Temperature Management Systems Market Size Analysis 2031
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.
Temperature Management Systems Market Analysis
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.
Temperature Management Systems Market Overview
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.
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Temperature Management Systems Market: Strategic Insights
Market Size Value in US$ 2,332.93 Million in 2021 Market Size Value by US$ 3,343.41 Million by 2028 Growth rate CAGR of 5.3% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Temperature Management Systems Market: Strategic Insights
| Market Size Value in | US$ 2,332.93 Million in 2021 |
| Market Size Value by | US$ 3,343.41 Million by 2028 |
| Growth rate | CAGR of 5.3% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Temperature Management Systems Market Drivers and Opportunities
Rising Number of Surgical Procedures to Favor Market
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.
Increasing Research & Development Activities and Product Launches create lucrative opportunities
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.
Temperature Management Systems Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Temperature management systems market analysis are product , application, and medical indication.
- Based on product type, the Temperature management systems market is bifurcated into patient warming systems and patient cooling systems. The patient warming systems segment held a larger market share in 2023.
- By application, the market is segmented into perioperative care, acute care, newborn care, and others. The perioperative care segment held the largest share of the market in 2023.
- In terms of medical indication, the market is classified into general surgery, cardiology, neurology, pediatrics, orthopedic surgery, thoracic surgery, others. The general surgery segment held a significant share of the market in 2023.
Temperature Management Systems Market Share Analysis by Geography
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.
Temperature Management Systems Market Report Scope
Temperature Management Systems Market News and Recent Developments
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:
- SourceMark collaborated with Gentherm Medical for the supply of certain Gentherm patient warming product lines in the United States, including Astopad, a resistive warming system designed to prevent and treat hypothermia, Norm-O-Temp, a whole-body hyperthermia system, Gelli-Roll, a reusable warming and cooling gel pad, the WarmAir convective patient warming system, and FilteredFlo patient warming air blankets. (Source: SourceMark Medical, Press Release, January 2024)
- Watlow launched the new ASSURANT HT high-temperature heating jackets designed to meet the unique needs of semiconductor processing. These solutions offer even heating for uniform temperature profiles over the entire heated line. The ASSURANT heater jackets optimize process tool uptime and chip yield by providing full coverage to the line eliminating cold spots that result in particle buildup. (Source: Watlow Electric Manufacturing Company, Company Website, October 2023)
- ZOLL collaborated with BrainCool or the exclusive distribution of the BrainCool System/IQool System and the IQool System Pads in the U.S. and key markets in Europe, and are working towards expanding distribution to select markets in Asia. (Source: ZOLL Medical Corporation, Company Website, July 2023)
Temperature Management Systems Market Report Coverage and Deliverables
The “Temperature Management Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Temperature management systems market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Temperature management systems market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Temperature management systems market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Temperature management systems market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Application ; Medical Indication , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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%
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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