Global Temperature Management Systems Market Continues to Stabilize with the Overall Market Growing at a CAGR of 6.4% | BlueWeave
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Demographic of Geriatric Population Fueling the Demand
One of the key reasons for the growth of temperature management systems is the rising prevalence of cardiovascular diseases, which are very common in people aged 65 or more. According to the National Institutes of Health, people aged 65 and up are far more likely to have a heart attack or develop coronary heart disease, and heart failure. Heart disease is also a major source of disability, reducing activities and diminishing the quality of life for millions of older individuals. Patients suffering from cardiac ailments frequently seek therapy through surgeries and other medical procedures. These procedures include the process of administering anesthesia to the patients prior to the start of the surgery, which considerably lowers the body temperature. As a result, temperature management devices play a critical role in such surgeries.
Technological Advancements Propelling the Market Forward
Technological advancements in the healthcare industry are significantly pulling the demand for temperature management systems. Private hospitals especially focus on installing high-quality technologies that decrease any kind of risk involved in medical procedures in order to keep them up-to-date and hi-tech. The leading market players are also focusing on providing a diverse range of advanced products with several uses and features that are highly efficient in maintaining body temperature.
Patients Cooling System Estimated to Witness Higher CAGR in the Forecast Period
Two types of temperature management systems are available in the market-- patient warming systems and patients cooling systems. Patient warming system enjoys larger demand in the market due to its wide applicability in operating rooms and ICUs. However, the patient's cooling system is expected to have wider demand in the forecast period. The key market players are launching a wide variety of products with greater applications which is expected to pull the market demand in the coming years.
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Global Temperature Management Systems Market - Regional Insights
Geographically, the global temperature management system is divided into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounted for the largest market share in the year 2020. However, according to the estimates, the Asia-Pacific region is showing great potential and is expected to witness a greater CAGR in the forecast period. This is due to factors such as the growth of medical tourism in countries such as India, China, and Russia, among others. Furthermore, the increasing number of hospitals as a result of government efforts is likely to drive the market in the coming years.
Impact of Covid-19 on the Global Temperature Management Systems Market
The Covid-19 pandemic had a significant negative impact on global temperature management systems. Several governments established severe virus prevention measures. As a result, all production and manufacturing processes had to be halted immediately. Imports and exports were fully prohibited, halting the whole distribution and supply chain and making it impossible to meet the common demand for temperature management systems. Furthermore, the government issued certain rules and regulations due to which all the elective surgeries were postponed for the healthcare system to prioritize the treatment of Covid-19 patients. Because of this, the demand for these devices significantly dropped.
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The leading market players in the global temperature management systems market are Vyaire Medical, Adroit Medical Systems, Gentherm Incorporated, Augustine Surgical, Inc., Inspiration Healthcare Group PLC, 3M Company, Becton, Dickinson And Company, Smiths Medical, Ecolab, Zoll Medical Corporation, Stryker Corporation, Attune Medical, Adroit Medical Systems, Biegler GMBH, Encompass Group, LLC, and other prominent players. The market is consolidated and highly dense with the presence of giant companies. They are focused on adopting market strategies like mergers and acquisitions and launching a wide variety of products to stay ahead of the competition
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global temperature management systems market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global temperature management systems market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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