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Global Temperature Monitoring Devices Market To 2033 - Size, Share, Outlook, And Opportunity Analysis
Temperature Monitoring Devices Global Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Temperature Monitoring Devices industry. This report on Temperature Monitoring Devices market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The temperature monitoring devices market size has grown rapidly in recent years. It will grow from $3.87 billion in 2023 to $4.33 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to rising manufacturing activity, stringent regulations to ensure product quality, growing demand for digital thermometers, strong economic growth in emerging markets and rise in incidence of chronic diseases.
The temperature monitoring devices market size is expected to see rapid growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing adoption of strategies, growing demand for temperature monitoring systems, maintenance of air temperature in a controlled environment, rising demand for wireless temperature monitoring systems and rising healthcare expenditure. Major trends in the forecast period include product innovation, advancements in technology, growing demand for non-contact-based temperature, growing environmental awareness and use of artificial intelligence.
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Key Market Players:
3M Company, Drägerwerk AG & Co. KGaA, Cosinuss GmbH, Helen of Troy Limited, Koninklijke Philips N.V., Microlife Corporation, Omron Healthcare Co. Ltd., Terumo Corporation, Welch Allyn Inc., C. R. Bard Inc.
Market Drivers:
The increase in the prevalence of chronic and infectious diseases is causing a positive impact on the temperature monitoring devices market. Certain infectious diseases like Dengue, Zika, Malaria, Ebola require continuous monitoring of temperature to give appropriate treatment and save lives. Also, the temperature of patients with other chronic diseases such as cardiovascular diseases and kidney-related diseases has to be monitored continuously, especially when they are hospitalized as temperature monitoring gives an overview of their body functioning.
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Market segments for Temperature Monitoring Devices include:
1) By Type: Contact-based Temperature Monitoring Systems, Non-contact-based Temperature Monitoring System
2) By Application: Oral Cavity, Ear, Other Applications
3) By End User: Hospital and Surgical Centers, Nursing Facilities, Ambulatory Care Centers, Home Care, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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