Global Patient Temperature Management Systems Market, by Product Type (Patient Warming Systems (Conventional Warming Systems, Surface Warming Systems, and Intravascular Warming Systems) and Patient Cooling Systems (Conventional Cooling Systems, Surface Cooling Systems, and Intravascular Cooling Systems)), by Application (General Surgery, Cardiology, Neurology, Pediatrics, and Others), by End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2,893.5 Million in 2022 and is expected to exhibit a CAGR of 2.6% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing product launches by market players are expected to drive the market growth over the forecast period. For instance, on May 28, 2020, Gentherm, a company that develops thermal management technologies, has announced that the U.S. Food and Drug Administration (FDA) has grant Emergency Use Authorization (EUA), for Hemotherm Model 400CE Dual Reservoir Cooler-Heater which can be used to treat patients with COVID-19. Hemotherm Model 400CE Dual Reservoir Cooler-Heater delivers reliable, effective blood temperature management control during cardiopulmonary by-pass and other related cardiovascular procedures. In treating COVID-19 patients, the system controls the temperature of the water flowing through a blood oxygenator/heat exchanger that is used to cool or warm blood during long-term respiratory/cardiopulmonary support in an extracorporeal membrane oxygenator (ECMO) circuit.
Global Patient Temperature Management Systems Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and subsequent lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
The COVID-19 can affect the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with regard to the transportation of drugs from one place to another.
Governments of various countries are focusing on the initiatives to fight against the COVID-19 pandemic and stop the spread of coronavirus infections by implementing various measures in their countries. Moreover, to reduce the spread of COVID-19 in the country, Brazil has implemented some measures and guidelines. For instance, in 2020, the Brazil government announced economic assistance to the Brazilian population to fight against the economic crises such as unemployment and others observed in Brazil. Moreover, the government of Mexico is taking initiatives to facilitate a COVID-19 vaccination drive from healthcare facilities. For instance, in December 2020, the government of Mexico announced a vaccination campaign drive in each state of Mexico to promote the benefits of vaccination in the fight against the COVID-19 pandemic.
Global Patient Temperature Management Systems Market: Key Developments
On May 24, 2022, Attune Medical, a medical device company with a technology platform based on temperature management using the esophagus, had announced that the first patients have been enrolled in the Improving Esophageal Protection During Catheter Ablation for Atrial Fibrillation (IMPACT II) Study, evaluating the use of the ensoETM in cardiac radiofrequency ablation procedures. According to the company, this multi-national, multi-center randomized controlled trial evaluates the ensoETM to ascertain whether using the esophageal space for temperature management could have the potential to decrease collateral thermal injury related to radiofrequency (RF) ablation for the treatment of atrial fibrillation.
Browse 34 Market Data Tables and 38 Figures spread through 156 Pages and in-depth TOC on “Global Patient Temperature Management Systems Market”- Forecast to 2030, Global Patient Temperature Management Systems Market, by Product Type (Patient Warming Systems (Conventional Warming Systems, Surface Warming Systems, and Intravascular Warming Systems) and Patient Cooling Systems (Conventional Cooling Systems, Surface Cooling Systems, and Intravascular Cooling Systems)), by Application (General Surgery, Cardiology, Neurology, Pediatrics, and Others), by End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, increasing product approval by regulatory authorities is expected to drive the market growth during the forecast period. For instance, according to the data provided by the World Health Organization, in May 2018, Attune Medical received the U.S. Food and Drug Administration (FDA) clearance for its EnsoETM, also known as ECD, which is a targeted temperature management device to warm patients with Cincinnati Sub-Zero’s Norm-O-Temp, a hyperthermia system.
Key Takeaways of the Global Patient Temperature Management Systems Market:
- The global patient temperature management systems market is expected to exhibit a CAGR of 2.6% during the forecast period, due to the increasing prevalence of infectious and chronic conditions, which is projected to drive the adoption of temperature management systems and eventually accelerate the market growth. For instance, according to the Centers for Disease Control and Prevention (CDC), almost 6 in 10 people in the U.S. suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions in 2019.
- Among product type, the patient warming system segment holds a dominant position, owing to increasing funding for the research and development of patient temperature management systems. For instance, Eg technology, a manufacturing company of next generation of medical devices has announced development of AlphaCore which is a compact, convenient and complete unit of patient warming system. The system provides a user-selectable range of 25-40°C. The company has developed the software and hardware concurrently and implemented key compliance features such as an alarm and safety processor.
- Among regions, North America is expected to hold the dominant position in the patient temperature management systems market, owing to the increasing presence of market players in the region for developing and distributing patient treatment management systems. For instance, 3M, a U.S.-based company developing and manufacturing various patient temperature management systems. The company provides various patient temperature management systems which includes hot and cold therapy products, thermometers, warming blankets, warming gowns and boots, and warming units.
- Major players operating in the global patient temperature management systems market include 3M Company, Cincinnati Sub-Zero Products, LLC, C.R. Bard, Inc., Zoll Medical Corporation, Smith Medicals, Stryker Corporation, Medtronic plc, Ecolab, and The Surgical Company
