The global temperature management market is anticipated to register growth over the forecast period. Rising ageing population along with increased incidences of cardiac arrest as well as central nervous systems disorders is expected to drive the market growth. Additionally, the availability of technologically advanced intravascular systems is also expected to fuel market demand over the forecast period. An increasing number of surgeries drive the need for anesthesia. However, anaesthetized patients are not capable of regulating their own body temperature, and are at risk for hypothermia-related complications, which is further expected to spur market demand. Furthermore, new guidelines by the Surgical Care Improvement Project (SCIP) state that a patient’s body temperature should be within a normal range during surgery, which is a requirement for patients who are under anesthesia for over 60 minutes. These new guidelines are expected to provide an opportunity for market growth over the next few years.
Favorable government initiatives to modernize healthcare infrastructure coupled with an increasing number of hospitals are also expected to positively impact the temperature management market growth. Product Approvals and new product launches are also expected to drive market growth over the forecast period. However, unfavorable healthcare reforms in the U.S. and high-cost temperature management systems may hamper the market growth. Emerging economies, including India, China, Brazil, and Mexico provide several market growth opportunities. In addition, agreements and contracts with the manufacturers and distributors of patient warming and cooling devices also offer avenues for temperature management market growth. Temperature management systems are used across an array of applications such as acute care, perioperative care, newborn care, etc.
Key industry participants include 3M, GE Healthcare Ltd., Cincinnati Sub Zero Products Inc, Geratherm Medical AG, ZOLL Medical Corporation, and Stryker Corporation. Other vendors include Enthermics Medical Systems Inc., Augustine Temperature Management LLC, EMIT Corp., Ecolab Inc., and Belmont Instrument Corp. Companies focus on mergers & acquisitions, new product development, and geographical expansions as a part of their major growth strategies.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.