Pune, Oct. 26, 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”.
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.
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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.
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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.
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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.
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.
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List of Companies Profiled in this Temperature Monitoring System Market Report:
- Koninklijke Philips N.V. (Netherlands)
- Masimo (U.S.)
- Omron Healthcare (Japan)
- Geratherm (Germany)
- Braun Healthcare
- A&D Company Ltd. (Japan)
- Toshiba Inc. (Japan)
- 3M (U.S.)
- Exergen Corporation (U.S.)
- Other Players
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Temperature Monitoring System Market Segmentations:
By Product
• Digital Temperature Monitoring Devices
• Analog Temperature Monitoring Devices
By Type
• Contact
• Non-Contact
By End User
• Healthcare Facilities
• Home Care Settings
• Others
By Geography
• North America (the U.S. and Canada)
• Europe (the U.K., Germany, France, Italy, Spain, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• The Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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