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Temperature Management Market: Size, Growth Estimation, and Forecast 2024-2033
Temperature Management Global Market Report 2024
According to The Business Research Company's, The temperature management market size has grown steadily in recent years. It will grow from $2.84 billion in 2023 to $2.93 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to rising demand for temperature-sensitive products, increasing globalization of trade, growing awareness of the importance of temperature management, growing demand for cold chain solutions, pharmaceutical growth, electronics industry's growth, aging population, rise in chronic diseases.
The temperature management market size is expected to see steadily grown in the next few years. It will grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to healthcare expansion, climate change and extreme weather, e-commerce growth, green energy transition, iot and automation, growing healthcare infrastructure, increased awareness. Major trends in the forecast period include miniaturization and portability, smart and connected systems, personalized healthcare, sustainability and green practices, cross-industry collaboration, integration of iot and ai.
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Market Drivers and Trends:
Rise in the prevalence of chronic diseases is expected to propel the growth of the temperature management market going forward. Chronic diseases refer to ailments that last for a year or longer, impede everyday activities, require continuing medical care, or both. Temperature management can help in chronic diseases, including neurological conditions that result from cardiac arrest. It is a medical intervention that aims to reduce mortality and improve neurological outcomes in unresponsive patients who achieve Return of Spontaneous Circulation (ROSC) after cardiac arrest. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the increasing incidence of chronic diseases is driving the growth of the temperature management market.
Wearables are evolving at a rapid pace and are expected to be the new trend in the temperature management system market. Heat due to power consumption causes both circuit malfunctions and low-temperature burns to users. Therefore, researchers are proposing thermal management methods using 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. For instance, the company Embr Labs has released a watch or bracelet called Embr Wave that makes the person feel warmer or cooler based on his preference, thereby acting as a personal thermostat.
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Major Key Players of the Market:
3M Company; Becton Dickinson and Company; Draegerwerk AG & Co. KGaA; Smiths Medical; Stryker Corporation; The 37company (The Surgical Company); Zoll Medical Corporation (A Subsidiary of Asahi Kasei Corporation); C. R. Bard; Mennen Medical; Medtronic plc; The 37Company; Belmont Instruments; EMBRlabs; Enthermics Medical Systems; Fisher & Paykel Healthcare Limited; Gaymar Industries Inc.; Getinge AB; Halyard Health Inc.; Inditherm Medical; KARL STORZ SE & Co. KG; Masimo Corporation; Mennen Medical Ltd.; Merit Medical Systems Inc.; MicroTherapeutics Inc.; Philips Healthcare; Smith & Nephew plc; Teleflex Incorporated; Terumo Corporation; ZOLL Medical Corporation
Temperature Management Market 2024 Key Insights:
• The temperature management market size will grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
• Rising Prevalence Of Chronic Diseases Drives Growth Of The Temperature Management Market
• Emerging Trends In The Temperature Management System Market: The Evolution Of Wearable Devices
• North America was the largest region in the temperature management market in 2023
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