The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

A Growing Market: Statistics and Projections

• The temperature management market has witnessed steady growth, with a size of $2.84 billion in 2023, projected to reach $2.93 billion in 2024.
• Compound annual growth rate (CAGR) stands at 3.2%.
• Factors contributing to historic growth include rising demand for temperature-sensitive products, globalization of trade, and awareness about temperature management.
• Growth drivers encompass the demand for cold chain solutions, pharmaceuticals, electronics, an aging population, and the rise in chronic diseases.

Anticipating Future Growth: Trends and Forecasts

• Forecasted growth indicates a rise to $3.34 billion in 2028, with a CAGR of 3.3%.
• Expected drivers in the forecast period include healthcare expansion, climate change effects, e-commerce growth, green energy transition, IoT, and automation.
• Major trends forecasted encompass miniaturization, smart systems, personalized healthcare, sustainability practices, cross-industry collaboration, and integration of IoT and AI.

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Rising Prevalence of Chronic Diseases Drives Growth

• Chronic diseases’ prevalence is a significant driver for the temperature management market.
• Temperature management aids in conditions like neurological ailments stemming from cardiac arrest, aiming to improve outcomes.
• WHO reports 74% of global deaths attributed to non-communicable diseases annually, emphasizing the market’s potential.
• Key companies driving the market include 3M, Becton Dickinson, Draegerwerk AG, Smiths Medical, Stryker Corporation, among others.

Emerging Trends: The Evolution of Wearable Devices

• Wearables emerge as a significant trend in temperature management systems.
• Wearable devices aim to provide efficient thermal management without circuit malfunctions or burns.
• Examples include Embr Wave, acting as a personal thermostat, controlling body temperature based on wearer’s preference.
• Market segmentation includes product types, applications, and end-uses such as surgery, cardiology, pediatrics, and more.
• North America leads the temperature management market, showcasing its dominance in 2023.

Conclusion: Navigating Growth and Innovation The temperature management market displays resilience and innovation amid dynamic shifts in healthcare, technology, and environmental factors. As chronic diseases rise and technology advances, the demand for effective temperature management solutions continues to grow. Wearable devices and IoT integration mark the future of this market, promising personalized care and sustainability. Understanding these trends and projections is pivotal for stakeholders aiming to navigate and capitalize on the evolving landscape of temperature management.

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