Temperature Management Systems Market - In Depth Insights & Analysis (2024- 2032)

Global Temperature Management Systems Market Overview

The global Temperature Management Systems Market size was valued at USD 2.72 billion in 2023 and is projected to reach USD 4.56 billion by 2032, registering a CAGR of 5.9% from 2023 to 2032.

Temperature management systems assist in controlling and maintaining patients` body temperature in intensive care units, operation theatres, recovery rooms, and other hospital areas. These systems usages heat transfer and thermodynamics to control the temperature of patients in every hospital setting. The increase in the global market is being accelerated by growing cases of strokes and cardiac arrest coupled with the rising number of surgical interventions that rely on anesthesia administration, which results in a drop in body temperature and requires the usage of temperature management solutions to defense the development of intraoperative hypothermia. The demand for these systems is also stimulated by the growing incidence of cardiac conditions and strokes along with increasing cases of cancer that result in lower body temperature due to the increase of cancer cells. The adoption of temperature management systems is also enabled by their ability to decrease treatment costs and surgical complications. Another prominent factor that is turning the market growth is the rising number of agreements and contracts among market participants to strengthen their regional footprints and product portfolios. 

Market Dynamics For Global Temperature Management Systems Market

Drivers:

Wearables are evolving significantly and are anticipated to be the new trend in the temperature management system market. Heat due to power utilization causes both circuit malfunctions and low-temperature burns to users. Hence, researchers are proposing thermal management methods utilizing wearable devices with higher performance. A wearable device is a patch that controls the temperature of the patient's body as per the wearer's preference. Therefore, the growing prevalence of chronic disease and cardiovascular diseases is anticipated to turn the demand for temperature management systems market.

Worldwide, there has been growth in the incidence of chronic conditions, such as cardiac arrests, strokes, and neurological diseases such as traumatic brain injury. Various research studies determine that survivors of cardiac arrests can suffer from shattering neurological impairments. Temperature management devices are extensively utilized in the prevention of neurological damage after cardiac arrests. The application of mild therapeutic hypothermia is considered to enhance neurological outcomes after cardiopulmonary resuscitation. Therefore, the growing incidence of chronic diseases is anticipated to drive the demand for the temperature management systems market.

Restraints:

The excessive cost of intravascular temperature management systems is the major restraining factor for the temperature management systems market. Intravascular temperature management systems offer rapid, safe, effective management of the core body temperature of patients. Nevertheless, the cost of these systems and accessories is remarkably higher than that of noninvasive systems and accessories. This can hinder the market growth of the temperature management systems market.

Opportunities:

An increasing number of collaboration and accession between key players has created lucrative opportunities for the temperature management systems market. Over the years, the number of companies providing temperature management systems has raised globally. The key players are targeting expanding their product offerings, distribution networks, and geographic presence by entering into agreements with other established and developing players in the market. For example, in February 2017, Advanced Cooling Therapy (Formally known as Attune Medical) (US) accepted an innovative technology contract from Vizient, Inc. (US) for its oesophageal cooling device.

Market Segmentation

Segmentation Analysis of Global Temperature Management Systems Market:

Based on Product Type, Patient Warming Systems segments are expected to dominate position owing to growing adoption in surgeries. These systems are utilized to manage hypothermia or drop in body temperature following administration of specific anesthesia. Expansion in the Patient Cooling System segment is attributed to the rising number of cardiac surgeries. The segment`s growth is also maintained by the rising requirement for the low temperature to eliminate the risk of adverse neurologic outcomes and associated brain injuries.

Based on Application, the perioperative care segment was recorded for the maximum share of the temperature management market. Perioperative care refers to the care given to patients before and after a particular surgery. The rising number of surgical procedures performed globally is the major factor turning the growth of this application segment. In addition, technological developments, product development and introductions, and rising collaborations between key market players and hospitals are also stimulating market growth.

Based on Medical Indication, general surgery is expected to dominate the market during the forecast period. The maximum share of this segment can primarily be attributed to the large number of general surgery procedures performed globally. Electronic thermometers use thermistors and thermocouples. They are sufficiently authentic (±0.5°C), inexpensive, and most dependable modality. Infrared monitors determine heat given off by radiation and can measure temperature from the tympanic membrane and forehead skin but are less reliable.

Regional Analysis of Global Temperature Management Systems Market:

The North American region is expected to dominate the temperature management system market during the forecast period. Factors such as the large volume of surgical procedures, increase in the geriatric population, growing incidence of cardiac arrests and neurological disorders, availability of technologically advanced products, and the presence of key players in the US are turning the growth of the temperature management market in North America.  For example, in the United States, the number of cases has been raised to 34,227,237 with 612,701 deaths reported. In addition, Mexico and Canada cases are also rising. Owing to coronavirus spreading, many cities are shutting down causing treatments and doctor's appointment cancellations. Patients with serious health conditions, such as Cardiovascular, Musculoskeletal, OB and GYN, General Surgery, Vascular need physical distancing with others, nevertheless, delays in such chronic disease treatments are damaging. Hence, although there has been an interruption in producing and supply chain models of the manufacturing companies, the growing demand for temperature management systems led to spur in the market growth.

Asia Pacific region is expected to register a significant demand for the temperature management systems market.  This is primarily attributed to the rising demand for aesthetic and medical surgeries, growing incidence of cardiac arrests and CNS disorders, government efforts to grow access to elective surgeries, and boosting healthcare infrastructures are the key factors aiding the growth of the Asia Pacific temperature management system market.

In South America, economies such as Brazil, Argentina, Colombia, and others were poorly affected by the COVID-19 pandemic. Even though, the supply chains were revived by the end of 2020 once the COVID cases declined in various parts of the region. These factors, therefore, motivated the growth of the temperature management systems market in the region. Furthermore, growing government support and reimbursement policies for medical devices are anticipated to support the temperature management systems market.

Europe is considered as the significant temperature management systems market growth during the forecast period and is expected to hold lucrative growth opportunities in the upcoming years.

Players Covered in Temperature Management Systems Market are:

• Medtronic (Ireland)
• Attune Medical (US)
• Smiths Medical (US)
• MedCare Visions GmbH (Germany)
• Becton (US)
• Dickinson and Company (US)
• Drägerwerk (Germany)
• Ecolab (US)
• Belmont Medical Technologies (US)
• GE Healthcare (US)
• Gentherm (US)
• Augustine Surgical (US)
• Geratherm Medical (Germany)
• Inspiration Healthcare (UK)
• 3M Company (US)
• The Surgical Company (Netherlands)
• Adroit Medical Systems (US)
• Vyaire Medical Inc. (the US)
• Biegler  GmbH (Germany)
• ZOLL Medical (US)
• Encompass Group (US)
• Enthermics (US)
• Hirtz & Co. KG (Germany)
• Istanbul Medikal Ltd (Istanbul)
• Life Recovery Systems (US)
• Stryker Corporation (US) and other Major Players.

Key Industry Developments In Global Temperature Management Systems Market

• In July 2023, ZOLL Medical Corporation (US) (a subsidiary of Asahi Kasei) entered into an agreement with BrainCool, a medical device company specializing in temperature management solutions. This agreement was aimed at the exclusive distribution of the BrainCool System/IQool System and the IQool System Pads in the US and key markets in Europe. The companies are working toward expanding distribution to select markets in Asia.