Temperature Management Market worth $2.5 Billion by 2019 - New Research Report by MarketsandMarkets
(PRWEB) November 18, 2014 -- According to research report the “Temperature Management Market by Application (Delivery Suite, Acute & Perioperative Care), by Product (Systems- Warming & Cooling, Surface & Intravascular ), End User (Nursing & Paramedical Staff, Surgeon & Anaesthesiologist) - Global Forecasts & Trends to 2019”, studies and analyses the major market restraints, trends, opportunities, and challenges in North America, Europe, Asia-Pacific, and Rest of the World.
Browse 100 market data tables and 76 figures spread through 207 slides and in-depth TOC.
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This report studies the global temperature management market over the forecast period of 2014 to 2019. The market is expected to reach $2.5 billion by 2019 at CAGR of 2.4% from 2014 to 2019.
On the basis of type of application, the global temperature management market is classified into four major segments, acute care, namely, newborn care, perioperative care, and other applications. The acute care applications segment is expected to grow at the highest CAGR in the next five years, owing to rising number of new product launches and technological advancements.The perioperative care applications segment accounted for the largest share of the global market in 2014.
On the basis of type of product, the global temperature management market has been divided into two major segments, namely, cooling systems and patient warming. The patient warming systems segment is further classified into surface warming systems, intravascular warming systems and patient warming accessories. In the same way, the patient cooling systems segment is further divided into surface cooling systems, intravascular cooling systems, and patient cooling accessories. The patient warming systems segment accounted for the largest share of the global market in 2014. Furthermore, the patient cooling systems segment is expected to grow at the highest CAGR in the next five years, owing to various growth strategies followed by market players and technological advancements in the field of intravascular temperature management (IVTM) systems.
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Factors such as high incidences of cardiac arrest, rapid growth in aging population, technological advancements, and growing number of surgical procedures are driving the growth of the global temperature management market. However, factors such as product recalls, high costs of IVTM systems, and unfavorable healthcare reforms in the U.S. restrict the growth of this market.
Growth of the temperature management market is driven by factors such as rapidly ageing population, increasing focus on the development of technologically advanced intravascular systems, rise in product approvals and new product launches, and geographical expansions of market players across the globe.
However, unfavorable healthcare reforms in the U.S. market and product recalls are some of the key restraints hampering the market. Furthermore, increasing trend of bulk purchasing through a number of organizations, including GPOs (Group Purchasing Organizations) and IHNs (Integrated Health Networks) are intensifying the price pressure on market players.
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3M Company offers a broad product portfolio for the patient warming systems market. Its infection prevention division provides a wide variety of patient warming solutions, which are designed to prevent hypothermia in surgical settings.
The global temperature management market was dominated by 3M Company (U.S.), Smiths Group plc (U.S.), Covidien plc (Ireland), Stryker Corporation (U.S.), C.R. Bard, Inc. (U.S.), and ZOLL Medical Corporation (U.S.) in 2013. These companies together accounted for a share of ~80.0% of the global temperature management market in 2013.
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