The temperature management market consists of sales of products or devices used to control and maintain specific body temperature through external warming or cooling for a specific duration. The temperature management devices are used in operation theatres during surgeries, ICU, blood warming, and in other chronic conditions such as cardiac ailments, neurological disorders and cancer.
The global temperature management market is expected to decline from $2.19 billion in 2019 to $2.08 billion in 2020 at a compound annual growth rate (CAGR) of -5.2%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. Currently, many elective procedures, surgeries, and non-urgent visits have been postponed to prioritize urgent and emergency visits and procedures. This has decreased the demand for patient temperature management systems. Also, due to the extended lockdown and closure of factories that manufacture the equipment, the production slowed down, thereby having a shortage in supply. The transportation restrictions and stringent government policies are further causing a downturn in the growth scale. The market is then expected to recover and reach $2.47 billion in 2023 at a CAGR of 5.9%.