New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global revenue from the infrared thermometer market reached US$ 731.1 million in 2022. The market is anticipated to grow at a rate of 6.6%, reaching a total of US$ 1,503.5 million by the end of 2033.
Key drivers for the market's growth include the increasing number of COVID-19 patients and the growing use of infrared thermometers in the manufacturing sector and construction applications.
Despite challenges posed by the pandemic, the infrared thermometer industry is expected to generate revenue in 2020 at a faster pace than initially estimated. The growth is projected to continue, fuelled in part by revenue generated in the second half of the year and, in some cases, extending into the end of 2021.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 731.5 Million | |
| Estimated Revenue 2033 | US$ 1,503.5 Million | |
| Growth Rate – CAGR | 6.6% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 270 Pages | |
| Market Segmentation | By Measurement Points Type, Application, Distribution Channel, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Sales Analysis of the Global Market from 2017 to 2023 Vs Market Outlook for 2023 to 2033
Over the past nine years, from 2013 to 2022, the global market for infrared thermometers has seen a significant growth rate, known as a historic CAGR of 7.6%.
Infrared thermometers play a crucial role in temperature measurement. They use an infrared sensor to convert signals, allowing for contactless temperature readings displayed on a screen. Their popularity has increased due to reliability, cost-effectiveness, and other factors.
The adoption of infrared technology in various electronic devices has propelled its use in temperature measurement. The ability to take non-contact measurements makes infrared thermometers highly sought after, with applications ranging from checking food temperature in the beverage industry to widespread use during the COVID-19 pandemic.
The demand for medical infrared thermometers surged in 2020, particularly for tracking temperatures as a critical indicator of coronavirus infection. Forehead thermometers became essential for authorities and healthcare workers to monitor temperatures without the risk of cross-contamination.
In industries, there is a growing focus on predictive maintenance using IR thermometers, leading to a decline in demand for traditional mercury thermometers. The contactless nature of infrared thermometers became even more critical during the COVID-19 pandemic.
Manufacturers are emphasizing the development of thermometers with optimal accuracy to access both existing and untapped markets. These efforts contribute to constantly raising the standards of infrared thermometers.
Cutting-edge applications, such as the detection of blood arteries during laparoscopic surgery using IR sensor technology, showcase the versatility of these devices. Medical infrared thermography (MIT) analyzes physiological processes related to skin temperature, serving as a trusted tool in medical measurement.
The integration of IR thermometers into healthcare infrastructure enhances patient safety by improving access control and identification. The global market is poised for substantial growth in the coming years, with an anticipated CAGR of 6.6%, reaching a market size of US$ 1,503.5 million by 2033.
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Infrared Thermometer Market Dynamics
Driver: Increasing Number of COVID-19 Cases
The spread of COVID-19 happens when people are in close contact, especially within 6 feet. Even those without symptoms can spread the virus. Infrared thermometers measure thermal radiation from the ear or forehead to estimate body temperature. They are widely used in public places, including airports, stadiums, malls, and banks, to screen individuals for symptoms. With the rising number of COVID-19 cases, the use of infrared thermometers is expected to increase significantly in residential and public areas.
Restraint: Accuracy Issues with Infrared Thermometers
The first-generation forehead thermometer guns, hastily launched during the COVID-19 crisis, faced accuracy problems, especially in extreme temperatures and humidity. Some Chinese suppliers provided low-cost infrared thermometers with compromised accuracy and quality. These thermometers, sent globally, faced issues such as instability and unreliability, leading to returns from overseas clients, particularly in Russia and Europe.
Opportunities: Opportunities for 2nd Generation Infrared Thermometers
The initial belief that warmer temperatures would eliminate the virus proved untrue, resulting in a continued rise in COVID-19 cases. Countries with effective control measures, including temperature screening, are now facing the second wave of epidemic prevention. This situation is expected to increase the demand for second-generation forehead thermometer guns in markets like the US, the UK, Germany, India, and Canada.
Challenges: Limitation of Infrared Thermometers in Crowd Screening
As lockdowns ease, non-contact temperature assessment devices are used to identify individuals with elevated temperatures. These devices, including infrared thermometers, are part of the initial entry check in public places. However, limitations arise in crowded areas, like airports and banks, where monitoring each individual becomes practically difficult. Infrared thermometers may not be suitable for efficient screening in such high-footfall locations.
