The global temperature monitoring devices market is poised for steady growth, with its value projected to increase from US$ 10.7 billion in 2024 to US$ 17.68 billion by 2034, reflecting a CAGR of 6.4% over the forecast period. In 2023, the market was valued at US$ 9.50 billion, with a 2.5% year-on-year growth observed in 2022.
Key factors driving this growth include the rising demand for temperature monitoring in healthcare settings, the increasing adoption of temperature-sensitive products, and advancements in device technologies. As healthcare facilities, pharmaceutical companies, and research labs continue to prioritize accurate and reliable temperature monitoring, the market for these devices is expected to expand significantly.
Key Market Drivers:
- Healthcare Demand: Growing use of temperature monitoring devices in hospitals and clinics for patient care and diagnostics.
- Temperature-Sensitive Products: Rising need for temperature control in the transportation and storage of pharmaceuticals, vaccines, and biologics.
- Technological Advancements: Development of more precise, non-invasive, and smart temperature monitoring devices.
- Increasing Awareness: Heightened awareness about the importance of temperature regulation in preventing health complications and ensuring product efficacy.
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Key Takeaways:
- The temperature monitoring devices market is expected to reach US$ 17.68 billion by 2034, expanding at a CAGR of 6.4%.
- Rising healthcare demands, advances in technology, and increased regulation around temperature-sensitive goods are fueling growth.
- The market exhibited 2.5% growth in 2022, demonstrating its steady upward trajectory and potential for further expansion in the coming decade.
Market Drivers
- Increasing Demand for Accurate Temperature Monitoring: The need for precise temperature control in various sectors, including healthcare, food safety, and pharmaceuticals, is driving the adoption of advanced temperature monitoring devices.
- Technological Advancements: Innovations such as wireless and smart temperature monitoring solutions are enhancing the efficiency and user-friendliness of these devices.
- Rising Health Awareness: Growing awareness regarding health and wellness is leading to increased usage of temperature monitoring devices in home care settings.
- Regulatory Requirements: Stringent regulations in industries like food and pharmaceuticals necessitate effective temperature monitoring to ensure product quality and safety.
Regional Insights
- The North American region is expected to dominate the market due to high healthcare expenditures and the presence of key players in the temperature monitoring sector.
- The Asia-Pacific region is anticipated to witness significant growth, driven by increasing healthcare investments and rising awareness about health monitoring technologies.
Competitive Landscape
The market for temperature monitoring devices is fragmented, and there exist several local, emerging, and established players within the market sphere.
These companies are using strategies including mergers and acquisitions, partnerships and collaborations, and new product releases to fulfill consumer demand and increase their customer base.
Recent Development
- In 2020, the Radius T0 Continuous Thermometer was introduced by Masimo for consumers. The wearable, wireless Radius T0 measures body temperature continuously, unlike spot-check and episodic thermometers, and seamlessly transmits data and customizable temperature notifications to the consumer’s smartphone.
- In 2021, Fitgo introduced a new line of infrared thermometers with advanced technology to advance fitness and self-care among the global diaspora. The products are offered both online and offline in India and internationally. The infrared thermometer’s unique features include its ability to provide accurate temperature readings in less than a second and its adaptability for use in newborns, adults, elderly people, objects, and even rooms.
Key Companies Profiled
- 3M
- Testo AG
- Terumo Corporation
- Siemens AG
- Rees Scientific
- Omron Healthcare
- Monnit Corporation
- Honeywell
- Deltatrack
- Cosinuss GmbH
- Abb Ltd.
- SensoScientific, Inc.
- Omega Engineering
- Kelsius, Ltd.
- Emerson Electric
Key Market Segments Covered in Temperature Monitoring Devices Industry Research
By Product Type:
- Contact-based Temperature Monitoring Systems
- Non-contact-based Temperature Monitoring System
By Application:
- Oral Cavity
- Rectum
- Ear
- Others
By End User:
- Hospitals & Clinics
- Ambulatory surgery centers
- Home care settings
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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