Global Temperature Monitoring Devices Market: Snapshot
The demand in the global market for temperature monitoring devices is projected to increment at a CAGR of 4.1% during the forecast period of 2017 to 2025, gaining traction from a number of factors such as essentiality of immediate, consistent, and accurate temperature monitoring for proper treatment, advent of wearables and other technological advancements, improving healthcare infrastructure in various emerging economies, and prevalence of several chronic diseases. On the other hand, high cost of these devices and the lack of awareness in developing nations are hindering the temperature monitoring devices market from achieving its true potential. The global temperature monitoring devices market is estimated to be worth US$3.23 bn by the end of 2025, substantially up from its evaluated worth of US$2.27 bn in 2016.
Table Top Devices Emerges as In-demand Product Segment
Based on product type, the global temperature monitoring devices market has been segmented into table top temperature monitoring devices, hand held temperature monitoring devices, temperature monitoring sensors & smart temperature patches, and wearable continuous monitoring thermometers. In 2016, the table top temperature monitoring devices segment, which is further sub-segmented into non-invasive vital signs monitoring devices and continuous core body temperature monitoring devices, accounted for the maximum share of overall demand. This dominance a reflection of factors such as high cost of alternate devices and rising awareness for continuous patient monitoring. The hand held temperature monitoring devices segment is sub-divided into digital thermometers and infra-red aural thermometers.
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Technique-wise, the global temperature monitoring devices market has been bifurcated into invasive and non-invasive, which is projected to dominate the demand throughout the forecast period, whereas application-wise, the market has been categorized into clinical and wellness. The wellness application segment is anticipated to increment the demand at significant growth rate in the near future, owing to constant introduction of new and innovative products from existing and emerging market players and growing adoption of these products for individual use. Based on distribution channel, the global temperature monitoring devices market is classified into institutional sales and retail sales. The institutional sales segment is further divided into hospitals, clinics, skilled nursing facilities, long term care centers, and ambulatory care centers. The growth of this segment is attributable to factors like rising awareness about patient monitoring in acute care settings, and high value low volume product offering. The retail sales segment is further classified into retail pharmacies, drug stores, and online sales.
Asia Pacific Projected to Exhibit Most Prominent Growth Rate
Geographically, North America continues to be the most profitable region for the vendors operating in the global temperate monitoring devices market, and is projected to experience an above average CAGR of 4.4% during the forecast period of 2017 to 2025. Some of the factors driving the North America temperate monitoring devices market are: significant adoption of wireless portable temperature monitoring devices and rising adoption of fitness tracking devices by sports industry in this region. The North America temperature monitoring devices market is estimated to be worth US$1151.8 mn by the end of 2025. Europe served the second most significant chunk of demand in the global temperature monitoring devices market in 2016. However Asia Pacific is expected to grow at a highest CAGR during the forecast period of 2017-2025, due to increasing awareness regarding remote monitoring in outpatient settings, and high patient pool having long-term pathologies that demand continuous monitoring.
3M Company, Koninklijke Philips N.V., Helen of Troy Limited, Cosinuss GmbH, Drägerwerk AG & Co. KGaA, Terumo Corporation, Omron Healthcare, Welch Allyn, Inc., Microlife Corporation, C.R. Bard, and Briggs Healthcare are some of the key companies currently operating in the global temperature monitoring devices market.