Intravascular Temperature Management Market to Reach $335.2 Million, Globally, by 2025 at 3.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, September 27, 2018 /PRNewswire/ --
Increasing incidence of cardiovascular diseases, steep rise in the number of surgical procedures worldwide, and growing concern over surgical site infections are expected to drive the growth of the global intravascular temperature management market.
Allied Market Research published a report, titled, Intravascular Temperature Management Market by Product (Systems and Consumables), Application (Preoperative Care, Operative Care, Post-operative Care, and Acute/Critical Care), Indication (Acute myocardial infarction (AMI), Stroke, Cardiac Arrest, Fever/Infection, and Other), and End User (Surgical Centers, Emergency Care Units, Ambulatory Surgical Centers, and Other): Global Opportunity Analysis and Industry Forecast, 2017-2025. The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market share & share, key segments, and competitive landscape. According to the report, the global intravascular temperature management market garnered $261.6 million in 2017 and is expected to reach $335.2 million by 2025, registering a CAGR of 3.1% from 2018 to 2025.
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Increase in incidence of cardiovascular diseases, surge in the number of surgical procedures worldwide, and rise in case of surgical site infections drive the growth of the industry. However, high initial cost of intravascular temperature management devices would hinder the market growth. On the other hand, untapped potential in emerging economies would create new pathways for the market players in future.
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Consumable products segment to lead the global market through 2025
The consumable products segment accounted for nearly three-fourths of the total market share in 2017 and would continue its dominance through 2025, registering the fastest CAGR of 3.5% from 2018 to 2025. This is attributed to the surge in the number of surgical procedures. The systems segment would exhibit steady growth during the forecast period.
Acute/critical care segment to remain highest revenue contributor by 2025
The acute/critical care segment contributed more than one-third of the total market share in 2017. This segment would maintain its lion's share throughout the forecast period, owing to increase in prevalence of cardiac disorders. However, the preoperative care segment is expected to grow at the fastest CAGR of 4.6% from 2018 to 2025, owing to the growing awareness of the benefits of intravascular temperature management. The other applications explored in the research are operative care and post-operative care.
Cardiac arrest segment to grow the fastest
A significant rise in the number of cardiac disorder cases across the world would enable the cardiac arrest segment to grow at the fastest CAGR of 3.8% from 2018 to 2025. However, the acute myocardial infraction (AMI) segment accounted for more than one-fourth share of the total market revenue in 2017 and is expected to remain dominant throughout the forecast period, owing to high prevalence of sedentary lifestyle, which in turn has led to spike in the number of AMI cases. The study also analyzes stroke, fewer/infection, and other indications.
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Emergency care units segment to contribute the highest share by 2025
Emergency care units segment accounted for nearly half of the total market share in 2017 and is expected to maintain its lead throughout the forecast period, owing to significant increase in the number of accident cases across the globe. However, the ambulatory surgical centers is expected to grow at the fastest CAGR of 3.8% from 2018 to 2025, owing to the development of ambulatory surgical centers in developing countries and reduced hospital stay after surgeries at these centers. The research also discusses surgical centers and other end users.
North America to remain dominant, Asia-Pacific to grow the fastest
North America contributed half of the total market share in 2017 and is anticipated to continue its dominance during the forecast period. This is due to factors such as high purchasing power, increase in surgical procedures, and rise in awareness on prevention of surgical site infections in the region. However, Asia-Pacific would grow at the fastest CAGR of 4.5% from 2018 to 2025, owing to improving healthcare infrastructure in developing nations such as China and India, rise in awareness among the population, supportive regulatory norms, and increase in per capita income.
Leading industry players
The key market players analyzed in the report include 3M Company, Belmont Instrument Corporation, Asahi Kasei Corporation, Geratherm Medical AG, Biegler GmbH, Stihler Electronic GmbH, Smiths Group Plc., The Surgical Company BV, and Vyaire Medical, Inc. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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