CHICAGO, Jan. 19, 2024 /PRNewswire/ -- Therapeutic Hypothermia Systems Market in terms of revenue was estimated to be worth $291 million in 2023 and is poised to reach $396 million by 2028, growing at a CAGR of 6.3% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of this market is majorly driven by the growing number of hypothermia cases, the growing number of road accidents and sports injuries, the rise in the prevalence of traumatic brain surgery, the rise in the geriatric population, and the growing prevalence of chronic and infectious diseases.
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173 - Pages
Therapeutic Hypothermia Systems Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $291 million |
Estimated Value by 2028 | $396 million |
Growth Rate | Poised to grow at a CAGR of 6.3% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Application, and End User |
Geographies Covered | North America, Europe, Asia Pacific, Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing growth opportunities in developing countries |
Key Market Drivers | Increasing number of surgical procedures |
The cooling devices segment is expected to account for the largest share in 2022.
The therapeutic hypothermia systems market, by product, has been segmented into cooling devices, cooling catheters, and cool caps. In 2022, the cooling devices segment dominated the products market. This segment is also estimated to grow at the highest CAGR during the forecast period. The large share is due to its increasing importance in cardiac arrest, and it is less labor-intensive and easier to use.
The neurology segment held the largest market share in the therapeutic hypothermia systems market.
Based on the application, the therapeutic hypothermia systems market is segmented into Neurology, Cardiology, Neonatal care, and other applications. The neurology segment dominated the therapeutic hypothermia systems market in 2022. The large share of this segment can be primarily attributed to the growing incidence of various neurological disorders such as Traumatic brain injury, strokes, and brain and brain tumors.
North America dominates the global therapeutic hypothermia systems market.
Based on the region, the therapeutic hypothermia systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American market is driven by an increase in the incidence of cardiac arrests and neurological disorders and the availability of technologically advanced products. The Asia Pacific segment is projected to register the highest CAGR during the forecast period. Developing healthcare infrastructure, a rise in medical tourism, and government initiatives to increase the affordability of healthcare services are some of the major factors driving the growth of this regional market.
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Therapeutic Hypothermia Systems Market Dynamics:
Drivers:
1. Increasing number of surgical procedures
Restraint:
1. Lack of awareness regarding therapeutic hypothermia systems in developing countries
Opportunities:
1. Increasing growth opportunities in developing countries
Challenge:
1. Lack of skilled healthcare professionals
Key Market Players of Therapeutic Hypothermia Systems Industry:
Major players in the therapeutic hypothermia systems market include ZOLL Medical Corporation (Japan), Becton, Dickinson and Company (US), and Stryker Corporation (US).
Breakdown of supply-side primary interviews by company type, designation, and region:
- By Company Type: Tier 1 (30%), Tier 2 (48%), and Tier 3 (22%)
- By Designation: C-level (28%), Director-level (33%), and Others (39%)
- By Region: North America (21%), Europe (30%), Asia-Pacific (34%), and RoW (15%)
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Therapeutic Hypothermia Systems Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall therapeutic hypothermia systems market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers, restraints, opportunities, and challenges influencing the growth of the therapeutic hypothermia systems market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the therapeutic hypothermia systems market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the therapeutic hypothermia systems market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the therapeutic hypothermia systems market
- Competitive Assessment: In-depth assessment of market ranking, growth strategies, and service offerings of leading players like ZOLL Medical Corporation (Japan), Becton, Dickinson and Company (US), Stryker Corporation (US), among others in the therapeutic hypothermia systems market strategies.
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