MARKET OUTLOOK
According to Triton, the global intravascular temperature management system market is expected to display a positive market trend over the forecast period of 2019-2027, exhibiting a CAGR of 3.18%.
The increasing number of surgical procedures and the rising prevalence of cardiovascular diseases are driving the growth of the intravascular temperature management system market. However, the costs of surgeries associated with an intravascular temperature management system are considerably high, which is a factor that significantly obstructs the market growth. Technological advancements and opportunities for growth in emerging economies act as opportunities for the growth of the market. The intravascular temperature management system industry is facing challenges such as stringent regulations at the moment. These challenges need to be overcome in order to achieve further market growth.
REGIONAL OUTLOOK
The global market for intravascular temperature management systems encompasses the regions of Latin America, Asia-Pacific, Europe, North America and the Middle East and Africa.
The Asia-Pacific region offers rewarding prospects for the intravascular temperature management system market and is projected to be the fastest-evolving market during the forecast period. APAC is a densely-populated region, with China, India and Japan being the most populated countries. Additionally, the pervasiveness of CVDs in the region fuels the growth of the intravascular temperature management system market. Furthermore, the growth of the market in this region is also driven by antibiotic abuse and the high rate of occurrence of surgical site infections because of the lack of microbiology laboratory capacity. Moreover, the increase in affordability and surge in healthcare expenditure are expected to create lucrative opportunities in the intravascular temperature management system market in this region.
COMPETITIVE OUTLOOK
The top companies that have been studied in the market are ZOLL Medical Corporation, 3M Company, Stryker Corporation, Belmont Instrument Corporation, Stihler Electronic GmbH (acquired by Gentherm GmbH), Smiths Group Plc, The Surgical Company B.V., Medtronic Plc, Geratherm Medical AG, Estill Medical Technologies, Inc., The 37Company, Biegler GmbH, Becton, Dickinson and Company, Inditherm Plc (acquired by Inspiration Healthcare), Vyaire Medical, Inc. and Asahi Kasei Corp.
Becton, Dickinson and Company is a multinational company working in the field of medical technology. The company develops, manufactures and sells diagnostic products, laboratory equipment and medical devices. BD classifies its business into two operating segments: BD Life Sciences and BD Medical. The company is based in the US and it operates in North America, Latin America, Europe, the Middle East, Africa and the Asia-Pacific. The enFlow Fluid Warming System, one of the company’s prime products, warms blood and IV solutions to 40°C, which helps manage hypothermia. In April 2019, Becton, Dickinson and Company received the FDA approval for Fully Sterile Chlorhexidine Gluconate Antiseptic Skin Preparation.