Northrook, IL -- (SBWIRE) -- 03/10/2020 -- The growth in the geriatric population segment and the subsequent increase in the number of surgical procedures performed is expected to drive the demand for the temperature management market. The number of surgical procedures performed has increased over the years due to the increasing prevalence of various diseases. According to the United Nations, the population of individuals aged 60 and over is expected to grow by 56%--from 901 million in 2015 to 1.4 billion by 2030; by 2050, this population group is projected to double in size, reaching nearly 2.1 billion.

The Global Temperature Management Market is projected to reach USD 3.0 billion in 2024 from 2.6 billion in 2019, at a CAGR of 3.2%. Some of the major factors driving the growth of this market include the increasing incidence of chronic conditions and an increasing number of surgical procedures. However, the high cost of intravascular temperature management systems is restraining the growth of this market.

Patient cooling systems are expected to register the highest growth in the forecast period. This growth can be attributed to factors such as the growing demand for these systems in diverse hospital settings and the increasing adoption of invasive warming in surgical procedures such as orthopedic surgeries, gynecological & obstetric procedures, gastrointestinal procedures, and general surgeries.

Based on applications, the market is segmented into perioperative care, acute care, newborn care, and other applications. The acute care segment is expected to grow at the highest CAGR during the forecast period. Acute care encompasses specialized care and the support given to patients during emergencies or after undergoing surgeries in hospitals including intensive care units (ICUs), emergency rooms, coronary care units (CCUs), neurological care units, burn centers, and cath labs. The increase in the number of surgical procedures, growth in the geriatric population, and an increasing number of product launches are driving the growth of the acute care segment.

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The growing number of knee and hip replacement procedures, rising prevalence of arthritis, sedentary lifestyles, increasing prevalence of musculoskeletal disorders, and the increasing number of sports injury cases are the key factors driving the growth of the orthopedic surgery segment. The increasing number of orthopedic surgical procedures will increase the demand for temperature management systems which will contribute to the growth of the segment.

Regional Growth Analysis:

The large share of this regional segment is mainly due to the large volume of surgical procedures performed in North American countries. On the other hand, the market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. Factors such as the growing demand for aesthetic and medical surgeries, rising incidence of cardiac arrests and CNS disorders, government efforts to increase access to elective surgeries, and improving healthcare infrastructures are the major factors supporting the growth of the Asia Pacific market.

Over the years, the number of companies offering temperature management systems has increased globally. Major market players are focusing on strengthening their product offerings, distribution networks, and geographic presence by entering into contracts and agreements with other established and emerging players in the market. This provides growth opportunities for emerging companies in the market.

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Key Players in Temperature Management Market:

3M Company (US), Becton, Dickinson and Company (US), Dr?ger AG & Co. KGaA (Germany), Ecolab (US), GE Healthcare (US), Gentherm Incorporated (US), Inspiration Healthcare (UK), Medtronic plc (Ireland), Smiths Medical (US), Stryker Corporation (US), The 37Company (Netherlands), and Zoll Medical Corporation (US).