Patient Warming Devices Market Expected to Witness a CAGR of 5.3% through 2024
The increase in the number of surgical procedures, rise in the prevalence of cardiovascular and oncology conditions, growing geriatric population and various other factors has facilitated the growth of the market. Additionally, the introduction of technologically advanced products and increasing the awareness can create large number of opportunities for rapid growth of the market.
The global patient warming devices market is expected to reach US$2.78 bn by the end of 2024. The market was valued at US$1.73 bn in 2015. If these figures hold true, the global market will exhibit a CAGR of 5.3% between 2016 and 2024.
global patient warming devices marketUse of Patient Warming Devices to Remain High in Perioperative Care
The market consists of various types of products such as surface warming systems, intravascular warming systems and patient warming accessories. Of these, surface warming systems accounted for 76% of the overall market in 2015, thus emerging as the leading segment. Through the course of the forecast period, the segment is expected to retain its dominance as surface warming systems are safe, efficient, simple to use, and come at low cost. However, the intravascular warming systems segment is expected to report a higher CAGR during the course of the forecast period. The growth witness in the segment is ascribable to the rising incidence of cardiovascular ailments, traumatic brain injury, and stroke.
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Major patient warming device applications comprise four segments: Acute care, perioperative care, new born care, and others. Among major application segments for patient warming devices, acute care applications are gaining intense popularity and there have been increasing demand from acute care centers located world over. The perioperative care segment held the largest share in the global market in 2015. It is also expected to remain the dominant application segment through the forecast period. The rising incidence of severe illnesses and disorders that lead to the requirement of surgical intervention is often accompanied by hypothermia. Therefore, perioperative care segment would increasingly contribute towards the global patient warming devices market during the forecast period.
North America Emerges as Largest Regional Market for Patient Warming Devices
Geographically, the patient warming devices market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of 45.7% in the global patient warming devices market in 2015, followed by Europe and Asia Pacific respectively. The factors such as technological advancement, growing number of surgeries, well-established health care infrastructure as well as high awareness levels are responsible for the largest share of the North America patient warming devices market.
In addition, large geriatric population in the developed economies of North America, Europe is likely to support further growth of this market in these regions. Asia Pacific is anticipated to witness the fastest CAGR during the forecast period due to high prevalence cardiovascular and other severe illnesses/disorders, increase in the number of surgical procedures in several emerging economies, rise in geriatric population in few countries such as Japan and South Korea, and growing investments by market players.
The key players operating in the global patient warming devices market are 3M Health Care, ZOLL Medical Corporation, C. R. Bard, Inc., Smiths Medical, Stryker Corporation, Medtronic plc, GE Healthcare, Inspiration Healthcare (INDITHERM), and Philips Healthcare among others. The key market players are actively involved in constant innovations and developments related to technology and application to cater the multi-dimensional needs of the end-users for maintaining their position in the global market.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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