The current global health related statistics is indicating increased number of deaths due to increasing prevalence of chronic diseases. According to a report by the World Health Organization, chronic diseases are by far the leading cause of deaths in the world, representing 60% of all mortalities. As a result, for fast recovery, patients are undergoing more surgeries. This trend has augmented the demand for patient warming devices.
While developed regions will maintain a dominant share in the global patient warming devices market, the emerging nations are likely to register robust growth owing to the continuous development in the healthcare sector. Transparency Market Research (TMR) analysts state that these factors are anticipated to have a strong impact on the overall development of the global patient warming devices market. TMR estimates the market to expand at a 5.2% CAGR between 2015 and 2023, reaching a valuation of US$2.58 bn in 2019 from US$1.6 bn in 2014.
Which factors in the developed regions are facilitating the growth of the global patient warming devices market?
Developed regions such as North America and Europe have served up the patient warming devices vendors with the most attractive market opportunities. Regionally, North America is the leading market because of two key reasons. First, the increasing number of patients undergoing surgeries has fuelled the demand for patient warming devices. Second, the rising geriatric population in the U.S. and Canada will also augur well for the patient warming devices market. The increasing geriatric population will lead to increasing surgical procedures conducted yearly, thereby creating an influx of patient warming devices. According to the latest census, the geriatric population in the U.S. numbered 46.2 million in 2014 and in 2060, their number is expected to reach 98 million, which is more than twice the number in 2014. This region is thus anticipated to remain lucrative for leading manufacturers in the near future.
In Europe, the market is estimated to grow from the increasing prevalence of chronic ailments among the geriatric population. The well-established healthcare infrastructure in Europe is also likely to propel the growth of the global patient warming devices market.
Why are patient warming device manufacturers shifting their focus towards investment in developing nations?
Efficient temperature management systems have become imperative in cases of premature childbirths. Several studies forecast the number of premature births to increase across emerging economies, therefore augmenting the sales of patient warming devices. The Asia Pacific region is witnessing a boom in the medical tourism industry. Furthermore, the continuously improving healthcare infrastructure in the region is expected to give a great push to the global patient warming devices market.
In recent years, the number of surgical interventions conducted every year in the APAC region has also increased significantly. India and China will be the center of the regional patient warming market owing to rising awareness amongst patients.
Why are manufacturers focusing more on technologically advanced temperature management products?
Although demand for patient warming devices is rising steadily, sales are negatively affected by the side effects associated with them. The invasive nature of patient warming devices also limits their adoption amongst the patients. Moreover, a few side-effects such as allergies have made patients reluctant about the use of patient warming devices, thereby impeding the growth of the global patient warming devices market. Nearly every major company is now looking at advanced technological solutions to counter these drawbacks. Thus, the advent of technologically advanced products is likely to boost the sales of patient warming devices.