The global temperature monitoring system market size is projected to reach USD 3.00 billion by 2027, exhibiting a CAGR of 11.2% during the forecast period. Surging number of COVID-19 cases worldwide will spike the adoption of temperature monitoring devices, shares Fortune Business Insights™ in its report, titled “Temperature Monitoring System Market Size, Share & COVID-19 Impact Analysis, By Product (Analog Temperature Monitoring Devices & Digital Temperature Monitoring Devices), By Type (Contact & Non-Contact) By End User (Healthcare Facilities, Home Care Settings, and Others), and Regional Forecast, 2020-2027”. According to the World Health Organization (WHO), as of August 3, 2020, global coronavirus cases stood at 17,918,582, with the reported deaths at 686,703.
The COVID-19 infection has been found to spread not only through contact and fomites but recent studies have also shown that it can be transmitted through air. As a result, doctors, physicians, and other healthcare workers are avoiding being in close proximity to patients. This has created a huge demand for remote, sensor-based thermometers that can check and monitor temperatures from a distance, thus preventing spread of the infection among frontline workers. Moreover, security officials at public places are also equipped with these devices to prevent the entry of any infected persons in such spaces.
Highlights of the Report:
- In-depth analysis of various insights, namely, Temperature Monitoring System Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Temperature Monitoring System Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
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Key Players Operating in The Temperature Monitoring System Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Koninklijke Philips N.V. (Netherlands)
- Masimo (S.)
- Omron Healthcare (Japan)
- Geratherm (Germany)
- Braun Healthcare (Germany)
- A&D Company Ltd. (Japan)
- Toshiba Inc. (Japan)
- 3M (U.S.)
- Exergen Corporation (U.S.)
- Other Players
Fears of Mercury Poisoning May Inhibit Product Adoption
A major hurdle stalling the temperature monitoring system market growth is the health risks associated with mercury poisoning. Conventional thermometers are filled with mercury because it is the only metal that remains liquid at room temperature and expands at the slightest change in temperature. Thus, mercury-based thermometers can immediately show elevated body temperature. However, despite its effectiveness, breaking of these devices and the resultant mercury spillage is a very real threat that raises understandable concerns among patients.
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North America to Chart Strong Growth Trajectory; Asia Pacific to Unleash Untapped Potential
North America, with a market size of USD 558.2 million in 2019, is expected to dominate the temperature monitoring system market share during the forecast period. The primary reason for the sustained dominance of the region is the rapid adoption of advanced healthcare technologies by hospitals and clinics. In addition to this, the on-going coronavirus pandemic, which has affected 4.8 million and killed 158,000 Americans, is further surging the demand for digital thermometers in the region.
Escalating number of COVID cases in India and China is fueling the demand for temperature monitoring systems in Asia Pacific. Besides this, global medical devices companies are gaining ground in the Asia Pacific market by aligning their growth strategies with the evolving health infrastructure in the region.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
4.1 Recent Industry Developments Such as Mergers & Acquisitions
4.2 Reimbursement and Legal Aspect Overview
4.3 New Product Launch
4.4 Technological Advancements in Temperature Monitoring System
4.5 Data on Private and Public Funding Pertaining to Temperature Monitoring System
4.6 Data on Prevalence of Covid 19 Cases for Key Countries
- Global Temperature Monitoring System Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
5.2.1 Analog Temperature Monitoring Devices
5.2.2 Digital Temperature Monitoring Devices
- Market Analysis, Insights and Forecast – By Type
- Market Analysis, Insights and Forecast – By End User
5.4.1 Healthcare Facilities
5.4.2 Home Care Settings
- Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.3 Asia Pacific
5.5.4 Latin America
5.5.5 Middle East & Africa
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- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Temperature Monitoring System Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the Temperature Monitoring System Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
KEY QUESTIONS ANSWERED:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Temperature Monitoring System Market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
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