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Market Analysis: Reports Indicate Temperature Management Market Growth
IN THE OR
market analysis
Staff report
The temperature management market is projected to reach $3.3 billion by 2026 from $2.7 billion in 2021, according to MarketsandMarkets. This indicates a compound annual growth rate (CAGR) of 3.6% during the forecast period.
“Factors such as increasing global incidence of chronic conditions and the subsequent increase in the number of surgical procedures,” are expected to fuel growth according to the MarketsandMarkets report. “The growing number of contracts and agreements between market players is also expected to offer a wide range of growth opportunities for market players during the forecast period. However, the high cost of intravascular temperature management systems is restraining the growth of this market.”
MarketsandMarkets goes on to discuss the impacts of the COVID-19 pandemic on the market.
“The COVID-19 has resulted in significant disruption to business and economic activity globally and is expected to show short-term impacts on the temperature management product business,” the report states. “Temperature management products for perioperative care are expected to be impacted to some extent due to the postponement of elective surgeries caused by COVID-19, as governments and authorities seek to ensure the availability of resources for COVID-19 patients. In an effort to reduce the strain on the health care system, decrease disease transmission, and conserve personal protective equipment (PPE), various governments have provided guidelines on elective surgeries.”
“Globally, there has been an increase in the incidence of chronic conditions, such as strokes, cardiac arrests, and neurological diseases such as traumatic brain injury,” the report adds. “Several research studies indicate that survivors of cardiac arrests can suffer from devastating neurological impairments. Temperature management devices are widely used in the prevention of neurological damage after cardiac arrests. The use of mild therapeutic hypothermia is considered to improve neurological outcomes after cardiopulmonary resuscitation. Thus, the increasing incidence of chronic diseases is expected to drive the demand for temperature management systems.”
Grand View Research also predicts growth in the temperature management market.
“The global patient temperature management market size was valued at $3.2 billion in 2021 and is expected to expand at compounded annual growth rate (CAGR) of 8.8% from 2022 to 2030. Increasing volume of surgical procedures is one of the significant factors impacting growth of the patient temperature management market,” the report states.
A new market study published by Global Industry Analysts Inc., a market research company, recently released its report titled “Temperature Management Systems – Global Market Trajectory & Analytics.” The report predicts that the global temperature management systems market will reach $3.3 billion by 2026.
The demand for temperature management systems is fueled by an increasing number of surgical procedures and availability of advanced products like battery-powered and standalone devices for temperature management, according to the Global Industry Analysts Inc. report.
“The U.S. market is also augmented by increasing geriatric population along with rising cases of neurological disorders and cardiac arrests in the region. Growth in the Asia-Pacific region is attributed to increasing adoption of advanced medical treatments. The regional market is anticipated to gain from the sheer size of patient population, increasing number of surgical interventions and rising health consciousness,” according to Global Industry Analysts Inc.
