The global Temperature Monitoring Devices market accounted for USD 2.83 Billion in 2020 and is expected to reach USD 3.63 Billion by 2028, growing at a CAGR of 3.1% from 2021 to 2028.
Global Temperature Monitoring Devices Market is mainly driven by worldwide advancements in wearable and other technological advancements. The importance of consistent, immediate, and accurate temperature monitoring for correct treatment, improving healthcare infrastructure in various emerging economies, and the prevalence of several chronic diseases are a number of the opposite drivers of this market. However, lack of awareness in developing nations and therefore the high cost of those devices can create restraints to the Temperature Monitoring Devices Market. As high blood heat results in many diseases due to which the necessity for effective management of associated diseases is probably going to spice up the demand for the Temperature Monitoring Devices Market within the region within the coming years.
The lockdowns imposed by various countries to contain the spread of Covid-19 has impacted the global operations. However, the pandemic has had a positive impact on the temperature monitoring devices market growth. The global temperature monitoring devices market has witnessed growth during the pandemic. This is mainly attributed to the fact that the COVID-19 pandemic situation has led to the rise in demand for public health surveillance and clinical care. However, the rising difficulty in health care delivery has slightly challenged the market in 2021. Various scenarios have been analyzed based on inputs from various secondary sources and the current data available about the situation.
The importance of body heat monitoring is an efficient way to recognize infection before clinical diagnosis. Thermoregulation or temperature maintenance is important to avoid any antigenic response, infection, or inflammation. Temperature monitoring devices gained significant preference due to their cost-effectiveness and convenience and may be also used for home care. Monitoring temperature is more just like the first line of treatment, helping physicians to assess the health status of patients for correct care. These devices comprise diverse product types, which are utilized in a variety of applications. Temperature monitoring thermometers are characterized by increasing product launches by emerging market players.
The Temperature Monitoring Devices Market is segmented based on products including tabletop temperature monitoring devices, handheld temperature monitoring devices, wearable continuous monitoring thermometers, and temperature monitoring sensors & smart temperature patches.
Tabletop temperature monitoring devices are further segmented as non-invasive vital signs monitoring devices and continuous core body temperature monitoring devices. Also, hand-held temperature monitoring devices are further subcategorized into digital thermometers and infra-red aural thermometers.
Based on distribution channel Temperature, Monitoring Devices Market is institutional sales and retail sales. The market is further sub-segmented based on institutional sales as hospitals, clinics, skilled nursing facilities, long-term care centers, and ambulatory care centers. And based on retail sales market is further divided into retail pharmacies, drug stores, and online sales.
North America is projected to dominate the worldwide temperature monitoring devices market, owing to rising health awareness and the increasing base of the geriatric population within the region. The key factors are liable for the massive share of this regional segment. However, Europe also has immense potential for expansion, due to the rising awareness among the patients. The Asia Pacific is additionally expected to expand at a substantially high rate; in Countries like China and India, many hospitals have shifted towards digital thermometers replacing mercury-based thermometers.
The major players operating in the Temperature Monitoring Devices market 3M Company, Omron Healthcare, Koninklijke Philips N.V., Terumo Corporation, Helen of Troy Limited, Cosinuss GmbH, Drägerwerk AG & Co. KGaA, C.R. Bard, Welch Allyn, Inc., Microlife Corporation, and Briggs Healthcare among others.