The temperature management market size was valued at USD 2,639.5 million in 2021 and is projected to grow at a significant CAGR of 4.1% over 2022-2028. The temperature management market includes sales of items or equipment used to control and maintain a specified body temperature for a set period by external warming or cooling. Temperature-controlling devices are utilised in operating rooms, ICUs, blood warming, and other chronic illnesses like cardiac disease, neurological disorders, and cancer. The temperature management market is likely to be driven by an increase in the prevalence of chronic diseases. The temperature management market is driven by the fact that maintaining temperature for patients with chronic conditions reduces infection and saves lives. Factors include a growth in the global prevalence of chronic diseases and the resulting number of surgical procedures. The expanding number of contractual arrangements between market players is projected to create a broad range of growth chances for market players during the projection period. Because of the increased demand for these systems in hospital settings, the patient cooling systems segment of the market examined is likely to contribute positively to market growth. In the projection term, the number of agreements and contracts between significant participants (manufacturers and distributors) will give growth potential. The temperature management market is also fueled by the rising frequency of cardiovascular disease and the growing elderly population.
Recent Market Developments:
In Sep 2021, ZOLL® Medical Corporation, an Asahi Kasei company that manufactures medical devices and related software solutions, and Itamar™ Medical Ltd. a medical device and digital health company focused on the integration of sleep apnea diagnosis into the cardiac patient care pathway, announced that the two companies signed a definitive agreement under which ZOLL Medical will acquire all outstanding ordinary shares of Itamar Medical for a total value of approximately $538 million.
In Jan 2022 ,Stryker announced a definitive merger agreement to acquire all of the issued and outstanding shares of common stock of Vocera Communications, Inc. for $79.25 per share, or a total equity value of approximately $2.97 billion and a total enterprise value of approximately $3.09 billion (including convertible notes). Vocera, which was founded in 2000, has emerged as a leading platform in the digital care coordination and communication category. The importance of this growing segment has continued to expand throughout the pandemic as it aims to reduce cognitive overload for caregivers and enables them to deliver the best patient care possible.