(PharmaNewsWire.Com, March 15, 2020 ) The global temperature management market is projected to reach USD 3.0 billion in 2024 from 2.6 billion in 2019, at CAGR of 3.2% during the forecast period. Some of the major factors driving the growth of this market include the increasing incidence of chronic conditions and increasing number of surgical procedures.
Acute Care segment is expected to grow at the highest CAGR during the forecast period.
Based on applications, the market is segmented into perioperative care, acute care, newborn care, and other applications. The acute care segment is expected to grow at the highest CAGR during the forecast period. Acute care encompasses specialized care and the support given to patients during emergencies or after undergoing surgeries in hospitals including intensive care units (ICUs), emergency rooms, coronary care units (CCUs), neurological care units, burn centers, and cath labs. The increase in the number of surgical procedures, growth in geriatric population, and increasing number of product launches are driving the growth of the acute care segment.
The number of surgical procedures performed has increased over the years due to the increasing prevalence of various diseases and growth in the geriatric population. Based on the data published by the WHO, the volume of surgical procedures performed worldwide is projected to reach 400 million by 2020 from 300 million in 2012. According to the United Nations, the population of individuals aged 60 and over is expected to grow by 56%—from 901 million in 2015 to 1.4 billion by 2030; by 2050, this population group is projected to double in size, reaching nearly 2.1 billion.
The geriatric population is at a higher risk of chronic diseases as well as orthopedic disorders. Thus, growth in this population segment and the subsequent increase in the number of surgical procedures performed is expected to drive the demand for temperature management systems.
Opportunity: Growing number of contracts and agreements between market players
Over the years, the number of companies offering temperature management systems has increased globally. Major market players are focusing on strengthening their product offerings, distribution networks, and geographic presence by entering into contracts and agreements with other established and emerging players in the market. This provides growth opportunities for emerging companies in the market.
3M Company (US), Becton, Dickinson and Company (US), Dräger AG & Co. KGaA (Germany), Ecolab (US), GE Healthcare (US), Gentherm Incorporated (US), Inspiration Healthcare (UK), Medtronic plc (Ireland), Smiths Medical (US), Stryker Corporation (US), The 37Company (Netherlands), and Zoll Medical Corporation (US)
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