Pune, Aug. 24, 2020 (GLOBE NEWSWIRE) -- 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”.
The report states that the global market value stood at USD 1.14 billion in 2019 and shares the following information:
- Exhaustive examination of all the factors driving and restraining the market;
- In-depth analysis of the various market segments;
- Detailed study of the regional developments shaping the market; and
- Tangible research into the competitive landscape of the market.
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102013
Market Restraint
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.
The WHO states that exposure to mercury can have toxic consequences for the digestive, nervous, and immune systems, lungs, eyes, kidneys, and skin. The dangers are even more pronounced in young infants and particularly detrimental for pregnant women. As a result, digital temperature monitoring systems are being widely adopted by health professionals and even by households around the world to prevent exposure to mercury.
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.
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Regional Insights
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.
Competitive Landscape
Key Players to Concentrate on Launching Cost-Effective Products
Core competitors in this market are focused on introducing cost-effective temperature monitoring devices to ensure affordability and accessibility to quality healthcare products amid the COVID-19 pandemic. The pandemic has augmented the innovation capacities of these companies, who are now using this opportunity to diversify their offerings and entrenching their position in the market.
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Industry Developments:
- June 2020: India-based DetelPro released the ‘Make in Bharat”, the world’s cheapest infrared thermometer (DT09) for the Indian public, priced at just INR 999. The company aims at ensuring accessibility to digital thermometers to every household in the country during the coronavirus pandemic.
- May 2020: Canada-based Neptune Wellness Solutions announced the launch of Neptune Air, its non-contact infrared thermometer. Designed to measure body temperature remotely and reduce the risk of spread of the infection, Neptune declared plans to develop different versions of the device to serve diverse end-users.
List of the Leading Companies Profiled in the Temperature Monitoring System Market Report are:
- 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.)
- Other Players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments Such as Mergers & Acquisitions
- Reimbursement and Legal Aspect Overview
- New Product Launch
- Technological Advancements in Temperature Monitoring System
- Data on Private and Public Funding Pertaining to Temperature Monitoring System
- 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
- Analog Temperature Monitoring Devices
- Digital Temperature Monitoring Devices
- Market Analysis, Insights and Forecast – By Type
- Contact
- Non-Contact
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Home Care Settings
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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