Patient Warming Devices Market: Key Trends
Due to the rising incidence of chronic ailments, the number of surgeries conducted globally is expected to surge in the forthcoming years. This will create increased sales opportunities for patient warming devices. While developed regions will continue to dominate the global market, the rising spending on the healthcare sector is expected fuel prospects for patient warming devices sales across emerging nations. Transparency Market Research (TMR) forecasts the market to show a CAGR of 5.2% between 2015 and 2023, in response to the increasing geriatric population and the rising incidence of premature births globally.
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On the flip side, the market faces a challenge from the rising awareness pertaining to the side-effects associated with the use of certain patient warming devices. Nevertheless, advent of advanced products will have a positive influence on the market’s overall trajectory.
TMR estimates the overall value of the global patient warming devices market at US$1.6 bn in 2014. The market is forecast to reach US$2.58 bn by the end of 2023.
Rising Geriatric Population in North America Boosts Sales of Patient Warming Devices
Regionally, North America has been exhibiting the most attractive opportunities for patient warming devices manufacturers around the world. The region emerged dominant in the global market with a share of 46% in 2014. The U.S. and Canada have emerged as the largest markets for patient warming devices in North America. The increasing surgical procedures conducted yearly have been fuelling demand for patient warming devices across the U.S. This country is thus expected to remain lucrative for leading manufacturers through the forecast period.
Furthermore, the rising geriatric population will also bolster growth opportunities for the patient warming devices market in North America. As per TMR, this regional market is expected to reach US$1.14 bn by 2023, from US$749.4 mn in 2014. The patient warming devices market in North America is forecast to report a CAGR of 4.7% between 2015 and 2023.
In Europe, the market is expected to gain from the rising prevalence of chronic ailments among the aging population. The well-established healthcare infrastructure in Europe also augurs well for the patient warming devices market in the region.
However, as per TMR, the Asia Pacific market for patient warming devices is likely to prove the most lucrative in the forthcoming years. The region currently boasts a booming medical tourism industry. The overall number of surgical interventions conducted in the region yearly has also increased considerably. The demand for patient warming devices is thus expected to rise at the highest pace in Asia Pacific. Furthermore, the increasing healthcare spending witnessed across emerging economies such as India and China will boost demand for patient warming devices in the region. TMR forecasts the patient warming devices market in Asia Pacific to rise at a CAGR of 6.6% between 2015 and 2023.
Application of Patient Warming Devices for Perioperative Care to Increase due to Rising Cases of Hypothermia
Based on application, the use of patient warming devices is expected to rise significantly in the perioperative care segment. As per TMR, the segment held the largest share of 40.2% in the global patient warming devices market in 2014. It is also expected to remain dominant in the market through the forecast period. The rising demand for advanced temperature management devices and the increasing number of surgical interventions conducted globally supports the expansion of this segment. The rising incidence of hypothermia due to the cold environment in operation theatres is expected to boost demand from patient warming devices for perioperative care.
However, rising at a CAGR of 5.0% between 2015 and 2023, TMR forecasts the acute care segment to exhibit the highest growth during the forecast period. Furthermore, the application of patient warming devices is also expected to surge in new born care.
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Some of the leading companies operating in the market include 3M Health Care, ZOLL Medical Corporation, C. R. Bard, Inc., Smiths Medical, Stryker Corporation, Covidien plc, and others.
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