Temperature Management Market Share Estimated to Reach US$ 3,814.3 Mn with a 4.2% CAGR by 2028 | Atom Medical Corporation, Medtronic PLC, Stryker Corporation

In medicine, controlling temperature is crucial. A fluctuation in body temperature is a symptom of several disorders. Body temperature may be used to track the progression of the condition, just like it can with other illnesses. This enables a clinician to evaluate a treatment’s efficacy depending on body temperature. Additionally, temperature control aids in the regulation and maintenance of patients’ body temperatures in operating rooms, recovery areas, critical care units, and other hospital spaces. When there is insufficient blood flow to the brain during recuperation, temperature control is a type of active therapy.

Market Statistics

By the end of 2022, the global temperature management market is anticipated to generate US$2,975.6 Mn in revenue.

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Drivers

Over the course of the projection period, it is anticipated that there will be a rise in the demand for temperature control systems or devices as a result of an increase in the worldwide patient pool. For instance, in April 2020, Bactiguard announced the release of the BIP Foley TempSensor, a novel urinary catheter for patients undergoing surgery, critical care, and other situations requiring continuous temperature monitoring. Continuous temperature monitoring is essential in intensive care to track patients’ health and welfare.

Opportunities

Global surgical procedure growth is anticipated to offer substantial development potential for market participants in temperature management. For instance, the American Society of Plastic Surgeons reports that in the United States, there were around 2,314,720 cosmetic treatments done in 2020.

Restraints

The worldwide temperature management market’s growth is anticipated to be hampered by product recalls and failures as well as the high cost of temperature control devices and systems. For instance, Terumo Cardiovascular Systems Corp. withdrew the Terumo HX2 Temperature Management System in April 2021 because the business couldn’t establish a cleaning methodology to meet the Food and Drug Administration’s requirements and current regulatory issues (FDA).

Impact

Due to the postponement of elective procedures caused by the COVID-19 epidemic while governments and authorities work to secure the availability of resources for COVID-19 patients, the global temperature management market has temporarily suffered. To keep the body temperature stable during surgical operations, temperature control devices are frequently employed. The need for temperature control devices has decreased as a result of the fall in surgical procedures. In consequence, it is anticipated that this would impede market expansion.

Key Takeaways

The Global Temperature Management Market was estimated to be worth US$ 2,856.6 Mn in 2021 and is anticipated to grow at a CAGR of 4.2% between 2022 and 2028 to reach US$ 3,814.3 Mn.

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Patient Warming Systems held a dominant position in the global Temperature Management Market in 2021, accounting for 76.2% of the market’s value share. Increasing product approval and the introduction of new products are anticipated to fuel the segment’s growth over the course of the forecast period.

Market Trends

The worldwide temperature management market is anticipated to expand as the incidence of cardiovascular and cancer disorders rises. For instance, the American Cancer Society predicts that in 2022 there will be around 609,360 cancer deaths in the United States and an estimated 1.9 million new cancer cases that will be diagnosed.

The launch of innovative products by industry participants is anticipated to fuel market expansion for temperature management systems. For instance, Nippon Express Co. introduced a logistics service in May 2022 that can handle products for the pharmaceutical industry that need to be stored at extremely low temperatures (-20°C to -85°C). This is advantageous for products that require very low temperatures.

Competitive Landscape

Among others, Dickinson and Company, Zoll Medical Corporation, Becton, Stryker Corporation, 3M, Smith Medical Inc., Cincinnati Sub-Zero Products LLC, Medtronic PLC, Atom Medical Corporation, Geratherm Medical AG, and Dragerwerk AG & Co. KgaA, are major players in the global temperature management market.

Recent Developments

With next-generation Bluetooth-powered temperature monitoring systems that assist life science supply chain experts automate their operations for time and cost savings while protecting patient safety, TSS ushers in a new age of efficiency in April 2021.

Almac Clinical Services announced the release of the Tempod 1000 in June 2020 with the goal of improving clinical site temperature data management, since manual methods of data collecting have proven difficult owing to pandemic-related interruptions.

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