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Temperature Monitoring Devices Market Outlook, Critical Insights, Trends Analysis, Key Players And Forecast To 2033
Temperature Monitoring Devices Market
Temperature Monitoring Devices Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.55 billion In 2028 At A CAGR Of 10.9% :
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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Temperature Monitoring Devices Market Major Segments
The temperature monitoring devices market covered in this report is segmented -
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
Key Driver - Temperature Monitoring Devices Market Surges Amidst Covid-19 Demand
The temperature monitoring devices market is experiencing massive growth due to the COVID-19 pandemic. Temperature monitoring of individuals or suspected patients is the first mode of diagnosis for COVID-19 used across various types of entities, including airports, offices, clinics, hospitals, and homecare. Also, infected patients' vital signs are required to be monitored both at hospitals and at home as a primary examination to track the infection.
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Prominent Trend - High Costs Impede Temperature Monitoring Device Market Growth
The high cost of advanced temperature monitoring devices may hinder the growth of the temperature monitoring devices market. The average cost of thermometers ranges from US$1 to US$114. The high cost of these devices is due to the high costs of sensors used in them. This is a high amount for low-economic countries such as Africa., South America and several Asian countries. Thus, the high cost of temperature monitoring devices is hindering the temperature monitoring devices market growth.
Temperature Monitoring Devices Market Players
Major companies operating in the temperature monitoring devices market include 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., Measurement Specialties Inc., Circa Scientific LLC, NOVAMED USA, Truer Medical Inc., Med-link Electronics Tech Co. Ltd., Rongrui (Shanghai) Technology Development Co. Ltd., Exsense Medical Technology Corporation, Medtronic plc, Becton Dickinson and Company, Medline Industries Inc., Amphenol Corporation, Egate Smart Building Innovation's Inc., Silicon Laboratories Inc., Shinyei Capacitor Co. Ltd., Energy Service Company, Technosoft Solutions India Pvt Ltd., Securitas Healthcare, ABB Ltd., DeltaTRAK Inc., Emerson Electric Co., Fluke Corporation
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Largest And Fastest Growing Region In The Market
North America was the largest region in the temperature monitoring devices market in 20232. Western Europe was the second largest region in the temperature monitoring devices market. The regions covered in the temperature monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Temperature Monitoring Devices Market Report Structure
3. Temperature Monitoring Devices Market Trends And Strategies
4. Temperature Monitoring Devices Market - Macro Economic Scenario
5. Temperature Monitoring Devices Market Size And Growth
…..
27. Temperature Monitoring Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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