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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, 2021-2028

Region : Global | Format: PDF | Report ID: FBI102013

 

KEY MARKET INSIGHTS

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The global temperature monitoring system market size was USD 1.66 billion in 2020. The market is projected to grow from USD 2.19 billion in 2021 to USD 4.71 billion in 2028 at a CAGR of 11.5% in the 2021-2028 period. The global COVID-19 impact has been unprecedented and staggering, with the temperature monitoring system witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 45.2% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


A body temperature monitor is a medical device intended for checking and monitoring body temperature for adults and children aged two and above. Various forms of thermometers are used to monitor vital signs that include body temperature. Technological advancements in thermometers are expected to propel the growth of the temperature management market during the forecast period. Previously, thermometers were mainly controlled via manual measures, but temperature monitoring devices are more precise and easier to use with digital technology. With the increasing incidence of COVID-19 pandemic across the globe, temperature monitoring systems are witnessing a robust surge in demand. With the growing demand for digital thermometers, the market is forecasted to experience a lucrative growth rate across the analysis period.


Growing Demand for Products to Boost Market Growth amid COVID-19 Pandemic


The COVID-19 pandemic is expected to positively impact the thermometers market growth during the forecast period. The growing adoption of the products for time-to-time patient temperature management is majorly attributable to the increasing demand for the products.  Moreover, the increasing number of product launches will further support the market growth.



  • For instance, in May 2020, DetelPro announced the launch of an infrared thermometer in India. The thermometer is a digital monitoring system and helps to record temperature from a distance of 3-5 cm with an aim to avoid cross-infection.


Moreover, technological advancements, such as introduction of smart devices, are anticipated to surge the demand for the products during the forecast period.



  • For instance, in October 2020, Masimo launched Radius T Continuous Thermometer that enables continuous monitoring of the patient temperature.


Therefore, increasing product launch and growing prevalence of the infectious diseases, such as COVID-19, are anticipated to boost the market potential during the forecast period.


LATEST TRENDS


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Increasing Demand for Non-Contact Sensor Based Thermometers to Drive Growth


Infrared sensors-based thermometers facilitate precise non-contact temperature measurement in healthcare applications. The primary form of applications for this type of thermometer includes measuring forehead temperature, ear temperature, or skin temperature. The temperature detecting element comprises numerous thermocouples on a silicon chip to measure an object's infrared energy.  Moreover, with the increasing cases of Covid-19, social distancing norms are strictly followed in several organizations and even in various residential societies. This factor has led to a surge in demand for non-contact infrared sensor-based thermometers across the globe. Thus, to meet the potential demand for thermometers, several companies opt for inorganic strategic partnerships to manufacture digital infrared thermometers. For instance, in April 2020, Shoppemex announced its latest product launch, an infrared digital thermometer that can deliver ultra-fast body and surface temperature readings without contact.


DRIVING FACTORS


Increasing Technological Advancements in Temperature Monitoring Devices to Propel Market Growth


Increasing demand for temperature monitoring systems across the globe, especially during the Covid-19 pandemic, has augmented the growth of this market. Several companies have manufactured digital thermometers for precise and accurate body temperature measurements due to the growing demand for such devices. These devices are incorporated with novel technologies to eliminate fluctuated readings and minimize errors coupled with better user handling facilities. Such developments are projected to hike the thermometers market during the forecast period. For instance, in February 2020, Xiaomi announced the launch of a new non-contact infrared thermometer. The device can take the temperature reading in just one second with a measuring accuracy of 0.2 degrees.


Launch of Cutting-edge Temperature Monitoring Products to Bolster Market Development


The introduction of novel temperature monitoring products is expected to have a significant impact on the healthcare industry. For instance, in May 2020, French brand ZOOOK, a pioneer in innovative consumer technology products, announced the launch of a contactless thermometer developed as per the requirements in the wake of COVID-19. These factors may drive the temperature monitoring system market growth.


RESTRAINING FACTORS


High Contamination Risks Associated with Mercury-based Thermometers May Limit Growth


Despite the high demand for thermometers globally, certain factors are limiting the temperature management market growth. Among them is the risk of mercury poisoning from mercury-based thermometers.  The silver ball in the thermometer is very toxic to humans if the glass of the device breaks or is not cleaned correctly. Therefore, due to the high risk associated with the contact thermometers, individuals are less likely to adopt the contact thermometers, resulting in market growth limitations.


SEGMENTATION


By Product Analysis


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Digital Temperature Monitoring Devices Segment to Grow at Faster Pace


Based on product, the market is divided into digital temperature monitoring devices and analog temperature monitoring devices. The digital temperature monitoring devices segment marked the leading position in 2020. The strong position of the market segment is attributed to timely product approvals. Moreover, the surge in demand for devices amid the pandemic led to increased sales volume of the digital systems due to social-distance guidelines implemented to lower infection rates. Analog temperature monitoring devices are expected to grow and to witness slower growth than digital devices due to the shift of individuals toward the adoption of digital systems.


