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(MoneyNewsWire.Net, April 06, 2018 ) The Latin America Temperature Management market size was around USD 280 million in 2016. It is expected to grow at a CAGR of 1 % to reach USD 300 billion by 2021. It commands a market share of 12%.
Demand for Temperature management products is expected to be affected by the growing number of surgical procedures. For example, open heart surgeries require careful monitoring and maintenance of patients' temperature through blood cooling which in turn reduces the risk for perioperative and postoperative surgical complications.
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Reduction in the loss of blood during surgeries, reduced risks of neurological disorders post cardiac arrests, rapid post-surgery recovery and decreasing risks of SSIs are few of the benefits offered by temperature management devices. These benefits further reduce the stay at hospitals thereby, reducing the healthcare costs by augmenting the healthcare infrastructure with the usage of patient temperature management devices.
More and more technologically advanced intravascular systems, increasing number of conferences for physicians to spread awareness, greater research funding and rising cases of chronic diseases are the primary factors driving the growth of this market. Secondary factors include increasing number of healthcare organizations adopting the temperature management system in multiple clinical applications, prevalence of Nervous System and Cardiovascular Disorders, advancements in the development of mobile devices, rising cases of cancer. In addition, growing birth rates has also given rise to additional demand for temperature management devices for controlling temperature in neonatal care.
Price pressures, product recalls and high costs of IVTM systems are the primary restraints of this market.
The Latin America Temperature Management market can be categorized into four categories: by product, by application, by medical specialty and by end user. On the basis of application, Temperature Management market is classified into Perioperative Care (Operating Rooms, Recovery Rooms, and Preoperative Care Units), Acute Care (Intensive Care Units, Emergency Rooms, Coronary Care Units, Neurological Care Units, Burn Centres and Cath Labs), Military Applications, new-born Care (Delivery Suites, Neonatal Intensive Care Units and Postnatal Wards), Physiotherapy, Medical/Surgical Units, Patient Transport, Chemotherapy and Other Applications. In 2017, the perioperative care category is projected to command the largest market share. The growing number of surgical procedures performed worldwide is the key factor driving this market segment. Further, technological advancements, rising number of product launches for the perioperative care segment and increasing number of partnerships between major market players and hospitals are also buttressing market growth.
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If we go by product, Temperature Management market is segmented into Patient Warming Systems (Surface Warming Systems (Convective Warming Systems and Conductive Warming Systems), Intravascular Warming Systems and Warming Accessories) and Patient Cooling Systems (Surface Cooling Systems, Intravascular Cooling Systems and Cooling Accessories). In 2017, patient warming systems category is likely to command the largest market share. The growing demand for these systems in diverse hospital settings is the primary factor fuelling market growth. Further, on the basis of medical specialty the market can be categorized into General Surgery, Cardiology, Neurology, Paediatrics, Thoracic Surgery, Orthopaedics and others. In 2017, the general surgery category is estimated to command the largest market share. The growing incidence of colorectal cancer, GI disorders, and endocrine disorders are the key factors driving this market. Last but not the least, on the basis of end user the market is segmented into Surgeons and Anaesthesiologists, Nursing Staff and Paramedical Staff.
By geography, the Latin America Temperature Management market has been categorized into Brazil, Argentina, Chile and other countries of South America. It is second to last in terms of market share and Brazil is the market leader in this region.
Major companies in the Temperature Management market are 3M Company (U.S.), Smiths Medical (U.K.), Medtronic plc (Ireland), C.R. Bard Inc. (U.S.), Cincinnati Sub-Zero Products, Inc. (U.S.), Geratherm Medical AG (Germany), Inspiration Healthcare Group plc, (U.K.), Stryker Corporation (U.S.), The 37Company (Netherlands), ZOLL Medical Corporation (U.S.), GE Healthcare (U.S.), Becton, Dickinson and Company (U.S.), DRÄGERWERK AG & CO. KGAA (Germany), and Ecolab (U.S.).
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