Facts & Factors has published a new report titled “Temperature Monitoring Devices Market By Product Type (Digital Thermometers, Mercury Thermometers, Infrared Thermometers, IR Temporal Artery Thermometer, Infrared Ear Thermometers, and Thermal Scanners) and By Distribution Channel (Institutional Sales and Retail Sales): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global temperature monitoring devices market is predicted to be valued at approximately USD 2,336 million in 2018 and is expected to reach a value of around USD 3,318 million by 2027, at a CAGR of around 4.01 % between 2019 and 2027.
Temperature monitoring devices are used as tools for monitoring as well as effectively handling levels of heat. Furthermore, the major elements encompassed in the temperature monitoring equipment are software, temperature probe, measurement instrument, thermal buffer, and alarm management function.
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Furthermore, the temperature probe evaluates the exactness and range of the temperature, while the thermal buffer assists in the maintenance of the temperature oscillations at any point in time. Moreover, the measurement instrument measures and records the temperature. The measured data can be deposited either in the cloud or into the internal memory of equipment that the individual uses. Furthermore, the software in the temperature monitoring equipment is used for myriad operations including charting, data retrieval, and alarm management.
Escalating acceptance of wearable health trackers by end-users to drive the market trends
The growth of the market during the forecast period is due to the high demand for wearable health trackers by consumers with a rise in the occurrence of chronic ailments across the globe. Moreover, these products will help in measuring the body temperature of the patient after the occurrence of infections and this will further steer the market progress over the forecast timeline.
Furthermore, a rise in health awareness among the aging population will promulgate business growth during the period from 2019 to 2027. Additionally, the appending of new features to the temperature monitoring instruments will further accelerate the growth of the market during the forecast timeline. Nonetheless, high product costs can impede market growth during the forecast timeline. In addition to this, embarrassment caused to the aging patient population base due to the use of rectal thermometers can obstruct the market growth. However, breakthroughs in the wearable systems and device innovations will proliferate the market growth over the forecast timeline.
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Infrared Thermometers to dominate the product type segment by 2027
The segmental growth during the forecast timeline is credited to the massive demand for the infrared thermometers across the healthcare sector. Apart from this, the enormous popularity of these products among the patient population pool will catalyze the expansion of the segment over the period from 2019 to 2027.
Institutional sales segment to contribute majorly towards the market revenue over the forecast period
The growth of the segment during the forecast timeline is owing to the massive demand for the temperature monitoring devices in the hospitals, long-term care centers, and ambulatory care centers.
North America to dominate the overall market growth in terms of value
The growth of the regional market during the forecast timeline is due to the humungous usage of fitness tracking equipment across the sports sector. Apart from this, easy accessibility of new techniques for temperature monitoring along with large-scale awareness among the people pertaining to the usage of temperature monitoring equipment for early detection of the contagious ailments will impel the market growth over the forecast timeline.
Some of the key players in the market include 3M, A&D Company, Briggs Healthcare Inc., Cosinuss GmbH, Omron Healthcare Inc., Cincinnati Sub-Zero Products LLC, Exergen Corporation, Cooper-Atkins, Geratherm Medical AG, Mediaid Inc., Helen of Troy Limited, Hicks Thermometers India Limited, Medtronic, Oceasoft SA, and Koninklijke Philips N.V.
This report segments the Temperature Monitoring Devices market as follows:
Temperature Monitoring Devices Market: By Product Type Segment Analysis
- Digital Thermometers
- Mercury Thermometers
- Infrared Thermometers
- IR Temporal Artery Thermometer
- Infrared Ear Thermometers
- Thermal Scanners
Temperature Monitoring Devices Market: By Distribution Channel Segment Analysis
- Institutional Sales
- Retail Sales
Temperature Monitoring Devices Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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