Additionally, the digital thermometer is anticipated to remain dominant during the forecast period registering a higher CAGR. For instance, in June 2020, DetelPro announced the launch of its digital thermometer. The company has launched this product to accelerate the penetration of digital thermometers to every household amid the pandemic.


By Type Analysis 


Non-Contact Thermometers to Show High CAGR Backed by Rising Partnerships


By type, the market is classified into contact and non-contact thermometers. The non-contact thermometer segment is expected to showcase a lucrative growth rate during the forecast period. This factor is due to the increasing number of partnerships among various companies to manufacture such devices. For instance, in May 2020, Segun Life, a well-known brand in healthcare devices and wearables, partnered with TCL to launch infrared digital thermometers to aid the battle against COVID-19 in India.


The contact-based thermometer segment is anticipated to exhibit significant growth across the forecast period, majorly due to the increasing prevalence of COVID-19 cases, leading to strict social distancing and home quarantine measures. Therefore, adopting thermometers for timely monitoring of the body temperature is likely to contribute to the segment's growth.


By End User Analysis


Healthcare Facilities Segment to Show High CAGR Backed by Growing Adoption


The healthcare facilities segment is expected to showcase a stellar growth rate during the forecast period owing to the growing adoption of the thermometers with an aim to maximize patient care during the COVID-19 pandemic. For instance, due to the sudden emergence of COVID-19 infection in March 2020, demand for infrared thermometers peaked. Also, increasing patient visit in the hospital settings is likely to boost the growth of the segment in the forecasted timeframe.


The home care settings segment is anticipated to exhibit significant growth during the forecast period owing to the increased usage of thermometers by the individual user for personal use amid the pandemic. This was backed by the imposition of the social-distancing norms by the governmental authorities.


REGIONAL INSIGHTS


North America Temperature Monitoring System Market Size, 2020 (USD Billion)

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The market size in North America stood at USD 0.81 billion in 2020. The dominance of the region is attributable to the increasing prevalence of infectious diseases, such as COVID-19, influenza and others, thereby boosting the adoption of temperature monitoring systems. For instance, according to Centers for Disease Control and Prevention (CDC), in July 2020, around 3.8 million confirmed cases of COVID-19 were reported in the United States Moreover, the presence of key players operating in the region will further boost temperature monitoring system sales. The market in Europe is anticipated to witness considerable growth owing to an increase in funding for clinical trials of digital thermometers.


The market in the Asia Pacific is likely to witness a higher CAGR owing to the increasing awareness among the population pertaining to temperature management during the coronavirus pandemic coupled with the penetration of companies to fulfill the unmet needs of the market. For instance, in June 2020, Secureye launched a non-contact thermometer under its MediSec product range in India.


Latin America and the Middle East & Africa are anticipated to account for a lower temperature monitoring system market share, owing to comparatively lower adoption of the devices.  


KEY INDUSTRY PLAYERS


Launch of Devices by Prominent Players to Maximize Product Offerings


The market structure is fragmented due to the strong product portfolio of temperature monitoring system manufacturers and the remarkable distribution network of major companies in developed and emerging economies. Moreover, multiple companies are focusing on the launch of non-contact thermometers have increased exponentially during the pandemic resulting in the availability of a number of brands. This factor led to an increase in the adoption of temperature monitoring system by the population, thereby contributing to revenue growth of companies. Thus, focusing on the launch of advanced temperature monitoring devices is the strategy adopted by the key players.


LIST OF KEY COMPANIES PROFILED:



  • Koninklijke Philips N.V. (Netherlands)

  • Masimo (U.S.)

  • Omron Healthcare (Japan)

  • Geratherm (Germany)

  • Braun Healthcare (Germany)

  • A&D Company Ltd. (Japan)

  • Toshiba Inc. (Japan)

  • 3M (U.S.)

  • Exergen Corporation (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • May 2020 – Neptune Wellness Solutions Inc. announced the launch of Neptune Air, a non-contact infrared thermometer (NCIT).  

  • May 2020 – ZOOOK announced the launch of the infra-temp contact-less medical-grade thermometer.


REPORT COVERAGE


An Infographic Representation of Temperature Monitoring Systems Market

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The research report offers a detailed or in depth analysis of this market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market's growth in recent years.


Report Scope & Segmentation















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD billion)



Segmentation



By Product



  • Digital Temperature Monitoring Devices

  • Analog Temperature Monitoring Devices



By Type



  • Contact

  • Non-Contact



By End-User



  • Healthcare Facilities

  • Home Care Settings

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, and the Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 1.66 billion in 2020 and is projected to reach USD 4.71 billion by 2028.

In 2020, the North American market value stood at USD 0.81 billion.

Growing at a CAGR of 11.5%, the market will exhibit steady growth during the forecast period (2021-2028).

The digital temperature monitoring devices segment is expected to be the leading segment in this market during the forecast period.

The increasing number of COVID-19 cases across the globe is driving the growth of the market.

The global market value in 2020 was USD 1.66 billion.

North America dominated the market share in 2020.

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Temperature Monitoring Systems Market Size, Share and Global Industry Trend Forecast till 2026
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