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Agreements, Partnerships, & Joint Ventures, a Key Strategy Adopted by Leading Market Players to Foster their Growth in the Global Temperature Management Market
The global temperature management market was dominated by 3M Company (U.S.), Smiths Group plc (U.S.), Covidien plc (Ireland), Stryker Corporation (U.S.), C.R. Bard, Inc. (U.S.), and ZOLL Medical Corporation (U.S.) in 2013. These companies together accounted for a share of ~80.0% of the global temperature management market in 2013.
3M Company offers a broad product portfolio for the patient warming systems market. Its infection prevention division provides a wide variety of patient warming solutions, which are designed to prevent hypothermia in surgical settings. Moreover, the company operates in over 70 countries across North America, Asia-Pacific; Europe, Middle East and Africa (EMEA); and Latin America. The companyís R&D capabilities are focused on the development of technological advanced patient warming systems to accelerate its organic growth. Furthermore, the company focuses on inorganic growth strategies such as strategic acquisitions to strengthen its patient warming business and increase its share in the global temperature management market. This enabled the company to build a strong product portfolio, emphasize high-growth economies, focus on technology and innovation, and leverage enhanced integration capabilities in order to rapidly capture their business operation level.
Covidienís product portfolio includes a wide range convective air warming systems, including the WarmTouch full-body / multi access blanket, WarmTouch Pediatric blanket, WarmTouch Pediatric Surgical blanket, WarmTouch Cardiac blanket, and WarmTouch 5300A Warming Unit, among others. The company employs more than 38,500 people with 41 manufacturing facilities in 17 countries, and markets its products in over 150 countries across the globe. The companyís wide geographic presence enables it to maintain its leadership in the global temperature management market. Furthermore, the company focuses on geographical expansion, and agreements and partnerships with patient warming device manufacturers and distributors as key business strategies to ensure its growth in the global temperature management market.
In the temperature management market, leading players are adopting the strategies of new product development, new product launches, product enhancements, geographic expansions, agreements, acquisitions, and joint ventures to expand their presence. Market players adopted these strategies to access new technologies, develop novel products, expand their product portfolio, enter growing markets, and increase market share. In addition to the top market players, companies such as C.R. Bard, Inc. (U.S.), Cincinnati Sub-Zero Products Inc. (U.S.), Geratherm Medical AG (Germany), Inditherm Plc (U.K.), Koninklijke Philips N.V. (The Netherlands), Stryker Corporation (U.S.), and ZOLL Medical Corporation (U.S.) are primarily focused on agreements, partnerships, collaborations, and joint ventures, and launching new warming and cooling devices and acquisitions to widen their product offerings.
Major strategic developments are taking place in the field of intravascular/endovascular temperature management (IVTM) systems, a market which exhibits high growth potential in the near future. Dominant market players such as ZOLL Medical Corporation (U.S.) and Koninklijke Philips N.V. (Netherlands) have introduced several technologically advanced endovascular systems to keep pace with the industry trends.
Temperature Management Market by Product (Surface & Intravascular Systems- Warming & Cooling), Application (Acute & Perioperative Care, Delivery Suite) & by End User (Surgeon & Anesthesiologist, Nursing & Paramedical Staff) - Global Forecasts & Trends to 2019
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