Emerging Markets such as China, India, Brazil, and Mexico to Offer New Growth Opportunities for Market Players in Near Future
Over the last five years, the temperature management market witnessed significant acquisitions among leading vendors to expand their geographical presence across the globe and achieve economies of scale. These strategic acquisitions by leading vendors have enabled them maintain their position in this market as well as to develop a wide product portfolio of patient warming and cooling systems, which would boost their revenue during the forecast period.
North America (except Mexico) and a major part of the European region are mature markets for temperature management devices. However, developing regions such as Asia-Pacific (including China and India), Latin America, and the Middle East are expected to become new revenue-generating markets for players dealing in patient temperature management devices. The temperature management market in these emerging regions is primarily driven by their large target patient populations. Moreover, the growing popularity of cosmetic surgery, developing healthcare infrastructure, and rising government initiatives to increase access to modern healthcare facilities are some key factors fueling the growth of the temperature management market in these regions. A number of players in the temperature management market are striving to expand their presence in these emerging markets. For instance, in January 2011, Smiths Medical established a subsidiary in India. This enabled the company to develop its customer relationships directly, leverage its existing strong distribution network, and increase its market share in the emerging Indian market.
In Asia-Pacific, the temperature management market in China is estimated to grow at the highest CAGR in the next five years. A number of factors such as the rising prevalence of cancer and cardiovascular diseases, aging population, and rising popularity of cosmetic surgeries, are the major drivers contributing to the growth of the temperature management market in China. In addition, huge population base and initiatives taken by the country to develop a modern healthcare system are some of the other factors contributing to the high growth rate of the Chinese temperature management market. These factors have spurred market players such as Covidien plc (U.S.) to expand their research and development facilities in China to meet the increasing demand for patient temperature management devices in the country. Moreover, the temperature management market in India is also expected to witness robust growth in the forecast period. The evolving temperature management market in India offers remarkable growth opportunities for players due to factors such as the availability of skilled physicians and healthcare practitioners, low cost of medical facilities compared to developed countries, and growing focus of international and domestic players on the Indian medical devices market. Furthermore, the combined efforts of government agencies and public sector organizations to increase healthcare awareness have enabled the Asia-Pacific region to become an attractive market for patient temperature management system manufacturers.
Technologically advanced intravascular temperature management (IVTM) systems offer a promising future, showcasing high growth opportunities for market players. Their market growth is propelled by various factors such as technological advancements in intravascular/endovascular systems, large number of surgical procedures, and use of the warming systems during surgeries. Several companies such as Covidien Plc (Ireland), Koninklijke Philips N.V. (the Netherlands), Smiths Group Plc (U.S.), and ZOLL Medical Corporation (U.S.) are investing in this high-growth market to gain more profits and increase their share in the global temperature management market.
Related Report
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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