The Temperature management systems market size is projected to reach US$ 4.07 billion by 2031 from US$ 2.54 billion in 2023. The market is expected to register a CAGR of 6.0% during 2023–2031. rising inclination towards wearables temperature monitoring devices and therapeutic devices are likely to remain key trends in the market.
Increasing prevalence of chronic disorders such as stroke, cardiovascular disorders, oncology, and others along with increase in surgical procedures are expected to drive the market growth. Moreover, increase in research and development activities leads to innovation and new product launches in the market followed by strategic initiatives for geographical expansion are likley to create ample opportunities for the market growth. However, rising inclination towards wearables temperature monitoring devices and therapeutic devices are the key trends of the market.
Increasing prevalence of chronic disorders such as stroke, cardiovascular disorders, oncology, and others along with increase in surgical procedures are expected to drive the market growth. North America dominated the market growthowing to the growing innovations in the temperature management systems and increasing central nervous system disorders are among the few factors that are projected to accelerate the growth of the North America temperature management systems market. Moreover, increasing R&D activities and introduction of novel products likely to add more opportunities in the market. However, Asia Pacific is anticipated to register the significant growth rate due to the growing technology, growing geriatric population, increasing prevalence of cardiovascular diseases. The China accounts for the major market share due to the higher prevalence of orthopedic and heart diseases seeking inpatient care and growing research activities and India is anticipated to register the significant growth during the forecast period.
Body temperature is one of the vital parameters of human body during surgeries. In case the body temperature drops accidentally below 36°C (96.8°F), physicians consider the condition as perioperative hypothermia. If this condition is not noticed early enough, the low temperature can lead to medical complications. Perioperative hypothermia occurs almost during all surgeries. A temperature management system serves as hypothermia prevention and simplifies the anesthesia of patients during surgeries due to a fast and effective heat supply.
Growing geriatric population, increasing prevalence of chronic diseases, increase in number of accidents, and rise in hospital admissions has led to increase in number surgical procedures. Owing to advancements in technology, various hospitals and medical institutes are performing large number of surgeries in a year. For instance, on an average, 313 million surgical procedures performed worldwide every year.
Industry players are conducting a vast number of research & development activities to develop advanced temperature monitoring systems. These technology partnerships are likely to offer significant opportunities for the new product launches and introduction of a wide variety of products during the forecast period. For instance, In January 2024, Microchip Technology launched the MCP998x family of 10 automotive-qualified remote temperature sensors. This new family of remote temperature sensors is expanding customer choice in a product category that, historically, has offered limited options. Moreover, in June 2021, ZOLL and Global Healthcare SG signed an exclusive agreement to distribute a portable targeted temperature management system in Asia Pacific. Further, consolidation of research and development activities leads to product innovations that are likely to offer significant opportunities for product adoption. Likewise, a robust focus on research activities can offer expanded growth opportunity for the temperature management systems market during the forecast period.
Key segments that contributed to the derivation of the Temperature management systems market analysis are product , application, and medical indication.
The geographic scope of the Temperature management systems market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market owing to the growing innovations in the temperature management systems and increasing central nervous system disorders are among the few factors that are projected to accelerate the growth of the North America temperature management systems market. Moreover, increasing R&D activities and introduction of novel products likely to add more opportunities in the market. The US hold the major market share owing to the increasing prevalence of chronic and cardiac diseases, growing number of product launches by key players, and increasing focus on preventive measures to deal with disease prevalence and patient monitoring. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Temperature Management Systems Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Temperature Management Systems Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.54 Billion |
| Market Size by 2031 | US$ 4.07 Billion |
| Global CAGR (2023 - 2031) | 6.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Temperature Management Systems Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Temperature Management Systems Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Temperature management systems market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Temperature management systems market are listed below:
The “Temperature Management Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America region dominated the Temperature management systems market in 2023
Increasing prevalence of chronic disorders such as stroke, cardiovascular disorders, oncology, and others along with increase in surgical procedures are the driving factors impacting the Temperature management systems market
Rising inclination towards wearables temperature monitoring devices and therapeutic devices are the future trends of the Temperature management systems market
The leading players operating in the Temperature management systems market includes 3M, ZOLL MEDICAL CORPORATION, BD, Smiths Medical, Dragerwerk AG & Co. KGaA, Ecolab, GENTHERM, Inspiration Healthcare Group plc, and Stryker Corporation among others
The estimated value of the Temperature management systems market by 2031 is US$ 4.07 Bn
The expected CAGR of the Temperature management systems market is 6.0%