Temperature Management Market is Estimated to Witness Significant Growth, Owing to Increasing Prevalence of Chronic Diseases and Technological Advancements
Temperature management market is estimated to be valued at USD 3.13 Bn in 2024, exhibiting a CAGR of 4.1% over the forecast period (2024-2031). The market is witnessing significant growth due to increasing prevalence of chronic diseases and growing adoption of minimally invasive procedures. Furthermore, technological advancements in temperature management devices can also expand its application areas.
Market Dynamics
Temperature management market growth is primarily driven by increasing prevalence of chronic diseases and technological advancements. Chronic diseases such as cancer, cardiovascular diseases, and neurological disorders are associated with disorders in temperature regulation. Temperature management devices aid in minimizing the risk of health complications associated with abnormal temperature changes during medical procedures involving organs or body parts. Moreover, technological advancements have widened the scope of applications for these devices. Launch of user-friendly devices with improved safety features can also drive the temperature management market growth.
Rising geriatric population can also boost demand for temperature management systems. Older adults are more prone to chronic ailments and post-operative complications. Precise temperature regulation plays a vital role in minimizing health risks and ensuring speedy recovery.
Rising Incidence of Chronic Diseases Boosts Demand for Temperature Management Devices
Increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, neurological diseases and other chronic conditions can drive the temperature management market growth. Cancer alone accounts for around 9.6 million deaths worldwide every year. Temperature management plays a crucial role in the treatment of several types of cancers by enabling localized control of temperature to damage or kill cancer cells. Chemotherapy and radiotherapy treatments used to treat cancer often damage healthy cells and tissues, requiring precise temperature control to minimize side effects. Temperature management finds widespread application in cardiac surgeries, neurosurgeries and other complex procedures involving at-risk tissues and organs. With lifestyle-related chronic diseases rising globally due to aging populations and other factors, there will be huge demand for sophisticated temperature management solutions from the healthcare industry.
Growing Geriatric Population Boosts Need for Patient Temperature Management
Temperature management market growth is driven by rising global geriatric population. Older adults aged 65 years and above are more susceptible to chronic conditions, disabilities, and postoperative complications that require precise temperature control and regulation. As life expectancy increases worldwide, the number of elderly individuals is projected to be more than double from current levels to over 1.5 billion by 2050. With age comes greater vulnerability to infections, reduced thermoregulation ability, and increased risks of physiologic imbalances during medical procedures. This growing senior demographic is therefore increasingly reliant on advanced temperature management technologies and devices for improved outcomes during surgery, recovery, and treatment of illnesses. This demographic tailwind can boost demand for temperature management across major healthcare markets.
Regulation and Compliance Issues Restrain Adoption of New Technologies
Stringent regulatory norms and the lengthy approval process for new medical devices can hamper the temperature management market growth. Obtaining regulatory clearances from agencies such as the U.S. FDA and EU Notified Bodies for novel temperature management technologies and solutions can take several years and entail significant compliance costs. Furthermore, any changes to approved devices may require renewed reviews and testing. This regulatory bottleneck deters many small companies from pursuing innovations in temperature management. Existing players are also cautious about investing heavily in unproven technologies due to uncertainty over future approvals. While regulation is important to ensure safety and efficacy, it does restrict the speed of commercialization of new and more advanced temperature management products.
High Equipment and Monitoring Costs Limit Uptake in Price-Sensitive Markets
High acquisition and maintenance costs associated with sophisticated temperature management equipment and monitoring solutions can also hamper the market growth, particularly in price-sensitive developing markets. Advanced systems for precise patient temperature control during surgery and therapy utilize hardware such as consoles, sensors, fluid pumps and more. Their monitoring also requires specialized software. The total expenses, including equipment, consumables, training and service contracts, pose significant budgetary challenges for cash-strapped public healthcare systems and underinsured individuals. Moreover, need for dedicated operating and storage spaces for temperature management gear impacts overall hospital infrastructure expenses. These high barriers mean penetration remains relatively low in low- and middle-income countries compared to developed nations with stronger reimbursement programs.
Growing Telehealth and Remote Patient Monitoring Create New Opportunities
Rapid digitalization of healthcare through telehealth and remote monitoring platforms has opened promising new avenues for temperature management solutions. Technologies that facilitate wireless, cloud-based monitoring of patients’ vital signs including temperature from outside formal clinical facilities are gaining traction. This allows for continuous surveillance and therapeutic adjustment during recovery, convalescence or prolonged treatment at home or long-term care sites versus hospitals. The COVID-19 pandemic has further accelerated adoption of telehealth as populations seek alternatives to in-person visits. Integration of sophisticated biometric sensors, AI analytics, and digital reimbursement models into virtual care bodes well for remote temperature management growth. Telehealth creates opportunities to expand treatment access while alleviating capacity constraints on overburdened hospitals.
Mobile and Wearable Tech Advances Augment Temperature Monitoring
Key opportunity lies in ongoing evolution of mobile health devices and wearable technologies such as patches, bands and clothing. Miniaturization of electronic components and biological sensors has enabled incorporation of advanced thermometry into convenient Formfactors that can be seamlessly integrated into daily routines. Continuous temperature surveillance via unobtrusive wearables yields comprehensive datasets for early detection of anomalies and precise personalized therapeutic guidance.
Link: https://www.coherentmarketinsights.com/market-insight/temperature-management-market-5107
Key Developments
- In October 2023, InPlay Inc, a company that offers wireless technology solutions, in collaboration with Microdul AG, introduced a reference design for a medical-grade body temperature measurement wireless system. This ambitious endeavor harnesses the power of Microdul's MS108x-series temperature sensors. The collaboration aims to propel real-time health monitoring into a new era by offering a highly accurate, low-power, and cost-effective wireless solution for continuous body temperature monitoring
- In June 2023, Drägerwerk AG & Co. KGaA, a medical technology company, introduced the U.S. Food and Drug Administration approved Babyroo TN300, an open warmer providing supportive lung protection and temperature stability.
- In January 2022, Medtronic, a medical device company, entered into a definitive agreement to acquire Affera. Affera offers technologies that support physicians in improving clinical workflows, procedural efficiencies, and ultimately optimizing patient care.
Key Players
3M, Stryker, ICU Medical, Inc., Medtronic, Geratherm Medical AG, Drägerwerk AG & Co. KGaA, Atom Medical Corporation, BD, Asahi Kasei Corporation, Pintler Medical LLC, Ecolab, Gentherm Medical
