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 involves the use of devices and techniques to measure and monitor body temperature for medical and healthcare purposes. These devices and techniques include digital thermometers, infrared thermometers, wearable temperature sensors, and temperature monitoring systems. The market finds its application in hospitals, clinics, home healthcare settings, and telehealth services. The increasing prevalence of infectious diseases, such as COVID-19, along with the growing adoption of telehealth services worldwide, is expected to drive the market growth.
Market Dynamics:
The Body Temperature Monitoring Market is driven by two main factors. Firstly, the rising prevalence of infectious diseases, including COVID-19, has increased the demand for body temperature monitoring devices for early detection and monitoring of patients. Secondly, the growing adoption of telehealth services has led to an increased need for remote monitoring of patient’s body temperature in real-time. This allows healthcare providers to diagnose and treat patients remotely, reducing the need for in-person consultations. These drivers are expected to significantly contribute to the market growth over the forecast period.
Segment Analysis:
The body temperature monitoring market can be segmented based on product type, end user, and region. In terms of product type, digital thermometers dominate the market due to their ease of use, accuracy, and quick results. Digital thermometers are widely used in households and hospitals for monitoring body temperature. Other product types include mercury thermometers and infrared thermometers.
In terms of end user, hospitals and clinics are the dominating segment in the body temperature monitoring market. This is mainly due to the large patient population that requires regular monitoring of body temperature in healthcare settings. Additionally, the increasing number of hospitals and clinics globally is also contributing to the dominance of this segment.
PEST Analysis:
Political factors: Government regulations and policies regarding healthcare facilities and medical devices can have a significant impact on the body temperature monitoring market. For example, strict regulations on product safety and accuracy can create barriers for new entrants in the market.
Economic factors: Economic conditions, such as GDP growth and healthcare expenditure, play a crucial role in the growth of the body temperature monitoring market. Increasing disposable income and healthcare spending in emerging economies can drive market growth.
Social factors: The awareness and importance of regular body temperature monitoring for early detection of diseases and infections are increasing among the general population. This is driving the demand for body temperature monitoring devices.
Technological factors: Advancements in technology, such as the development of smart wearable devices and wireless connectivity, are revolutionizing the body temperature monitoring market. These technological advancements provide convenience, accuracy, and real-time monitoring options for users.
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. This growth is primarily driven by the increasing adoption of digital thermometers in households and hospitals, as they offer ease of use and accurate results.
Regionally, North America is the fastest-growing and dominating region in the body temperature monitoring market. This can be attributed to the presence of a well-established healthcare infrastructure, high healthcare expenditure, and increasing awareness about the importance of regular body temperature monitoring.
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. These key players have a strong presence in the market and offer a wide range of body temperature monitoring devices to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it