by The Body Temperature Monitoring Market is estimated to be valued at US$ 1,016.1 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Body Temperature Monitoring Market is witnessing significant growth due to the rising prevalence of infectious diseases and the increasing demand for non-invasive temperature monitoring devices. These devices are widely used in hospitals, clinics, and homecare settings for monitoring body temperature in patients. The market offers a wide range of products, including digital thermometers, infrared thermometers, wearable temperature monitors, and temperature monitoring patches. These products provide accurate and reliable temperature measurements, which help healthcare professionals in diagnosing and monitoring various medical conditions.
Market Dynamics:
The growing adoption of digital health technologies and the increasing emphasis on remote patient monitoring are driving the demand for body temperature monitoring devices. Furthermore, the outbreak of COVID-19 has further fueled the market growth, as temperature monitoring has become crucial in identifying potential cases and controlling the spread of the virus. Additionally, the advancements in technology, such as the integration of wireless connectivity and smartphone compatibility, are expected to boost the market growth. However, the high cost of advanced temperature monitoring devices and the limited awareness about these products in developing regions may hinder the market growth to some extent.
Market key trends:
The key trend in the Body Temperature Monitoring market is the increasing adoption of advanced and non-invasive temperature monitoring devices. With the advancements in technology, healthcare providers are shifting towards using non-contact thermometers, infrared thermometers, and wearable devices to monitor body temperature. These devices offer convenience, accuracy, and quick measurement, making them popular among both healthcare professionals and individuals. Additionally, the outbreak of infectious diseases like COVID-19 has further accelerated the demand for contactless temperature monitoring devices, as they reduce the risk of transmission. This trend is expected to drive the growth of the Body Temperature Monitoring market.
SWOT Analysis:
Strength: The Body Temperature Monitoring market is driven by the increasing prevalence of chronic diseases, such as diabetes and cardiovascular disorders. These diseases require regular temperature monitoring, creating a demand for temperature monitoring devices.
Weakness: The high cost of advanced temperature monitoring devices can act as a restraint for market growth, especially in developing economies where affordability is a concern.
Opportunity: The growing geriatric population is expected to create opportunities for the Body Temperature Monitoring market, as elderly individuals are more prone to diseases and require regular temperature monitoring.
Threats: The presence of counterfeit temperature monitoring devices in the market poses a threat to the growth of reputable manufacturers. These counterfeit devices may lack accuracy and reliability, compromising patient outcomes.
Key Takeaways:
The Global Body Temperature Monitoring Market Size is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period. The increasing adoption of non-invasive temperature monitoring devices, driven by their convenience and accuracy, is a key driver for market growth. Additionally, the outbreak of infectious diseases has further accelerated the demand for contactless temperature monitoring.
In terms of regional analysis, North America is expected to be the fastest growing and dominating region in the Body Temperature Monitoring market. The region has a well-established healthcare infrastructure, high healthcare expenditure, and a growing geriatric population, all contributing to the market’s growth.
Key players operating in the Body Temperature Monitoring market include Kaz USA Inc., Microlife Corporation, Omron Corporation, Cardinal Health, Easywell Biomedicals, Welch Allyn Inc., Hicks Thermometers Limited, and American Diagnostic Corporation, among others. These players are focusing on product innovation, partnerships, and mergers and acquisitions to strengthen their market presence and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
