Therapeutic Hypothermia Systems Market by Product (Cooling Devices, Cooling Catheters, Cool Caps), Application (Neurology, Cardiology, Neonatal Care), and Region (North America, Europe, Asia- Pacific, RoW) - Global Forecast to 2028
Market Growth Outlook Summary
The global therapeutic hypothermia systems market growth in terms of revenue was estimated to be worth $291 million in 2023 and is poised to reach $396 million by 2028, growing at a CAGR of 6.3% from 2023 to 2028. The growth in this market is attributed to the increasing need for therapeutic hypothermia systems for cardiac arrest patients and the growing use of minimally invasive cooling techniques. However, alternative methods or techniques could restrain the growth of this market.
Therapeutic Hypothermia Systems Market Trends
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Global Therapeutic Hypothermia Systems Dynamics
DRIVER: Increasing number of surgical procedures
Effective therapeutic hypothermia management of patients is required to be made to maintain normothermia during surgical procedures with special consideration. Furthermore, managing intraoperative hypothermia is vital for eliminating surgical bleeding, surgical-site infections, and wound infections, which can lead to severe health complications, extended hospitalization periods, and an increase in patient mortality. Hypothermia is a common occurrence during surgeries as anesthetics can disrupt the normal body temperature of a patient, according to the American Society of Anaesthesiologists (ASA). The number of surgical procedures performed has increased over the years. According to the National Library of Medicine, globally, a staggering 310 million major surgeries are performed each year (around 40 to 50 million in the US and 20 million in Europe). The growing number of surgical procedures performed will drive the demand for therapeutic hypothermia systems.
RESTRAINT: Lack of awareness regarding therapeutic hypothermia systems in developing countries
Managing the core temperature of patients requires professionals with relevant experience and knowledge of the methodology to properly use the cooling systems. The need for proper training for effective usage of systems has been created by the players by launching the advanced systems in the market. These advancements avoid additional risks of high fever and hypothermia in pre-and post-operative setups and help in providing results of near-core and core temperature ranges. However, the major factors limiting their adoption are the lack of awareness among healthcare practitioners and doctors about advancements that are incorporated by manufacturers, coupled with a dearth of skilled personnel who can effectively operate and process these devices.
OPPORTUNITY: Increasing growth opportunities in developing countries
Countries like India, China, South Korea, Brazil, Taiwan, Turkey, Russia, and South Africa offer potential growth opportunities for major players operating in the market as these are emerging economies. This can be attributed to the rise in the geriatric population, the growing prevalence of chronic and infectious diseases, improvement in healthcare infrastructure, and growing disposable income in these countries.
CHALLENGE: Lack of skilled healthcare professionals
In developing countries, there is a shortage of physicians and healthcare professionals, and the proper usage of these devices requires expertise, relevant experience, and knowledge of the technology and its applications.
Currently, there is a shortage of skilled medical personnel in both developed and developing countries. According to WHO estimates, globally, there will be a shortage of 18 million healthcare workers by 2030. The Association of American Medical Colleges (AAMC) estimates that the US will face a shortage of approximately 54,100–139,000 physicians by 2033. This shortage of skilled professionals and physicians in healthcare will have an impact on the market.
Therapeutic Hypothermia Systems Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of therapeutic hypothermia systems. These companies have been operating in the market for several years and possess diversified product portfolios, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include ZOLL Medical Corporation (Japan), Becton, Dickinson and Company (US), and Stryker Corporation (US).
In 2022, cooling devices segment to observe the highest growth rate of the therapeutic hypothermia systems industry, by product.
Based on the product, the therapeutic hypothermia systems market is classified as Cooling Catheters, Cooling devices, and Cool Caps. The cooling devices segment dominated the market in 2022. The large share of the segment can be attributed to the growing number of players in the therapeutic hypothermia systems and the rise in a number of cardiac arrest surgeries.
In 2022, neurology segment to dominate the therapeutic hypothermia systems industry, by application.
Based on the applications, the therapeutic hypothermia systems market is segmented into Neurology, Cardiology, Neonatal care, and other applications. The neurology segment dominated the global market in 2022. The large share of this segment can be primarily attributed to the growing prevalence of trauma brain injuries and the advantages of using therapeutic hypothermia in improving neurological outcomes.
In 2022, North America to dominate in therapeutic hypothermia systems industry.
The global therapeutic hypothermia systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate during the forecast period, primarily due to the growing R&D expenditure by companies and the presence of major players in the US. Growth in the geriatric population, the rising incidence of cardiac arrests and neurological disorders, and the availability of technologically advanced products are the other factors supporting the growth of the market in North America.
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The therapeutic hypothermia systems market is dominated by players such as ZOLL Medical Corporation (Japan), Becton, Dickinson and Company (US), and Stryker Corporation (US).
