(Australia-NewsWire.Com, February 12, 2018 ) According to the report Asia Pacific Temperature Management Market, published by Market Data Forecast, the Market size was approximately USD 350 million in 2016. It is projected to grow at a CAGR of 3% to reach USD 410 million by 2021. It is the highest growing market and third in terms of market share commanding 15% of the global market share.
Rising number of procedures involving surgery are expected to affect the demand for temperature management products. Risks for perioperative and postoperative surgical complications is reduced if the temperature of the patients is monitored through blood cooling during open surgeries.
Rising number of conferences for physicians to spread awareness, greater research funding, numerous technologically advanced intravascular systems and rising cases of chronic diseases are the key factors fuelling the market growth. Prevalence of Nervous System and Cardiovascular Disorders, rising cases of cancer, advancements in the development of mobile devices and increasing number of healthcare organizations adopting the temperature management system in multiple clinical applications are secondary factors responsible for the observable trend in market growth. Demand for temperature management devices for controlling temperature in neonatal care has augmented due to higher birth rates.Product recalls, high costs of IVTM systems and price pressures are the key restraints of this market.
The Asia Pacific Temperature Management market can be categorized into four categories: by product, by application, by medical specialty and by end user. On the basis of application, Temperature Management market is classified into Perioperative Care (Operating Rooms, Recovery Rooms, and Preoperative Care Units), Acute Care (Intensive Care Units, Emergency Rooms, Coronary Care Units, Neurological Care Units, Burn Centres and Cath Labs), Military Applications, new-born Care (Delivery Suites, Neonatal Intensive Care Units and Postnatal Wards), Physiotherapy, Medical/Surgical Units, Patient Transport, Chemotherapy and Other Applications.
In 2017, the perioperative care category is projected to command the largest market share. The growing number of surgical procedures performed worldwide is the key factor driving this market segment. Further, technological advancements, rising number of product launches for the perioperative care segment and increasing number of partnerships between major market players and hospitals are also buttressing market growth. If we go by product, Temperature Management market is segmented into Patient Warming Systems (Surface Warming Systems (Convective Warming Systems and Conductive Warming Systems), Intravascular Warming Systems and Warming Accessories) and Patient Cooling Systems (Surface Cooling Systems, Intravascular Cooling Systems and Cooling Accessories).
In 2017, patient warming systems category is likely to command the largest market share. The growing demand for these systems in diverse hospital settings is the primary factor fuelling market growth. Further, on the basis of medical specialty the market can be categorized into General Surgery, Cardiology, Neurology, Paediatrics, Thoracic Surgery, Orthopaedics and others. In 2017, the general surgery category is estimated to command the largest market share. The growing incidence of colorectal cancer, GI disorders, and endocrine disorders are the key factors driving this market. Last but not the least, on the basis of end user the market is segmented into Surgeons and Anaesthesiologists, Nursing Staff and Paramedical Staff.
By geography, the Asia Pacific Temperature Management market has been categorized into India, China, South Korea, Japan and other countries. Presently, Asia Pacific has the highest CAGR. It is third in terms of market share and has the highest CAGR. The driving factors are the awareness of an increase in cancer risks and degenerate cost surgeries. The rising government support in New Zealand, Australia, South Korea and Taiwan is likely boost the market growth of patient temperature management technique.
Major companies in the Temperature Management market are 3M Company (U.S.), Smiths Medical (U.K.), Medtronic plc (Ireland), C.R. Bard Inc. (U.S.), Cincinnati Sub-Zero Products, Inc. (U.S.), Geratherm Medical AG (Germany), Inspiration Healthcare Group plc, (U.K.), Stryker Corporation (U.S.), The 37Company (Netherlands), ZOLL Medical Corporation (U.S.), GE Healthcare (U.S.), Becton, Dickinson and Company (U.S.), DRÄGERWERK AG & CO. KGAA (Germany), and Ecolab (U.S.).
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The evaluation of the current market for your product or services and the future implications of the market
Addresses the opportunities by better understanding the market through size estimates and growth rate analysis to forecast the market for the future
Extensive segmentation to understand the dynamics of market at a very granular level by splitting down the market to the smallest segment
Addresses the key market dynamics involving the drivers, restraints and challenges with an aim of providing insights for gaining market share
The factors responsible for the shaping of the industry as it is as a result of competitive environment is analyzed through Porter’s Five Forces
The effects of political, economic, social, technological, legal and environmental factors on the industry is analyzed through PESTLE analysis to better understand the aspects of strategic management required to comply with the exogenous and endogenous factors
Strategic evaluation of the key players to gain insights of their performance allowing access to their product portfolio, financial performance and the strengths of their business strategic developments
Comparative study of the firms across the industry measuring their performances based on market share and recent activities in order to achieve competitive intelligence
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