PUNE, India, July 17, 2017 /PRNewswire/ --
According to a new market research report "Temperature Management Market by Product (Surface & Intravascular Systems - Warming & Cooling), Application (Acute & Perioperative Care), End User (Surgeon & Anesthesiologist), Medical Specialties (Pediatric, Orthopedic, Neurology) - Forecast to 2022 ", published by MarketsandMarkets™, the Temperature Management Market is expected to reach USD 2.72 Billion by 2022 from an estimated USD 2.40 Billion in 2017, at a CAGR of 2.5%.
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The key factors driving the growth of this market include increase in the development of technologically advanced intravascular systems, large number of awareness campaigns/conferences for physicians, growth in research funding, and incidence of chronic conditions are driving the growth of the Temperature Management Market. However, the high cost of invasive temperature management systems and product recalls are restraining the growth of this market.
By product, the patient warming systems segment accounted for the largest share of the market in 2017
On the basis of product, the Temperature Management Market is broadly segmented into patient warming systems and patient cooling systems. In 2017, patient warming systems segment is expected to account for the largest share of this market. The rising demand for these systems in diverse hospital settings is the major factor driving market growth.
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By medical specialty, general surgery held the largest market share in 2017
Based on medical specialty, the Temperature Management Market is categorized into general surgery, cardiology, neurology, thoracic surgery, orthopedics, pediatrics, and other medical specialties. In 2017, the general surgery segment is expected to account for the largest share of the Temperature Management Market. The rising incidence of colorectal cancer, GI disorders, and endocrine disorders are the major factors driving the growth of this market.
By application, the Perioperative Care segment held the largest market share in 2017
Based on application, the market is segmented into perioperative care, acute care, newborn care, medical/surgical units, physiotherapy, military applications, patient transport, chemotherapy, and other applications. In 2017, the perioperative care segment is expected to account for the largest share in the temperature management application market. The increasing number of surgical procedures performed across the globe is the major factor driving the growth of this application segment. In addition, technological advancements, increasing number of product launches for the perioperative care segment and growing number of partnerships between key market players and hospitals are also supporting market growth.
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North America dominated the market in 2016
North America is expected to account for the largest share of the Temperature Management Market in 2017, followed by Europe. Growth in the geriatric population, rising incidence of cardiac arrests and neurological disorders, and the availability of technologically advanced products are some of the factors supporting the growth of the Temperature Management Market in North America.
The growing trend of medical tourism in European countries such as Hungary and Poland, availability of relatively lower-priced surgical treatments are major factors encouraging patients from North America to travel to European countries to undergo elective surgical procedures. These are majorly contributing to the growth of the European Temperature Management Market, which holds the second-largest market share.
The key players in the global Temperature Management Market are 3M Company (U.S.), Smiths Medical (U.K.), Medtronic plc (Ireland), C.R. Bard Inc. (U.S.), Cincinnati Sub-Zero Products, Inc. (U.S.), Geratherm Medical AG (Germany), Inspiration Healthcare Group plc, (U.K.), Stryker Corporation (U.S.), The 37Company (Netherlands), ZOLL Medical Corporation (U.S.), GE Healthcare (U.S.), Becton, Dickinson and Company (U.S.), DRÄGERWERK AG & CO. KGAA (Germany), and Ecolab (U.S.)
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