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(Medical-NewsWire.com, November 24, 2020 ) 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 temperature management market.
Temperature Management Market by Product (Patient Warming Systems, Patient Cooling Systems), Application (Perioperative Care, Acute Care, Newborn Care), Medical Speciality (Cardiology, Neurology, Pediatrics, Orthopedic) - Global Forecast to 2025.
The temperature management market is projected to reach USD 3.2 billion by 2025 from USD 2.5 billion in 2020, at CAGR of 5.1%.
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COVID-19 impact on the Global Temperature Management Industry:
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. Temperature management system 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 healthcare system, decrease disease transmission, and conserve personal protective equipment (PPE), various governments have provided guidelines on elective surgeries. For instance, as of March 18, 2020, the US CMS announced that all elective surgeries, non-essential medical, surgical, and dental procedures would be delayed.
Surface patient warming segment:
By type, the patient warming systems segment is divided into surface warming systems, intravascular warming systems, and warming accessories. The surface warming systems segment accounted for the largest share of the temperature management market in 2019. In temperature management procedures, the number of surface warming procedures are more as compared to invasive cooling procedures due to the increasing adoption rate of surface warming systems in surgical procedures such as orthopedic surgeries, gynecology and obstetrics procedures, gastrointestinal procedures, and general surgeries.
North America to Dominate The Industry:
North America, comprising the US and Canada, accounted for the largest share of the temperature management market in 2019. The large volume of surgical procedures performed in North American countries is a major factor driving market growth in this region. Growth in the geriatric population, the rising incidence of cardiac arrests and neurological disorders, and the availability of technologically advanced products such as standalone and battery-powered devices are the other factors supporting the growth of the temperature management system market in North America.
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Key Players:
The major players operating in the temperature management market include 3M (US), Smiths Medical (US), ZOLL Medical (US), Becton, Dickinson and Company (US), Drägerwerk (Germany).
Recent Developments:
1. In 2019, Smiths Medical (US) launched Level 1 convective warmer.
2. In 2017, BD and Company (US) and C. R. Bard (US) entered into a definitive agreement under which BD acquired Bard. Through this acquisition, BD entered the temperature management system market.
3. In 2017, Drägerwerk (Germany) launched Incu Warmer Babyleo TN500.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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