Temperature Monitoring Devices Industry Growth Expected to Reach $2.18 Billion by 2029 at a CAGR of 6.1% | Segmentation and Growth Opportunities
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#How Has the Temperature Monitoring Devices Market Growth Performance Trended Historically, And What Lies Ahead?
The market size for temperature monitoring devices has seen substantial growth recently. This trend is predicted to continue with a projected increase from $1.62 billion in 2024 to $1.72 billion in 2025, following a compound annual growth rate (CAGR) of 6.4%. Driving factors for this historic growth include increased manufacturing operations, strict rules for maintaining product quality, amplified demand for digital thermometers, robust economic expansion in burgeoning markets, and a surge in chronic diseases incidence.
What Is the Forecast for the Temperature Monitoring Devices Market Size Through 2029?
Anticipated robust growth is on the cards for the temperature monitoring devices market, which is predicted to expand to $2.18 billion by 2029, with a CAGR of 6.1%. The surging adoption of tactics, growth in demand for temperature regulation systems, maintaining air temperature within regulated settings, heightened demand for wireless temperature tracking systems, along with increasing healthcare costs, will all contribute to this growth in the outlook period. Predominant trends for the future encompass product creation, technological progress, amplified demand for non-contact-based temperature methods, heightened ecological consciousness, and artificial intelligence application.
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What are the Key Market Players in Temperature Monitoring Devices Market and How They’re Evolving?
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
What Are the Primary Growth Drivers in the Temperature Monitoring Devices Market?
The market for temperature monitoring devices is expanding dramatically as a result of the COVID-19 pandemic. The initial form of diagnosis for COVID-19, used in diverse centers such as airports, workplaces, clinics, hospitals, and homecare services, is monitoring an individual’s or suspected patient’s temperature. Moreover, it is imperative to monitor the vital signs of infected patients, both in a hospital setting and at home, as a foundational clinical evaluation to observe the course of the infection.
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What Are the Leading Segments in the Global Temperature Monitoring Devices Industry?
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, Rectum, 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
What Are the Key Market Trends in the Temperature Monitoring Devices Industry?
The expansion of the temperature monitoring devices market could potentially be stifled due to the exorbitant prices of advanced temperature monitoring devices. Thermometers typically cost anywhere between US$1 and US$114, a pricing structure primarily driven by the expensive sensors incorporated into these devices. This price range, which is considered steep, particularly for low-income regions like Africa, South America and parts of Asia, therefore poses a major challenge to the growth of the temperature monitoring devices market.
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What Is the Regional Outlook for the Temperature Monitoring Devices 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
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This Report Delivers Insight On:
1. How big is the temperature monitoring devices market, and how is it changing globally?
2. Who are the major companies in the temperature monitoring devices market, and how are they performing?
3. What are the key opportunities and risks in the temperature monitoring devices market right now?
4. Which products or customer segments are growing the most in the temperature monitoring devices market?
5. What factors are helping or slowing down the growth of the temperature monitoring devices market?
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