The Global Thermometer Market is expected to reach a value of USD 1.5 billion by 2025, based on a new report by Hexa Reports. Growing number of medical conditions requiring accurate measurement of body temperature for deciding the treatment options is expected to enhance demand for thermometers over the forecast period. High prevalence of diseases such as malaria, swine flu, and dengue, which can be diagnosed primarily by observing body temperature is estimated to provide potential growth opportunities for this market in developing countries.
In addition, requirement for maintenance of an environment of specific temperature in various industries such as food, chemicals, and pharmaceuticals is another high rendering driver resulting in increasing demand for digital and infrared temperature measuring devices. Development of devices with technological advancements for accurately measuring minute temperature differences is expected to be a growth booster for this industry. For instance, the Exergen TAT-2000C can be used to measure body temperature by just rolling the device tip over the child’s forehead.
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Further Key Findings From the Study Suggest:
- The mercury-based thermometers segment dominated the overall market in 2016 in terms of revenue share owing to factors such as growing demand for accuracy in temperature measurement and ease in handling
- Digital thermometers held more than one-third of the market share in 2016 in the mercury-free segment due to benefits such as cost-effectiveness, easier analysis of temperature to a tenth of a degree, and beep indication after temperature fluctuations
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- Other types of mercury-free thermometers such as disposable ones, temperature strips, and gas thermometers are expected to be fastest growing and are collectively expected to grow at a lucrative CAGR
- In term of applications, medical fields including hospital, clinics, and primary healthcare centers dominated the overall market in terms of revenue share as of 2016
- On the other hand, the industrial application segment is expected to showcase lucrative growth over the forecast period as pharmaceutical, chemical, and biotechnology industries require specific temperature maintenance during various stages of product development
- To avoid contamination and degradation of food & beverages and retain the quality of temperature-sensitive eatables, maintenance of a specific temperature is required. Thus, thermometers have applications in the food industry too
- Increasing number of health-conscious consumers, established healthcare infrastructure, and increasing demand for disposable thermometers are the key factors attributing for highest revenue generation of the North American region
- The Asia Pacific regional market is expected to register significant growth over the forecast period with CAGR of 8.3% owing to emerging economies, growing base of target population, and growing concern for personal health
- Some of the key players in this industry include Exergen Corporation, Omron Healthcare, Inc.; TERUMO CORPORATION, Citizen Systems, 3M (Nexcare), Innovo Medical, RADIANT INNOVATION INC., Good Neighbor Pharmacy, and Fairhaven Health, LLC.
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