Patient Temperature Management Market Revenue Growth Defined by Heightened Product Innovation
Hypo or hyperthermia may result in various complications, which makes it necessary to manage the human body temperature. Temperature management products serve regulation and maintenance of patients’ normal body temperature inside recovery rooms, operations theaters, ICUs, or other hospital areas. With growing demand from hospitals and other healthcare facilities, temperature management products are currently gaining significant traction worldwide.
In Persistence Market Research’s latest report, the global patient temperature management market is examined in detail to offer extensive information about all the key factors associated with market growth, its key segments, and key geographies.
Global Patient Temperature Management Market: Drivers and Restraints
Persistent demand for traditional temperature management products, such as warming and cooling blankets, ice packs, gel packs, and others, will continue to support the market for patient temperature management globally. Hospitals, precisely emergency departments, burn centers, and surgical suites, will remain the predominant consumers over the forecast period. Staggering growth of the medical tourism sector in developed as well as developing countries is one more key factor accelerating the growth of patient temperature management market.
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Surgeons, nursing staff, anesthesiologists, and paramedical staff are likely to raise decent demand for temperature management systems throughout the assessment period. Advancements in temperature management technology and devices are likely to spur the demand in near future. In addition to expanding geriatric population, growing awareness about healthcare and rising healthcare spending will also push the market further.
Furthermore, soaring number of hospitals, healthcare centers, ambulatory care units, and critical or emergency care centers is likely to elevate the market for temperature management systems and products over the next few years. Favorable government initiatives regarding temperature management and other healthcare regimes will also spur the demand within the next few years. Introduction of innovative, multifunctional patient temperature management products is expected to spur the sales globally.
However, certain unfavorable reforms in the U.S. healthcare sector, coupled with some major product recalls are anticipated to restrict the market growth. Expensive IV systems will also remain a long-term challenge to rapid adoption of patient temperature management products or systems. Pricing pressure and intense competitiveness are among the top restraints for manufacturers and vendors.
Global Patient Temperature Management Market: Trends and Opportunities
- Competitive pricing in IV temperature management systems will possibly create multiple revenue generation opportunities for vendors, especially within the developing regions of Asia, Middle East, and Latin America.
- New entrants in emerging economies are likely to gain the maximum growth opportunities within the next five years.
- Strategic M&A, collaborations, and partnerships are identified to be trending among key market players, apart from new product launches.
Global Patient Temperature Management Market: Regional Analysis
Among the key regions, the market for patient temperature management will witness continued dominance by North America, primarily driven by growing prevalence of CVDs and increasing cases of nervous disorders. Europe will remain the second major market, capturing a significant market share by 2021 end. APAC is foreseen to witness the highest CAGR owing to a massive patient pool, enhancing healthcare infrastructure, and government initiatives.
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Global Patient Temperature Management Market: Key Players
Some of the most prominent players competing in the global patient temperature management market are 3M Company, C.R. Bard, Inc., Cincinnati Sub-Zero Products Inc., Medtronic PLC, Medtronic, Geratherm Medical AG, Inditherm Plc, Smiths Group Plc., Stryker Corporation, and ZOLL Medical Corporation, Ecolab, Geratherm Medical, Enthermics Medical Systems, GE Healthcare, Moeck und Moeck, Welkins, and Covidien.