North America dominated the market in 2016 due to the rising number of cardiac surgeries. The rising awareness level among people and increase in healthcare expenditure also contributes to the growth of the market. Advancement in technology in temperature management systems has increased the penetration in the U.S.
The Asia Pacific is expected to witness rapid growth over the forecast period. This is due to the untapped market in developing countries such as China and India. The increase in healthcare expenditure and increasing disposable incomes also contribute to the growth of this market. In 2016, neonatal ICU held the second largest market share due to the rise in the number of childbirth and premature deliveries. This is expected to further increase the demand for temperature management tools in neonatal ICU.
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Competitive Insights
Some of the key companies of this market are Stryker Corporation; Cincinnati Sub-Zero Products, LLC; ZOLL Medical Corporation; The 37Company; Bard Medical, Inc.; 3M Company; Inditherm Plc; Medtronic, Inc.; and Atom Medical Corporation among others.
Few strategic initiatives undertaken by the key players include mergers and acquisitions, new product development, and geographic expansions. For instance, to expand the product portfolio of temperature management systems, ZOLL Medical Corporation entered into an agreement with Philips InnerCool to buy its temperature management business segment.
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