Global Temperature Monitoring Devices Market: Snapshot
The demand in the global market for temperature monitoring devices is projected to increment at a CAGR of 4.1% during the forecast period of 2017 to 2025, gaining traction from a number of factors such as essentiality of immediate, consistent, and accurate temperature monitoring for proper treatment, advent of wearables and other technological advancements, improving healthcare infrastructure in various emerging economies, and prevalence of several chronic diseases. On the other hand, high cost of these devices and the lack of awareness in developing nations are hindering the temperature monitoring devices market from achieving its true potential. The global temperature monitoring devices market is estimated to be worth US$3.23 bn by the end of 2025, substantially up from its evaluated worth of US$2.27 bn in 2016.
Asia Pacific Projected to Exhibit Most Prominent Growth Rate
Geographically, North America continues to be the most profitable region for the vendors operating in the global temperate monitoring devices market, and is projected to experience an above average CAGR of 4.4% during the forecast period of 2017 to 2025. Some of the factors driving the North America temperate monitoring devices market are: significant adoption of wireless portable temperature monitoring devices and rising adoption of fitness tracking devices by sports industry in this region. The North America temperature monitoring devices market is estimated to be worth US$1151.8 mn by the end of 2025. Europe served the second most significant chunk of demand in the global temperature monitoring devices market in 2016. However Asia Pacific is expected to grow at a highest CAGR during the forecast period of 2017-2025, due to increasing awareness regarding remote monitoring in outpatient settings, and high patient pool having long-term pathologies that demand continuous monitoring.
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3M Company, Koninklijke Philips N.V., Helen of Troy Limited, Cosinuss GmbH, Drägerwerk AG & Co. KGaA, Terumo Corporation, Omron Healthcare, Welch Allyn, Inc., Microlife Corporation, C.R. Bard, and Briggs Healthcare are some of the key companies currently operating in the global temperature monitoring devices market.