ALBANY, New York, Nov. 28, 2017 (GLOBE NEWSWIRE) -- A recent business and commerce study by Transparency Market Research (TMR) has detected that the global temperature monitoring devices market is highly competitive and inclined towards those vendors who are introducing technologically advanced products. This fragmented scenario of the worldwide temperature monitoring devices is expected to sustain in the near future too at the same time when the demand will steadily increment, with companies investing on research and development of different temperature monitoring modalities for hospitals and specialty clinics. Some of the companies currently holding prominent position in the global temperature monitoring devices market are: Koninklijke Philips N.V., 3M Company, Cosinuss GmbH, Drägerwerk AG & Co. KGaA, Helen of Troy Limited, Welch Allyn, Inc., Terumo Corporation, Omron Healthcare, C.R. Bard, Briggs Healthcare, and Microlife Corporation.
As per the projections of the TMR report, the demand in the global temperature monitoring devices market will increment at a CAGR of 4.1% during the forecast period of 2017 to 2025. As caregivers are persistently looking for multiple temperate monitoring methods, product innovation is at the backbone of this market. For instance, 3M Company recent introduced 3M SpotOn System, also known as Bair Hugger Temperature Monitoring System. In addition to that, the growing trend towards devices that offer non-invasive method and function with accuracy are expected to open new opportunities in the global temperature monitoring devices market, which is estimated to be worth US$3.23 bn by 2025, considerably up from its evaluated worth of US$2.27 bn in 2016.
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Product-wise, the TMR report segments the global temperature monitoring devices market into table top temperature monitoring devices including non-invasive vital signs and continuous core body, hand held temperature monitoring devices including digital thermometers and infra-red aural thermometers, wearable continuous, and temperature monitoring sensors and smart temperature patches. Among these, in 2016, the segment of table top temperate monitoring devices served the maximum demand, which was owing to its lower cost as compared to alternate devices and growing awareness for regular patient monitoring. Based on technique, the market has been bifurcated into invasive and non-invasive, whereas application-wise, the market has been classified into clinical and wellness.
Geographically, the report highlights North America as most profitable region, which is projected to exhibit an increasing demand at a CAGR of 4.4% during the forecast period of 2017 to 2025. Growing adoption of wireless portable temperature monitoring devices and increasing demand for fitness tracking devices from sports is aiding to the North America temperate monitoring devices market, which is estimated to be worth US$1,151.8 mn by 2025. While Europe continues to account for the second most prominent chunk of demand among all regions, Asia Pacific is anticipated to emerge as a highly profitable region towards the end of the forecast period.
Development of Low Cost and Yet Accurate Devices Driving Demand
Since temperature monitoring is essential for safety and efficiency of patient care, a number of companies have invested on the research and development of products that offer instantaneous reports. In addition to that, the increasing demand for disposable thermometers in order to reduce contamination and development of cost effective devices that offer effectiveness are some of the other factors favoring the market. It must be noted that thermo regulation or temperature maintenance is pivotal to avoid any infection, antigenic response, or inflammation. Since these devices support do it yourself (DIY) concept, they have gained substantial preference owing to their cost effectiveness and convenience.
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