Temperature Modulation Devices Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The temperature modulation devices market size has grown strongly in recent years. It will grow from $2.92 billion in 2023 to $3.19 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to increasing industrialization, growing healthcare demands, rising agricultural needs, expanding scientific research, and advancing environmental concerns.
The temperature modulation devices market size is expected to see strong growth in the next few years. It will grow to $4.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to expanding urbanization, increasing climate change impacts, growing demand for energy efficiency, advancing digitalization and IoT integration, and rising healthcare and pharmaceutical innovations. Major trends in the forecast period include smart and connected systems, renewable energy integration, precision temperature control, modular and scalable designs, and predictive maintenance solutions.
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Scope Of Temperature Modulation Devices Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Temperature Modulation Devices Market Overview
Market Drivers –
The increasing number of surgical procedures is expected to propel the temperature modulation devices market going forward. Surgical procedures refer to medical interventions requiring incisions or bodily tissue manipulation to diagnose, treat, or manage medical conditions. The improved access to healthcare services has contributed to an increase in surgical procedures, with advances in healthcare infrastructure, greater healthcare financing, and the construction of new healthcare facilities allowing more patients to receive essential surgical care. The temperature modulation devices are utilized in surgical procedures to maintain optimal body temperature, preventing hypothermia or hyperthermia and promoting patient safety and comfort. For instance, in March 2023, according to the British Association of Aesthetic Plastic Surgeons, a UK-based non-governmental organization, there was a significant increase in the number of cosmetic surgical procedures performed, reaching a total of 31,057 in 2022, which reflects a notable 102% rise compared to 2021. Therefore, the increasing number of surgical procedures is driving the growth of the temperature modulation devices market.
Market Trends –
Companies operating in the temperature modulation devices market are focused on developing advanced technologies to provide unique features, such as waveform digitization functions, to enhance the precision and efficacy of temperature control in clinical settings, improving patient outcomes and operational efficiency. A waveform digitization function refers to converting continuous analog signals into digital signals, which are discrete to accurately measure and control temperature modulation in industries. For instance, in March 2024, Omron Corporation, a Japan-based electrical equipment manufacturing company, launched the OMRON NX-HTC. This temperature controller facilitates advanced machine status analysis by enhancing monitoring and regulation capabilities. The NX-HTC uses a distinctive waveform digitization function, empowering users to capture and analyze temperature patterns precisely. Additionally, it is equipped with advanced analytics capabilities, enabling real-time monitoring and analysis of machine status. This allows for proactive maintenance, improved efficiency, and reduced downtime. The NX-HTC provides stable automatic control against foreseeable temperature variations, such as those caused by outside air infiltration when doors are opened and closed. It contributes to quality improvement and helps boost production capacity by reducing the wait time until temperature stabilization. It supports measurement temperatures from -50 to 500°C and -50 to 1,000°C types.
The temperature modulation devices market covered in this report is segmented –
1) By Product: Portable Blood Or IV Fluid Warmers, Conductive Patient Warming Systems, Convective Patient Warming Systems, Conductive Patient Cooling Systems, Other Products
2) By Application: Perioperative Care, Acute Care, Coronary Care, Newborn Care, Other Applications
3) By End Use: Hospitals, Diagnostic Laboratories, Ambulatory Surgical Centers, Other End User
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Regional Insights –
North America was the largest region in the temperature modulation devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the temperature modulation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the temperature modulation devices market are Thermo Fisher Scientific Inc, Medtronic plc, ABB Group, FUJIFILM Holdings Corporation, Kimberly-Clark Corporation, Becton Dickinson and Company, Stryker Corporation, Baxter Laboratories Inc, Analog Devices Inc, Shimadzu Corporation, Smiths Group, Drägerwerk AG & Co KGaA, ICU Medical Inc, Masimo Corporation, ZOLL Medical Corporation, Gentherm Medical LLC, Cincinnati Sub-Zero (CSZ) Products LLC, Soma Technology Inc., Belmont Medical Technologies, The Surgical Company, BrainCool AB, Minnesota Mining and Manufacturing Company, Hirtz & Co. KG, EMIT Corporation, Keewell Medical Technology Co Ltd
Table of Contents
1. Executive Summary
2. Temperature Modulation Devices Market Report Structure
3. Temperature Modulation Devices Market Trends And Strategies
4. Temperature Modulation Devices Market – Macro Economic Scenario
5. Temperature Modulation Devices Market Size And Growth
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27. Temperature Modulation Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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