Market Segmentation:
Which Infrared Thermometer Type Dominates the Market?
Enhanced Precision in Measurement
The forehead measurement point type infrared thermometer secured a dominant 59.5% market share globally in 2022. These thermometers, focusing on forehead readings, offer swift and accurate body temperature assessments, contributing to their continuous market dominance. Additionally, the operational costs associated with these thermometers are relatively low.
Which Application Holds a Significant Presence in the Infrared Thermometer Market?
Versatile Applications in Healthcare
Medical applications in the infrared thermometer market accounted for a substantial 63.2% global share in 2022. This prominence is attributed to the escalating cases of infectious diseases, including the surge in COVID-19 patients. In medical settings, infrared thermometers played a crucial role in safely measuring individuals' temperatures from a distance. Notably, nearly 50 million people are affected by fatal infectious diseases annually, further emphasizing the critical role of these thermometers.
Which Sales Channel Dominates the Infrared Thermometer Market?
Convenient Access through Hospital Pharmacies
In 2023, hospital pharmacies are anticipated to secure the highest market share at 45.0% globally. This prominence is a result of increased hospitalizations during the COVID-19 pandemic, coupled with the convenient availability of thermometers and established brand recognition. Effective promotional strategies and collaborations with manufacturers, ensuring competitive pricing, contribute to the leadership of hospital pharmacies in this segment.
Infrared Thermometer Market in APAC
During the forecast period, Asia-Pacific (APAC) is expected to have the biggest share in the infrared thermometer market.
In 2020, APAC already held the largest portion of the infrared thermometer market. This was due to advancements in technology and widespread adoption of technology across various industries. The APAC region is anticipated to experience the highest Compound Annual Growth Rate (CAGR) from 2020 to 2025. This growth is driven by the increasing use of infrared thermometers in various sectors, including commercial and industrial applications.
The North American market primarily covers the United States, Canada, and Mexico. North America represents a well-established market for infrared thermometers. The growth in the infrared thermometer market in this region is linked to the presence of numerous manufacturers of infrared thermometer products in the United States. Additionally, there is significant utilization of infrared thermometers in industrial and commercial applications in North America.
Competition in the Infrared Thermometer Market
The market for infrared thermometers is quite diverse, with numerous companies manufacturing these devices. To boost their products, major players like Welch Allyn – A Hill-Rom Inc. Company and Geratherm Medical AG are venturing into new markets and acquiring smaller companies. Other competitors are also adopting similar approaches, including mergers, acquisitions, partnerships, collaborations, and introducing new products to meet consumer needs and expand their customer base.
Here are some notable strategies employed by industry participants in the Infrared Thermometer Market:
1. iGear's Contactless Infrared Thermometer:In July 2021, the well-known Indian company iGear introduced its fully automated contactless infrared thermometer, named Thermo Check. This device can be installed on walls or tripods at various entrances to independently monitor visitors' body temperatures.
2. Cole-Parmer's Noncontact Thermometer:In June 2020, Cole-Parmer, a prominent healthcare company, announced the launch of its new noncontact thermometer with FDA authorization. This thermometer can measure temperatures from various surfaces and objects, recording up to 32 internal readings.
3. Neptune's Infrared Thermometer Launch: In May 2020, Neptune, a business specializing in wellness and health products, unveiled its new non-contact infrared thermometer. The Neptune Air launch aimed to enhance the availability of these thermometers, especially in response to the increased demand in North America during the peak of coronavirus infections.
Key Questions Answered in the Report:
- What factors contribute to the growth trends in the market?
- What is the present market size, and how is it anticipated to change in the forthcoming years?
- What key elements are influencing the market?
- How is the Infrared Thermometer market divided, considering types, fuels, applications, or other relevant factors?
- Who are the primary participants in the Infrared Thermometer market?
- What strategies are these players employing to establish a competitive edge?
- What factors are driving the expansion of the Infrared Thermometer market?
- Which regions are expected to experience notable growth, and what are the reasons behind it?
- What recent technological advancements are impacting the Infrared Thermometer industry?
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