Global Temperature Management Systems Market to Propel at 5.1% CAGR between 2020 and 2027

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Global Temperature Management Systems Market to Propel at 5.1% CAGR between 2020 and 2027
GLOBAL TEMPERATURE MANAGEMENT SYSTEMS MARKET SIZE STUDY, BY PRODUCT (PATIENT WARMING SYSTEMS AND PATIENT COOLING SYSTEMS), BY APPLICATION (PERIOPERATIVE CARE, ACUTE CARE, NEWBORN CARE AND OTHERS), BY END-USER (GENERAL SURGERY, CARDIOLOGY, NEUROLOGY, PEDIATRICS, THORACIC SURGERY AND ORTHOPEDIC SURGERY) AND REGIONAL FORECASTS 2020-2027

A new research report, published by Report Ocean, states that the global temperature management systems market is likely to witness significant progress in its valuation over the next few years. The report, titled “Global Software-Defined Data Center Market Size study, by Type (Software-Defined Computing (SDC), Software-Defined Storage (SDS), Software-Defined Data Center Networking (SDDCN) and Automation and Orchestration), by Component (Hardware, Software and Services), by Organization Size (Large Enterprises and Small and Medium-sized Enterprises (SMEs)), by Vertical (BFSI, IT and Telecom, Government and Defense, Healthcare, Education, Retail, Manufacturing and Others) and Regional Forecasts 2020-2027,” is prepared after carrying out a thorough analysis of the market, taking its past and current performance in to consideration.

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The global temperature management systems market stood approximately at US$2.4 billion in 2019. This market is anticipated to rise at a CAGR of more than 5.1% during the period from 2020 to 2027.

Hospitals and healthcare units have surfaced as the key end users of temperature management systems. The need to maintain the temperature of patients in intensive care units, recovery rooms, operation theatres, and other parts of hospitals is fueling their demand. The increasing number of surgical procedures and the rise in cases of chronic conditions are expected to drive the growth in market over the forecast period. However, the high cost of intravascular temperature management systems may create obstruction in the growth trajectory of this market in the near future.

The Key players in the temperature management systems market, including 3M, Becton, Dickinson And Co., Ge Healthcare, and several others, are focusing more on strategic partnerships and mergers acquisitions to gain a strong foothold in the market. For instance, in April 2017, Becton, Dickinson and Company acquired C. R. Bard Inc. This move was aimed at establishing the medical technology company into the temperature management market.

The research report also offers an in-depth regional analysis of market for temperature management systems across the world. According to it, the market is spread across Asia Pacific, North America, Europe, Latin America and the Rest of the World. North America is the leading regional market for temperature management systems across the world and is projected to remain so over the forecast period.  The large volume of surgical procedures performed in the U.S. and several other North American economies, coupled with lengthy hospital stay of patients, is the key factor that has been driving the North America temperature management systems market. The Asia Pacific market for temperature management systems is also projected to report a higher growth rate over the period of 2020-2027.            

Impact of Covid 19 on Global Temperature Management Systems Market

People affected by Coronavirus require long stay in hospitals. Since fever is a significant symptom of Covid 19, hospitals, where Covid patients are treated, need to maintain the temperature in their wards. This resulted in a tremendous demand for temperature management systems across the world. Experts suggest that this demand will continue to scale up over the next few months.

Key Findings:

  • North America is the leading regional market for temperature management systems across the world and is projected to remain so over the forecast period.
  • Hospitals and healthcare units have surfaced as the key end users of temperature management systems.

The global temperature management systems market is categorized into:

By Product

  • Patient Warming Systems
  • Patient Cooling Systems

By Application

  • Perioperative Care
  • Acute Care
  • Newborn Care
  • Others

By End User

  • General Surgery
  • Cardiology
  • Neurology
  • Pediatrics
  • Thoracic Surgery
  • Orthopedic Surgery

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Rest of the World

Companies Mentioned in the Report

  • 3M Company
  • Smiths Medical
  • Zoll Medical Corp.
  • Becton, Dickinson And Company
  • Drägerwerk AG & Co. Kgaa
  • Ecolab
  • Ge Healthcare
  • Gentherm Inc.
  • Geratherm Medical AG
  • Inspiration Healthcare Group Plc.

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