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Temperature Modulation Devices Market Size
Temperature Modulation Devices Market was valued at USD 2.4 billion in 2022 and is estimated to grow at over 7.4% CAGR from 2023 to 2032. These devices are instruments or systems designed to control or alter the temperature of a specific environment, substance, or process.
The market for temperature modulation devices is anticipated to be driven by an increase in surgical procedures performed globally and a rise in the number of fatal car accidents. As per estimates, in 2021, the number of surgical procedures rose by approximately 54% in the U.S. Furthermore, rising blood warmer demand from the military/defense and ambulatory surgical centers, anticipated to support the market's expansion.
Moreover, patient temperature management devices are often required due to the high prevalence of hypothermia among patients worldwide. The danger of death is increased by elements including blood loss from trauma or shock, harsh surroundings, natural disasters, and cold-stored blood or IV that could result in hypothermia, fueling the market's growth.
What factors are pushing the growth of the U.S. Temperature Modulation Devices Market?
U.S. temperature modulation devices industry was worth USD 911 million in 2022 and is anticipated to grow robustly through 2032 due to rising number of trauma cases, robust healthcare infrastructure, and technological advancements.
How will the acute care application influence the growth of temperature modulation devices industry growth?
The acute care application segment accounted for 34% market share in 2022 and is projected to witness substantial gains by 2032, as temperature modulation devices are widely used for maintaining and controlling body temperature during patient management & recovery.
How big is the temperature modulation devices market?
Temperature modulation devices industry was valued at USD 2.4 billion in 2022 and is projected to reach over USD 4.9 billion by 2032, driven by an increase in surgical procedures performed globally and a rise in the number of fatal car accidents.
Which companies define the competitive landscape of temperature modulation devices industry?
3M Company, ABB Group, Analog Devices Inc Barkey, Barkey GmbH & Co. KG, BD (Becton, Dickinson, and Company), Belmont Medical Technologies are some of the major industry contenders.