Patient Temperature Monitoring Market Growth Potential: Key Insights for 2024-2033
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How Will the Patient Temperature Monitoring Market Grow from 2024 to 2033?
In recent times, there has been robust growth in the patient temperature monitoring market size. The market is expected to expand from a $4.59 billion valuation in 2023 to $4.96 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 8.0%. Factors that have contributed to the growth during the historical period include patient safety issues, a rise in fever-related conditions, advancements in temperature monitoring devices, increased rates of hospitalization, an upsurge in chronic diseases, regulatory standards, and compliance.
Over the coming years, the market size for patient temperature monitoring is set to experience significant growth. By 2028, it is projected to attain $6.9 billion, growing at a compound annual growth rate (CAGR) of 8.6%. Factors contributing to the anticipated growth during the forecast period include the expansion of remote patient monitoring (rpm), temperature monitoring at point-of-care, a heightened emphasis on infection control, advanced healthcare infrastructure, initiatives targeting population health management, as well as a focus on enhancing patient comfort and compliance. Upcoming trends within the forecast period encompass non-contact temperature monitoring, the uptake of wireless and Bluetooth technologies, wearable devices for temperature monitoring, the use of data analytics and predictive monitoring, and improved accuracy and precision.
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What Aspects Are Influencing the Growth Rate of the patient temperature monitoring Market?
The burgeoning occurrence of various diseases is projected to accelerate the expansion of the patient temperature monitoring market in the future. Diseases are maladies originating from various organisms such as bacteria, viruses, fungi, or parasites. Some of these infectious diseases are communicable between people while others are primarily transmitted via insects or other animals. The shift in body temperature is a critical element in diagnosing the ailment. Therefore, it is forecasted that the link between temperature fluctuations and disease incidences will further enhance the uptake of temperature monitoring systems. For example, The World Health Organization, a specialized agency of the United Nations headquartered in Switzerland and overseeing global public health, states that noncommunicable diseases (NCDs) accounted for 41 million deaths globally in 2022, equivalent to 71% of all mortalities. Furthermore, cardiovascular diseases claim 17.9 million lives annually, making them the most significant contributor to NCD-related deaths. Cardiovascular diseases are the primary causes of death, succeeded by cancer (9.3 million), respiratory diseases (4.1 million), and diabetes (1.5 million). Hence, the upward trajectory of disease prevalence will persist in propelling the patient temperature monitoring market.
What Are the Main Segments of the Patient Temperature Monitoring Market?
The patient temperature monitoring market covered in this report is segmented –
1) By Type: Contact-based Temperature Monitoring Systems, Non-Contact-based Temperature Monitoring System
2) By Site: Non Invasive Temperature Monitoring, Invasive Temperature Monitoring
3) By Application: Pyrexia/Fever, Hypothermia, Blood Transfusion, Anesthesia, Other Applications
4) By End User: Hospital and Surgical Centers, Nursing Facilities, Ambulatory Care Centers, Home Care, Other End Users
What Trends Are Redefining Consumer Expectations in the Patient Temperature Monitoring Market?
Prominent firms active in the patient temperature monitoring market are embracing innovative products like ambulatory connected patient monitoring systems to maintain dominance. This is a wearable technology that gathers and sends real-time patient health data wirelessly, facilitating the remote observation of essential signs and medical parameters beyond traditional healthcare environments. For example, Dozee, an India-based company supplying remote patient monitoring introduced the Dozee Pro Ex in October 2023. Dozee Pro Ex offers ongoing monitoring of a patient’s vitals including ECG rhythm, blood pressure, heart rate/pulse rate, oxygen saturation, respiration rate, and temperature. It incorporates an Artificial Intelligence (AI) enabled early warning system that traces vitals trends and provides prompt notifications on potential clinical regression.
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What Are the Leading Regions in the Patient Temperature Monitoring Market Expansion?
North America was the largest region in the patient temperature monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the patient temperature monitoring market report forecast period. The regions covered in the patient temperature monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Patient Temperature Monitoring Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the patient temperature monitoring market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Patient Temperature Monitoring Market Include
1. Patient Temperature Monitoring Market Executive Summary
2. Patient Temperature Monitoring Market Segments
3. Patient Temperature Monitoring Market Size And Template Market Growth Rate
4. Key Patient Temperature Monitoring Market Trends
5. Major Patient Temperature Monitoring Market Drivers
……
25. Key Mergers And Acquisitions In The Patient Temperature Monitoring Market
26. Top Patient Temperature Monitoring Companies
27. Patient Temperature Monitoring Market Opportunities And Strategies
28. Patient Temperature Monitoring Market, Conclusions And Recommendations
29. Appendix
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