Temperature Monitoring Devices Market:
Executive Summary
The global temperature monitoring devices market is expected to grow from $2.67 billion in 2019 to about $26.7 billion in 2020 due to a massive increase in demand for such devices for constant temperature monitoring of Covid-19 patients. The market is expected to stabilize and reach $3.7 billion at a CAGR of 8.2% through 2023.
Temperature monitoring devices market is experiencing a massive growth due to the Covid-19 pandemic. Temperature monitoring of individuals or suspected patients is the first mode of diagnosis for Covid-19 used across various type of entities including airports, offices, clinics, hospitals and homecare. Also, infected patients’ vital signs are required to be monitored both at hospitals and at home, as a primary examination to track the infection.
The temperature monitoring devices market consists of sales of temperature monitoring devices and related services which are used to measure the temperature of a person or patients’ body. The market consists of revenue generated by the companies manufacturing temperature monitoring devices by the sales of these products.
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North America was the largest region in the temperature monitoring devices market in 2019. The temperature monitoring devices market in Asia Pacific is forecasted to register the highest CAGR during 2019-2023.
The temperature monitoring devices market covered in this report is segmented by type into contact-based temperature monitoring systems, non-contact-based temperature monitoring system and by application into oral cavity, rectum, ear, others.
High cost of advanced temperature monitoring devices may hinder the growth of the temperature monitoring devices market. The average cost of thermometers ranges from US$1 to US$114. The high cost of these devices is due the high costs of sensors used in it. This is a high amount for low-economic countries in Africa, South-America and several Asian countries. Thus, high cost of temperature monitoring devices is hindering the temperature monitoring device market.
The companies in the temperature monitoring devices market are focusing on the manufacturing of wearable temperature monitoring devices. Wearable thermometer is a digital thermometer which measures the temperature by using medium like touch, patch. It is connected to smart devices like phones, tablets etc. and allows continuous monitoring of temperatures. Products like fit bit, apple watch, temperature strips, temperature patches are widely used for monitoring temperature. On June 2019, IWEECARE, a Taiwan-based digital health start-up, received regulatory approval for selling Temppal, a convenient patch of wearable Bluetooth enabled temperature monitoring devices.
The increase in the prevalence of chronic and infectious diseases is causing a positive impact on the temperature monitoring devices market. Certain infectious diseases like Dengue, Zika, Malaria, Ebola requires continuous monitoring of temperature to give appropriate treatment and save lives, temperature of patients with chronic diseases like cardiovascular cases, kidney related diseases and other diseases has to be monitored continuously especially when they are hospitalized. This monitoring gives an overview of their body functioning. Most recently, pandemic COVID 19 has more than 600,000 positive cases around the globe and increased body temperature is one of the main symptoms of this disease, causing the demand for temperature monitoring devices to increase by several folds. Therefore, the prevalence of chronic and infectious disease is expected to propel the market.
Major players in the temperature monitoring devices market are 3M Company, Drägerwerk AG & Co. KGaA, Cosinuss GmbH, Helen of Troy Limited, Koninklijke Philips N.V, Microlife Corporation, Omron Healthcare, Terumo Corporation, Welch Allyn, Inc, and C. R. Bard.
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