Press release
2025-2034 Temperature Monitoring Devices Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Temperature Monitoring Devices Market
What Is the Expected CAGR for the Temperature Monitoring Devices Market Through 2025?
The market size for temperature monitoring devices has seen robust growth in the past years. It is projected to expand from $1.62 billion in 2024 to $1.72 billion in 2025, which represents a compound annual growth rate (CAGR) of 6.4%. The significant growth during the historic period can be credited to factors such as increased manufacturing activity, strict rules for maintaining product quality, a surge in the demand for digital thermometers, strong economic progress in developing markets, and an uptick in the occurrence of chronic diseases.
What's the Projected Size of the Global Temperature Monitoring Devices Market by 2029?
Strong advancements are expected in the market of temperature monitoring devices in the coming years, with its size forecasted to reach $2.18 billion by 2029, growing at a compound annual rate (CAGR) of 6.1%. The increased growth during the forecast period is due to a variety of factors, including an increase in strategic adoptions, a rising need for temperature monitoring systems, air temperature maintenance in controlled environments, heightened demand for wireless temperature monitoring systems, and increments in healthcare expenditures. Prevalent trends during this period involve product innovation, technology advancements, an increasing preference for non-contact temperature monitoring, heightened environmental consciousness and the utilization of artificial intelligence.
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Top Growth Drivers in the Temperature Monitoring Devices Industry: What's Accelerating the Market?
The market for temperature monitoring devices is seeing a substantial increase due to the impact of the COVID-19 pandemic. The first step in diagnosing COVID-19 in individuals or suspected patients is temperature monitoring, which is utilized in diverse settings such as airports, offices, clinics, hospitals, and home healthcare. Furthermore, the vital signs of infected patients need constant tracking, both in hospitals and at their homes, as a basic form of scrutinizing the infection.
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What Trends Will Shape the Temperature Monitoring Devices Market Through 2029 and Beyond?
The steep prices of superior temperature monitoring instruments pose a potential threat to the expansion of the temperature monitoring device market. Prices for thermometers typically fluctuate between US$1 and US$114. The soaring prices of these tools can be attributed to the expensive sensors they incorporate. This poses as a significant barrier in low-income regions like Africa, South America, and various Asian countries. As such, the exorbitant cost of these temperature monitoring devices contributes to the slump in the temperature monitoring device market growth.
What Are the Main Segments in the Temperature Monitoring Devices Market?
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, Rectu*m, Ear, Other Applications
3) By End User: Hospital And Surgical Centers, Nursing Facilities, Ambulatory Care Centers, Home Care, Other End Users
Subsegments:
1) By Contact-based Temperature Monitoring Systems: Thermocouples, Resistance Temperature Detectors (RTDs), Thermistors, Bimetallic Temperature Sensors
2) By Non-Contact-based Temperature Monitoring Systems: Infrared Thermometers, Infrared Sensors, Thermal Cameras, Radiation Pyrometers
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Which Top Companies are Driving Growth in the Temperature Monitoring Devices Market?
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
Which Regions Will Dominate the Temperature Monitoring Devices Market Through 2029?
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
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