A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Patient Warming Devices – Global Market Trajectory & Analytics”.
The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.
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Global Patient Warming Devices Market to Reach $2.5 Billion by 2026 Patient warming devices are routinely used in clinical settings to provide relief and help patients tolerate the unintended loss of body heat by maintaining the normal body temperature, resulting in a low risk of complications and faster recovery.
These devices are widely used by the medical staff to improve patient care during patient transfer and surgeries as well as deal with severely diseased or injured patients. Anesthetized patients and people with traumatic injuries hold a high risk of developing hypothermia, a critical challenge owing to associated complications.
Patient warming devices are an indispensable component of targeted temperature management, also termed protective or therapeutic hypothermia. Amid the COVID-19 crisis, the global market for Patient Warming Devices estimated at US$2 Billion in the year 2022, is projected to reach a revised size of US$2.5 Billion by 2026, growing at a CAGR of 5.5% over the analysis period.
Surface Warming Systems, one of the segments analyzed in the report, is projected to grow at a 4.3% CAGR to reach US$1.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Intravascular Warming Systems segment is readjusted to a revised 6.8% CAGR for the next 7-year period.
This segment currently accounts for a 28.9% share of the global Patient Warming Devices market. Surface warming devices dominate market growth and are witnessing growing popularity on account of their user-friendly nature, affordability, and safety.
The U.S. Market is Estimated at $715.9 Million in 2022, While China is Forecast to Reach $327.7 Million by 2026 The Patient Warming Devices market in the U.S. is estimated at US$715.9 Million in the year 2022. The country currently accounts for a 35.26% share of the global market. China, the world’s second-largest economy, is forecast to reach an estimated market size of US$327.7 Million in the year 2026 trailing a CAGR of 7.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while the Rest of the European market (as defined in the study) will reach US$351.9 Million by the close of the analysis period.
The market is receiving a major push from the prevalence of chronic conditions, especially oncology and cardiovascular ailments, coupled with increasing geriatric population. Continuous surge in aging population in developing regions like Europe and North America is expected to bolster the demand for patient warming devices.
These devices are poised to garner considerable attention in the medical practice to ensure rewarming following surgeries and managing severely wounded people who are at high risk of developing hypothermia. Another prominent factor that is slated to boost global demand is the increasing number of blood transfusion procedures.
The blood loss due to severe injuries and the immediate requirement for blood transfusion at the time of emergency surgery and treatment create the need to maintain the body temperature. In order to avoid complications during transfusion, hospitals are increasingly using blood warmers and fluids for bringing the temperature of blood to the body’s temperature.
A sizeable fraction of heart bypass surgeries across countries rely on cooling-heating devices. These warming devices are anticipated to gain significant prominence in healthcare facilities for preventing hypothermia during surgical interventions.
Patient Warming Accessories Segment to Reach $666.3 Million by 2026 In the global Patient Warming Accessories segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$390.5 Million will reach a projected size of US$575.6 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$51.5 Million by the year 2026, while Latin America will expand at a 7.3% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR Global Industry Analysts, Inc., is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.