Newark, New Castle, USA, March 10, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, “Digital Temperature Monitoring Devices Market by Product (Tabletop, Handheld), Type (Contact-Based, Non-Contact-Based), End User (Hospitals, Clinics) – Global Outlook & Forecast 2022-2030″ published by Growth Plus Reports, the digital temperature monitoring devices market is expected to grow at a CAGR of 11.8% from 2021 to reach US$ 2.9 billion by 2030. Owing to the rising prevalence of infectious diseases, increasing demand for remote monitoring devices, and growing awareness about the importance of temperature control for the medical product.
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Digital Temperature Monitoring Devices Market Scope
|Market size value in 2021||US$ 1.07 billion|
|Revenue forecast in 2030||US$ 2.9 billion|
|Growth Rate||CAGR of 11.8% from 2022 to 2030|
|Base year for estimation||2021|
|Segments covered||Product, Application, End User, and Region|
|Regional scope||North America, Europe, Asia Pacific, and the Rest of the World (ROW)|
The rising prevalence of infectious diseases such as tuberculosis, influenza, swine flu, ebola, and many others which eventually lead to high body temperature is the primary driving factor for the growth of the global digital temperature monitoring devices market. For instance, according to WHO’s October 2022 factsheet, in 2021 approximately 10.6 million people were ill because of tuberculosis globally.
Among these 6 million men, 3.4 million women, and 1.2 million children. The pediatric population is more susceptible to illnesses and viruses that can cause fever, therefore the growing pediatric population may raise demand for body temperature monitoring equipment. Partnerships between big companies are also contributing to the overall growth of the global digital temperature monitoring devices market.
Furthermore, as people become more aware of the need for temperature management for medical items such as vaccinations and pharmaceuticals, demand for digital temperature monitoring systems has grown.
The global digital temperature monitoring devices market is analyzed from four perspectives: Product, Application, End-user, and Region.
Excerpts from ‘By Product Segmentation’
Based on product, the global digital temperature monitoring devices market is segmented into:
- Wearable Continuous Monitoring Thermometers
- Smart Temperature Patches & Sensors
The handheld segment accounted for the majority of revenue share in 2021, owing to its mobility and ease of use, allowing users to swiftly and reliably detect the temperature in a variety of scenarios. The hand-held device segment of the digital temperature monitoring device market refers to portable and small temperature-measuring devices that can be held in one’s hand. These devices are frequently employed in a variety of applications, including food safety, medicinal, HVAC, and industrial operations. This segment’s growth is being fuelled further by technological improvements, such as the incorporation of Bluetooth and Wi-Fi networking, which enables real-time temperature monitoring and data sharing. These factors all contribute to the overall growth of the handheld segment.
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Excerpts from ‘By Type Segmentation’
Based on the type, the global digital temperature monitoring devices market is bifurcated into:
The contact-based digital temperature monitoring devices are the fastest growing segment during the forecast period, owing to measuring the temperature at the point of contact, contact-based temperature monitoring eliminates the potential for errors due to factors such as ambient temperature or emissivity. Additionally, contact-based temperature monitoring provides highly accurate temperature readings, making it ideal for applications that require precise temperature control. They are typically simple to use and require little to no setup or preparation, making them ideal for applications where quick and straightforward temperature measurements are needed. Moreover, they are cost-effective and versatile to use, these benefits contribute to the segment’s growth.
Excerpts from ‘By End User Segmentation’
Based on the end user, the global digital temperature monitoring devices market is segmented into:
- Nursing Facilities
- Ambulatory Care Centers
- Long-Term Care Centers
- Homecare Settings
Because of the increased frequency of infectious illnesses, hospitals held the greatest revenue share in 2021. Additionally, these devices allow for non-invasive temperature readings and can be quickly cleaned between usage, the adoption of digital temperature monitoring systems in hospitals and healthcare institutions helps to decrease the danger of infections and cross-contamination. Furthermore, as compared to traditional thermometers, digital temperature monitoring devices give more precise and consistent temperature readings, making them useful tools in the care of patients with fever and other temperature-related illnesses. These reasons all contribute to the expansion of the hospital market.
Excerpts from ‘By Region Segmentation’
Geographically, the global digital temperature monitoring devices market has been segmented into:
- North America
- Asia Pacific
- rest of the world
North America dominated the global digital temperature monitoring devices in 2021, owing to Advancements in technology, Growing demand in healthcare, and the presence of major market players. Additionally, companies are continuously working on launching new and innovative products with improved functionality, and providing better customer service is also driving the regional digital temperature monitoring devices market.
For instance, in December 2022, SmartFuture, a well-known health-tech company that provides integrated RPM (Remote Patient Monitoring) solutions, released an RPM SDK (Software Development Kit). This includes the ability to wirelessly connect to 400 wireless medical devices from 40+ brands in order to capture and send health vitals such as blood glucose meters, smart body scales, blood pressure monitors, oximeters, ECG monitors, thermometers, ultrasound, otoscopes, and so on to their own cloud database. SmartFuture’s RPM SDK solution saves providers and payers significant time and money.
Excerpts from ‘Competitive Landscape’
Some prominent players operating in the global wound care films market are:
- Celsium (SMARTR Health Ltd.)
- 3M Company
- Cosinuss GmbH
- Drägerwerk AG & Co. KGaA
- Koninklijke Philips N.V.
- Microlife Corporation
- Omron Healthcare
- Terumo Corporation
- Welch Allyn, Inc.
- Exergen Corporation
- Mediaid Inc.
- Radiant Innovation Inc.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecast Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- GLOBAL DIGITAL TEMPERATURE MONITORING DEVICES MARKET – ANALYSIS & FORECAST, BY TYPE
- Wearable Continuous Monitoring Thermometers
- Smart Temperature Patches & Sensors
- GLOBAL DIGITAL TEMPERATURE MONITORING DEVICES MARKET – ANALYSIS & FORECAST, BY APPLICATION
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VALUE PROPOSITIONS RELATED TO THE REPORT:
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- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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