North America Temperature Management Systems Market
The temperature management systems market in North America is further segmented into the US, Canada, and Mexico. The US held the largest share of the North America temperature management systems market in 2020. The growth of this market is primarily driven by increasing prevalence of chronic and cardiac diseases, growing number of product launches by key players, and increasing focus on preventive measures to deal with disease prevalence and patient monitoring. According to the Centers for Disease Control and Prevention (CDC) in the 2019, almost 6 in 10 people in the US suffer from at least one chronic disease and 4 in 10 people have two or more chronic diseases. Also, cancer is one of the leading causes of death in the North America region. Additionally, increase in ageing population, rise in the number of accidents, and increase in the number of hospital admissions are among factors driving the number of surgical procedures across the world. For instance as per the data provided by Population Reference Bureau, the number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent. Rising prevalence of chronic disease and cardiovascular diseases is the major factor driving the growth of the North America temperature management systems market.
North America is witnessing the growing number of COVID-19 cases, for instance, in the United States the number of cases has been increased to 34,227,237 with 612,701 deaths reported. Additionally, Mexico and Canada cases are also growing. Due to coronavirus spreading, many cities are shutting down causing treatments and doctor’s appointment cancellation. Patients with serious health conditions, such as Cardiovascular, General surgery, Musculoskeletal, OB and GYN, Vascular needs physical distancing with others, however, delays in such chronic disease treatments is distressing. Therefore, although there has been a disruption in manufacturing and supply chain models of the manufacturing companies, the heightened demand for temperature management systems led to spur in the market growth.
Strategic insights for the North America Temperature Management Systems provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 874.38 Million |
| Market Size by 2028 | US$ 1,271.17 Million |
| Global CAGR (2021 - 2028) | 5.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Temperature Management Systems refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The temperature management systems market in North America is expected to grow from US$ 874.38 million in 2021 to US$ 1,271.17 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028. Industry players are conducting a vast number of research & development activities to develop advanced temperature monitoring systems. These technology partnerships are likely to offer significant opportunities for the new product launches and introduction of a wide variety of products during the forecast period. For instance, in June 2021, ZOLL and Global Healthcare SG signed an exclusive agreement to distribute a portable targeted temperature management system. Moreover, in May 2020, ZOLL Medical Corporation announced its Japanese subsidiary, Asahi Kasei ZOLL Medical Corp (AZM), which has obtained approval from Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) to market the company’s Thermogard XP (TGXP) Temperature Management System for sudden cardiac arrest. Further, in 2017, Stryker announced the launch of Altrix, a next-generation precision temperature management system used in all clinical settings. In addition, Smiths Medical, a leading global medical device manufacturer, launched the Level 1 convective warmer. This next-generation high-flow convective warmer gives health care providers a peaceful, simple, and safe thermal care solution to help patients maintain average body temperature through every stage of surgery. Further, consolidation of research and development activities leads to product innovations that are likely to offer significant opportunities for product adoption. Likewise, a robust focus on research activities can offer expanded growth opportunity for the temperature management systems market during the forecast period. This is bolstering the growth of the North America temperature management systems market.
The market for North America temperature management systems market is segmented into product, application, medical indication, and country. Based on product, the market is segmented into patient warming systems and patient cooling systems. The patient warming systems segment dominated the market in 2020 and patient cooling systems segment is expected to be the fastest growing during the forecast period. Further patient warming systems has been bifurcated into surface warming systems, intravascular warming systems, and warming accessories. Similarly patient cooling systems is bifurcated into surface cooling systems, intravascular cooling systems, and cooling accessories. Based on application the market is segmented into perioperative care, acute care, newborn care, and others. The perioperative care segment dominated the market in 2020 and acute care segment is expected to be the fastest growing during the forecast period. Based on medical indication the market is segmented into general surgery, cardiology, neurology, pediatrics, thoracic surgery, orthopedic surgery, and others. The general surgery segment dominated the market in 2020 and cardiology segment is expected to be the fastest growing during the forecast period.
A few major primary and secondary sources referred to for preparing this report on the temperature management systems market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 3M, BD, Dragerwerk AG & Co. KGaA, Ecolab, GENTHERM, Inspiration Healthcare Group plc, Smiths Medical, Stryker Corporation, and ZOLL MEDICAL CORPORATION among others.
The North America Temperature Management Systems Market is valued at US$ 874.38 Million in 2021, it is projected to reach US$ 1,271.17 Million by 2028.
As per our report North America Temperature Management Systems Market, the market size is valued at US$ 874.38 Million in 2021, projecting it to reach US$ 1,271.17 Million by 2028. This translates to a CAGR of approximately 5.5% during the forecast period.
The North America Temperature Management Systems Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Temperature Management Systems Market report:
The North America Temperature Management Systems Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Temperature Management Systems Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Temperature Management Systems Market value chain can benefit from the information contained in a comprehensive market report.
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