Temperature Management Market Global Report 2020-30: Covid 19 Growth And Change

The Business Research Company’s Temperature Management Market Global Report 2020-30: Covid 19 Growth And Change

LONDON, GREATER LONDON, UK, July 27, 2020 /EINPresswire.com/ -- The global temperature management market is expected to decline from $2.19 billion in 2019 to $2.08 billion in 2020 at a compound annual growth rate (CAGR) of -5.2%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. Currently, many elective procedures, surgeries, and non-urgent visits have been postponed to prioritize urgent and emergency visits and procedures. This has decreased the demand for patient temperature management systems. Also, due to the extended lockdown and closure of factories that manufacture the equipment, production has slowed down, thereby creating a shortage in supply. The transportation restrictions and stringent government policies are further causing a downturn in the growth scale. The temperature management device market is then expected to recover and reach $2.47 billion in 2023 at a CAGR of 5.9%.

A rise in the prevalence of chronic diseases is expected to drive the patient temperature management market. For instance, in 2018, there were nearly 18.1 million new cases of cancer worldwide. A decrease in temperature increases the inflammation or multiplying of cancer cells in patients. It also acts as a predictor of death for critically ill cancer patients. Hyperthermia, a type of treatment that uses high temperature, is used for treating cancer patients. Therefore, maintaining temperature for patients with chronic diseases helps in decreasing the infection and saving lives, which in turn drives the temperature management market.

The temperature management market consists of sales of products or devices used to control and maintain specific body temperature through external warming or cooling for a specific duration. Temperature management devices are used in operation theatres during surgeries, in ICUs, blood warming, and in other chronic conditions such as cardiac ailments, neurological disorders and cancer.

The global temperature management market is segmented by product into patient warming devices, and patient cooling devices. By application, it is segmented into surgery, cardiology, pediatrics, neurology, orthopedic surgery, and others. By end-use, the market is segmented into operating room, neonatal ICU, emergency room, ICUs, and others.

Wearables are evolving at a rapid pace and are expected to be the emerging trend in the temperature management system market. Heat due to power consumption causes both circuit malfunctions and low-temperature burns to users. Therefore, researchers are proposing thermal management methods using wearable devices with higher performance. A wearable device is a patch that controls the temperature of the patient’s body as per the wearer’s preference. For instance, the company Embr Labs has released a watch or bracelet called Embr Wave, that makes the person feel warmer or cooler based on his preference, thereby acting as a personal thermostat.

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The Business Research Company
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