almac Clinical Services announced the launch of the Tempod 1000 to improve clinical site temperature data management as manual methods of data capture have proved challenging due to disruptions caused by the global pandemic
