Patient Temperature Management Market Size, Share & Trends Report

Patient Temperature Management Market Size, Share & Trends Analysis Report By Product (Patient Warming Systems, Patient Cooling Systems), By Application, By End Use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-738-4
  • Number of Pages: 110
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the patient temperature management market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for patient temperature management market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of patient temperature management market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Patient Temperature Management Market Categorization:

The patient temperature management market was categorized into four segments, namely product (Patient Warning Systems, Patient Cooling Systems), application (General Surgery, Cardiology, Pediatrics, Neurology, Orthopaedic Surgery, Thoracic Surgery), end-use (Operating rooms, Neonatal Care, ICUs, Emergency room, Preoperative Care Units, Postoperative Care Units, Acute Care, Burn Centers, Cath Labs, Neurological Care Units), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The patient temperature management market was segmented into product, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The patient temperature management market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-two countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; South Korea; Australia; Thailand; Brazil; Mexico, Argentina; South Africa; Saudi Arabia, UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Patient temperature management market companies & financials:

The patient temperature management market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Stryker Corporation - Stryker is a leading medical technology company that offers a broad range of innovative products and services in orthopedics, neurotechnology, medical and surgical, and spine. The company’s product portfolio includes joint replacement solutions, trauma-related products, micro and spinal implant systems, powered surgical instruments, orthobiologics, endoscopic products, patient handling equipment, emergency equipment, and surgical navigation systems. Stryker has a diverse distribution network with operations in more than 100 countries globally and is a Fortune 500 company. The company sells its products to healthcare facilities and hospitals in various regions with the help of its strong distribution channel and subsidiaries. 

  • ZOLL Medical Corporation - ZOLL Medical Corporation, a subsidiary of the Asahi Kasei Group Company, is a prominent manufacturer of medical devices and software solutions. The company’s diverse product portfolio includes defibrillation and monitoring, temperature management, ventilation, and data management systems. ZOLL Medical Corporation focuses on serving various sectors such as public safety, healthcare, alternative care, military, and homeland security. With a strong global presence, the company operates in over 100 countries, making it a significant player in the medical technology industry. 

  • Medtronic - Medtronic plc is a global leader in the medical technology industry, providing innovative solutions for a wide range of health conditions. The company, with more than 95,000 employees across 150 countries, is dedicated to engineering extraordinary healthcare technologies that transform the lives of patients worldwide. Medtronic’s product portfolio encompasses treatments for over 70 health conditions, including Parkinson’s and diabetes, and is organized under three main groups: Cardiovascular, Restorative Therapies, and Diabetes. The company’s offerings include a diverse range of medical devices, such as cardiac ablation solutions, surgical robotics, neurovascular products, and solutions for insulin-dependent individuals with diabetes.

  • Bard Medical - Bard Medical, a privately held company, is a major player in the medical device industry, manufacturing and distributing a wide range of products for vascular, urology, oncology, and surgical specialty. The company supplies its products to hospitals, extended health care facilities, alternate site facilities, and individual healthcare professionals. In April 2017, Bard Medical was acquired by Becton Dickinson and Co. for USD 24 billion, becoming a wholly owned subsidiary of Becton Dickinson and Co. 

  • Cincinnati Sub-Zero Products, LLC - Cincinnati Sub-Zero Products, LLC, is a leading manufacturer of temperature management products, serving both medical and industrial industries. The company offers a comprehensive range of solutions, including hyperhypothermia, normothermia, localized cold and heat therapy, and blood temperature control systems, along with other accessories required in various healthcare settings such as operating rooms, ICUs, and recovery rooms. Cincinnati Sub-Zero operates as a subsidiary of Gentherm Incorporated, a global provider of environmental test chambers and test equipment. 

  • 3M Company - 3M is a diversified technology-based company with a global reputation for being one of the most innovative players in the market. The company has nearly 60,000 products in its portfolio, serving hospitals, schools, businesses, homes, and more. 3M operates in more than 70 countries and markets its products in nearly 200 countries, with laboratories in 36 countries. 3M has manufacturing facilities in over 70 countries and produces a wide range of products, from Post-it notes to adhesives for aerospace applications. The company’s financial health has been marked by steady growth, reflecting its diversified business model and global market presence. The company has earned 100,000 patents till 2014.

  • The 37Company - The 37 Company is a European company specializing in hypothermia and offering a range of solutions for patient temperature management. The company’s product portfolio includes Mistral-Air, Fluido and Fluido Compact, Fluido Irrigation, and Thermoflect, along with other accessories required in operating rooms, ICUs, recovery rooms, and other hospital areas. The 37 Company operates as a subsidiary of The Surgical Company, which has been operating for nearly 24 years and has manufacturing and distribution facilities in more than 50 countries. 

  • Smiths Medical - Smiths Medical is a leading medical device provider, offering a wide range of products for emergency care units, hospitals, homes, and specialist environments. The company’s product portfolio includes 12 brands, including Medex, Portex, Deltec, Cozmore, Level1, Pneupac, CADD, Wallace, BCI, Medfusion, Jelco, and Surgivet. Smiths Medical has manufacturing units in the U.S., U.K., Italy, and Mexico, and employs over 7,500 people as of 2013. The company has a strong global presence, with operations in over 100 countries and an extensive global sales network. Smiths Medical is a subsidiary of Smiths Group, which has a long history in the engineering and medical device industries. 

  • Geratherm Medical AG - Geratherm Medical AG is a technology-based company listed on the stock exchange since 2000. The company operates in business segments including medical warming systems, healthcare diagnostics, cardio or stroke, and respiratory. Geratherm Medical specializes in medical temperature management, offering a range of products such as thermometers and complex warming systems for surgeries and emergency use. The company is also listed in the German Health-Care Index and German Entrepreneurial Index. 

  • Inditherm Plc - Inditherm, now known as Inspiration Healthcare Group plc, is a privately held company that operates in the medical and industrial standard product segments. In the medical segment, the company specializes in providing warming solutions for both patients and staff in various healthcare settings, including operating rooms, accident and emergency, recovery and intensive care, and neonatal care. The company’s industrial standard segment includes heating and insulating products for different kinds of industrial processes. Inditherm’s innovative and diverse product offerings have positioned it as a significant player in the medical technology and industrial markets.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Patient Temperature Management Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Patient Temperature Management Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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