HOME Research Insight 3M (US) and Cardinal Health (US) are leading players in Patient Temperature Monitoring Market

3M (US) and Cardinal Health (US) are leading players in Patient Temperature Monitoring Market

The global patient temperature monitoring market is projected to reach USD 3.21 billion by 2023 from USD 2.55 billion in 2018, at a CAGR of 4.7%. The factors driving the growth of this market include rising prevalence of infectious diseases, increasing geriatric and pediatric population, increasing number of surgical procedures, growing number of blood transfusion procedures, rising awareness about continuous temperature monitoring, and increasing demand for advanced temperature monitoring devices.

The analysis of market developments between 2015 and 2018 revealed that several growth strategies, such as product launches & approvals, acquisitions, partnerships, and agreements were adopted by market players to strengthen their product portfolios and maintain a competitive position in the patient temperature monitoring market. Product approvals and launches were the most widely adopted growth strategies by players in the past three years to garner a larger share of the market and maintain their position in this competitive market.

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3M (US) held the leading position in the global patient temperature monitoring market. The company provides a diversified product portfolio of various medical devices, including temperature monitoring devices. The company’s systems provide core temperature monitoring for preoperative testing, which is one of the most important stages in surgical procedures. The company has a strong presence across North America, Asia Pacific, and Europe. 3M’s strong brand image and widespread geographical coverage are the factors expected to drive its growth in the patient temperature monitoring devices market during the forecast period. For instance, to provide improved product understanding to its customers, in May 2016, the company launched a compendium with the latest information and research findings related to 3M Bair Hugger.

Cardinal Health (US) held the second position in the global patient temperature monitoring market. The company offers a wide range of products for temperature monitoring under its thermometry segment. The company’s key strengths are based on its strong geographic presence, technologically diverse product portfolio, and wide distribution network across major markets. To maintain its market position and ensure future growth, the company is focusing on both organic and inorganic growth strategies to enhance its growth in the market. For example, in July 2017, the company acquired Medtronic’s Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency business segments. These segments offer dental/animal health, wound care, and thermometry products.

Related Reports:

Patient Temperature Monitoring Market by Product (Wearable, Non-invasive, Continuous Core, Digital, Invasive Monitors), Site (Skin, Tympanic, Rectal), Application (Fever, Hypothermia, Anesthesia), End User (Hospitals, Blood Banks) - Global Forecast to 2023

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