Temperature Management Global Market Report 2024

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 observed in the historic period can be attributed to several factors, including the escalating demand for temperature-sensitive products, the expanding globalization of trade, increased awareness regarding the significance of temperature management, a growing need for cold chain solutions, advancements in the pharmaceutical sector, the growth of the electronics industry, an aging population, and an increase 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%. Anticipated growth in the forecast period is expected to stem from the expansion of healthcare services, the impact of climate change and extreme weather events, the continued growth of e-commerce, the transition towards green energy, advancements in IoT (Internet of Things) and automation, the continual development of healthcare infrastructure, and an increase in overall awareness.

The temperature management market is anticipated to witness substantial growth due to the increasing prevalence of chronic diseases worldwide. Chronic ailments, persisting for extended durations and often requiring consistent medical attention, highlight the pivotal role of temperature management. Particularly in neurological conditions post-cardiac arrest, temperature management interventions aim to reduce mortality and enhance neurological outcomes in unresponsive patients after achieving Return of Spontaneous Circulation (ROSC). Statistics from the World Health Organization in September 2022 revealed that 74% of the 41 million global annual deaths were attributed to non-communicable diseases (NCDs) or chronic diseases. These included significant fatalities from cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes. The rising incidence of chronic diseases is a key driver fueling the growth of the temperature management market.

The surge in the number of surgical procedures is poised to drive the expansion of the temperature management market. Surgical interventions, involving tissue alterations through incisions or destruction, necessitate meticulous temperature control to maintain a patient's core body temperature within a specific range. This regulation is crucial to prevent temperature imbalances and sustain normothermia during surgeries. Notably, data from the Aesthetic Society in April 2022 unveiled a remarkable 54% surge in surgical procedures in 2021 compared to 2020. Notably, body procedures, particularly abdominoplasties and liposuction, exhibited significant growth rates, underscoring the increasing demand for temperature management solutions in surgical settings. Innovative wearables represent an emerging trend in the temperature management system market. These devices, such as the Embr Wave bracelet from Embr Labs, aim to address issues of circuit malfunctions and low-temperature burns resulting from heat generated by power consumption. These wearables function as personal thermostats, providing users with control over their body temperature preferences through patches or wearable devices.

Moreover, major players in the temperature management market are proactively engaging in strategic partnerships to bolster their product portfolios. In July 2023, Collaborations like the one between ZOLL Medical Corporation and BrainCool focus on exclusive distribution deals to expand market reach. This partnership aims to bring advanced temperature management solutions like the IQool System Pads and BrainCool System to markets in the United States, major European regions, and potential expansion into select Asian markets. This strategic alliance aims to enhance market presence and cater to diverse geographical segments.

Major companies operating in the temperature management market include 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.

North America was the largest region in the temperature management market in 2023. Western Europe was the second-largest region in the temperature management market report. The regions covered in the temperature management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the temperature management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The temperature management market consists of revenues earned by entities by real-time environmental and temperature monitoring and ensure patient safety. The market value includes the value of related goods sold by the service provider or included within the service offering. The temperature management market also includes sales of warming devices and cooling devices. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market for temperature management devices, as discussed in this report, is segmented by product into patient warming devices and patient cooling devices. Patient warming devices are utilized to regulate body temperature externally. The segmentation by application includes surgery, cardiology, pediatrics, neurology, orthopedic surgery, among others. Additionally, it is segmented by end-use, covering the operating room, neonatal ICU, emergency room, ICUs, and other healthcare settings.

The temperature management market research report is one of a series of new reports provides temperature management market statistics, including temperature management industry global market size, regional shares, competitors with a temperature management market share, detailed temperature management market segments, market trends and opportunities, and any further data you may need to thrive in the temperature management industry. This temperature management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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