Technological advancements and improvement in device functionalities form key determinants in the forces influencing the competitive dynamics in the global temperature monitoring devices market, observes Transparency Market Research (TMR). Against this background, device manufacturers in the temperature monitoring devices market are increasingly focused on product improvements to meet the current and emerging needs of end-use applications. Top players in the temperature monitoring devices market in various parts of the world are focusing on meeting the demand for customized temperature monitoring modalities by hospitals. Two of the key factors that various prominent manufacturers are likely to increasingly focusing on are accuracy and non-invasiveness, which will help bring innovations in their subsequent product launches.
Prominent players operating in the global temperature monitoring devices market are C.R. Bard, Omron Healthcare, Terumo Corporation, Drägerwerk AG, Koninklijke Philips N.V., and 3M Company.
The temperature monitoring devices market is projected to garner a CAGR of 4.1% during the 2017–2025. The opportunities in the global market is anticipated to rise from an estimated worth of US$2.27 billion in 2016 to reach a valuation of US$3.23 billion by the end of 2025.
Among the key product types in the temperature monitoring devices market, table top segment hold the major share in 2016. The extensive demand for these type has been attributed to the substantial need for continuous patient monitoring, with respect of core body temperature of patients. The uptake is bolstered by greater affordability of these compared to alternate technologies.
On the regional front, North America has emerged as highly lucrative regional market for temperature monitoring devices market. It is expected to contribute the major share of global revenue and rise at 4.4% CAGR of during 2017–2025. One of the key factors fueling the regional market is the extensive uptake of fitness tracking devices in the sports industry.
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The drive for temperature monitoring devices in the medical and healthcare sectors stemmed from the rising need for vital signs monitoring as the core approach in first-line treatment. The rising traction that these devices have gained in the areas of wellness and clinical applications is a key factor boosting the temperature monitoring devices market. The growth of the temperature monitoring devices has been increasingly bolstered by the growing uptake of hand-held type such as of infra-red aural thermometers and digital thermometer in the healthcare sector. In various parts of the world, the rising popularity of wearable continuous monitoring thermometers among patient populations and their caregivers is a significant factor catalyzing the temperature monitoring devices market.
The global temperature monitoring devices market has been receiving strong impetus from the rising popularity of wearables in the healthcare and fitness segment. The trend is robustly fueled by the growing number of product launches in this area. The constant product launches by emerging and new entrants increase the lucrativeness of the temperature monitoring devices market.
Caregivers and clinicians increasingly support constant improvement in functionalities and the accuracy of measurements in temperature. This has pave the way for ceaseless technological advancements in the temperature monitoring devices market, an area that new entrants as well established players can’t ignore throughout the assessment period. The rising adoption of wearable health trackers among consumers in developing and developed regions is boosting the temperature monitoring devices market.