Scope of the Therapeutic Hypothermia Systems Industry
|
Report Metric |
Details |
|
Market Revenue Size in 2023 |
$291 million |
|
Projected Revenue Size by 2028 |
$396 million |
|
Industry Growth Rate |
Poised to Grow at a CAGR of 6.3% |
|
Market Driver |
Increasing number of surgical procedures |
|
Market Opportunity |
Increasing growth opportunities in developing countries |
This research report categorizes the Therapeutic hypothermia systems market to forecast revenue and analyze trends in each of the following submarkets:
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
By Product
- Cooling Devices
- Cooling Catheters
- Cool Caps
By Application
- Neurology
- Cardiology
- Neonatal Care
- Other Application
Recent Developments of Therapeutic Hypothermia Systems Industry
- In 2023, Asahi Kasei Corporation (Japan) signed an agreement with BrainCool, a medical device company specializing in therapeutic hypothermia systems solutions, for the exclusive distribution of the BrainCool System/IQool System and the IQool System Pads in the US and key markets in Europe.
- In 2022, Gentherm acquired Jiangmen Dacheng Medical Equipment Co., Ltd., a manufacturer of medical materials and medical equipment, including patient therapeutic hypothermia solutions.
- In 2021, ZOLL Medical (US) signed a distribution agreement with Wallaby Medical Technologies, wherein Wallaby will manage the sales and distribution of ZOLL’s therapeutic hypothermia products in China.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global therapeutic hypothermia systems market?
The global therapeutic hypothermia systems market boasts a total revenue value of $396 million by 2028.
What is the estimated growth rate (CAGR) of the global therapeutic hypothermia systems market?
The global therapeutic hypothermia systems market has an estimated compound annual growth rate (CAGR) of 6.3% and a revenue size in the region of $291 million in 2023. .
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2 RESEARCH METHODOLOGY (Page No. - 29)
The objective of the study is to analyze the key market dynamics, such as drivers, opportunities, challenges, restraints, and key player strategies. To track company developments such as acquisitions, product launches, expansions, collaborations, agreements, and partnerships of the leading players, the competitive landscape of the therapeutic hypothermia systems market to analyze market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches were used to estimate the market size. To estimate the market size of segments and subsegments, the market breakdown and data triangulation were used.
The four steps involved in estimating the market size are
Collecting Secondary Data
The secondary research data collection process involves the usage of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), annual reports, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the market. A database of the key industry leaders was also prepared using secondary research.
Collecting Primary Data
The primary research data was conducted after acquiring knowledge about the market scenario through secondary research. A significant number of primary interviews were conducted with stakeholders from both the demand side (such as pharmaceutical & biotechnology industries, food & nutraceutical industries, and research laboratories) and supply side (such as included various industry experts, such as Directors, Chief X Officers (CXOs), Vice Presidents (VPs) from business development, marketing, and product development teams, product manufacturers, wholesalers, channel partners, and distributors) across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Approximately 40% of the primary interviews were conducted with stakeholders from the demand side, while those from the supply side accounted for the remaining 60%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
A breakdown of the primary respondents is provided below:
Breakdown of Primary Participants:
Note 1: *Others include sales managers, marketing managers, and product managers.
Note 2: Tiers are defined based on a company’s total revenue as of 2022: Tier 1=> USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3=< USD 500 million.
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Market Size Estimation
All major product manufacturers offering various therapeutic hypothermia systems were identified at the global/regional level. Revenue mapping was done for the major players and was extrapolated to arrive at the global market value of each type of segment. The market value therapeutic hypothermia systems market was also split into various segments and subsegments at the region and country level based on:
- Product mapping of various manufacturers for each type of market at the regional and country level
- Relative adoption pattern of each market among key application segments at the regional and/or country-level
- Detailed primary research to gather qualitative and quantitative information related to segments and subsegments at the regional and/or country level.
- Detailed secondary research to gauge the prevailing market trends at the regional and/or country level
Global Therapeutic Hypothermia Systems Market Size: Top-Down Approach
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Global Therapeutic Hypothermia Systems Market Size: Bottom-Up Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the Therapeutic hypothermia systems industry.
Market Definition
Therapeutic hypothermia, also known as targeted temperature management or induced hypothermia, is a medical treatment that involves lowering a patient’s body temperature for a specific period to provide therapeutic benefits. This intervention is often employed in certain medical conditions to reduce the risk of injury to tissues, particularly the brain, and improve overall outcomes. The primary goal of therapeutic hypothermia is to protect the body’s organs, especially the brain, from damage following events such as cardiac arrest, traumatic brain injury, stroke, or neonatal hypoxic-ischemic encephalopathy (a type of brain injury that occurs when there is a lack of oxygen and blood flow to the brain in newborns).
Key Stakeholders
- Senior Management
- Finance/Procurement Department
- R&D Department
- Surgeons and Anesthesiologists/Paramedical Staff/Nursing Staff
Report Objectives
- To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To define, describe, segment, and forecast the therapeutic hypothermia systems market by product, application, and region
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall market
- To forecast the size of the market in five main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific, Rest of the world.
- To profile key players in the market and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments, such as acquisitions; product launches; expansions; collaborations, agreements, & partnerships; and R&D activities of the leading players in the market.
- To benchmark players within the market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Available Customizations
MarketsandMarkets offers the following customizations for this market report:
- Additional country-level analysis of the Therapeutic hypothermia systems market
- Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the Therapeutic hypothermia systems Market
Growth opportunities and latent adjacency in Therapeutic Hypothermia Systems Market