Global Intravascular Temperature Management Market Overview
The intravascular temperature management market is expected to induce a decent growth during the forecast period i.e. 2019-2027 on the back of high prevalence of patient pool suffering from various forms of fevers such as typhoid, Q fever, yellow fever and viral fever among others around the globe. Besides increasing requirements for temperature management during surgical procedures to enhance the success rates of medical course is estimated to drive the market further during the forecast period.
Market Size & Forecast
The intravascular temperature management market is anticipated to record a CAGR of 3.3% over the forecast period. Many multi-national companies are concentrating towards new product advances in intravascular temperature management systems. Currently, the market is observing vibrant growth owing to increasing demand for efficient surgical process management in the healthcare sector. Further, the growing exploration of intravascular temperature management for successful surgical procedures and efficient prevention of pre and postoperative hypothermia is expected to significantly boost the market shares over the forecast period. Additionally, the market has great potential across the developing regions around the world since these markets have been minimally tapped and need better market penetration.On the basis of regional platform, global intravascular temperature management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is anticipated to induce the highest growth rate in the intravascular temperature management market over the forecast period on the back of increasing medical tourism in the countries such as India, China, Malaysia, Japan and others along with increasing healthcare expenditure due to rising disposable income across the region. North America is panned to showcase the biggest market for intravascular temperature management owing to the presence of highly skilled technicians for system handling combined with well-developed healthcare sector and highly aware patient population across the region.CLICK TO DOWNLOAD SAMPLE
Europe is estimated to display a positive growth on the back of rising geriatric population suffering from cardiovascular diseases and increasing adoption of technologically advanced systems along with growing patient pool over the forecast period.
Growth Drivers & Challenges
Increasing Number of Surgical Procedures
On account of its ability in maintaining the temperature aiding in prevention of infections at the surgical site in patients undergoing surgical procedures, the market revenue of intravascular temperature management is attributed to increase during the forecast period. Further, the intravascular temperature management’s essential application in preventing pre and post-operative hypothermia is anticipated to boost the market growth over the forecast period. The increasing numbers of surgical procedures are attributed to rising number of cardiovascular diseases among the present population around the world. The WHO reports that cardiovascular diseases are the number 1 cause of death across the globe which resulted in an estimated 17.9 million deaths in the year 2016. This increase in the number of cardiovascular disorders have escalated the total number of surgical procedures with 10,156 per 100,000 population procedures across Australia and 5,308 per 100,000 population procedures across New Zealand in the year 2016 as per World Health Organization.
Growing Geriatric Population
On account of increasing geriatric population with higher risks of suffering cardiovascular diseases leading to greater chances of requiring surgical procedures, the intravascular temperature management market is expected to grow sturdily during the forecast period. The World Bank reported that the World’s Geriatric population increased from 6.88% to 7.63% between the year gap of 2000-2010. This number has further increased to 8.69% by the year 2017 which is expected to rise further during the forecast period.
Additionally, increasing population suffering from nervous system disorders along with myocardial infarction, fever or infection and other medical conditions is estimated drive the intravascular temperature management market during the forecast period. High adoption rate of technologically advanced medical devices and ongoing research and development activities is expected to contribute significantly towards market’s growth across the globe. Moreover, the applications of intravascular temperature management during traumatic brain injury treatment to reduce intracranial pressure as a preventive measure is estimated to accentuate the growth of the market substantially during the forecast period.
Association of High Cost Constraints
However, high cost of the procedures along with high initial investment for the set-up of these systems is expected to serve as a restraining factor in the growth of the market in upcoming years. Furthermore, cost constraints associated with the team of skilled staff for handling these systems especially the lack of skilled staffs across the under-developed and developing regions is estimated to impede the market growth during the forecast period.
Our-in depth analysis of the global intravascular temperature management market includes the following segments:
By Component Type
By Management Type
Global intravascular temperature management market is further classified on the basis of region as follows:
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