Temperature monitoring devices are of high importance for the healthcare industry, and gaining traction from it, a recent business and commerce study by Transparency Market Research has projected the demand to expand at a notable CAGR of 4.1% during the forecast period of 2017 to 2025. The analysts of the TMR report have also estimated that the opportunities in the temperature monitoring devices market will translate into revenue of US$3.23 bn by the end of 2025, substantially more that the market’s evaluated worth of US$2.27 bn in 2016.
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Which market segments are showing greater promise?
Based on product type, the temperature monitoring devices market has been segmented into table top temperature monitoring devices including non-invasive vital signs monitoring devices and continuous core body temperature monitoring devices, hand held temperature monitoring devices including digital thermometers and infra-red aural thermometers, wearable continuous monitoring thermometers, and temperature monitoring sensors and smart temperature patches. Among these, the sub-segments of table top temperature monitoring devices provided for the most prominent chunk of demand, which was a reflection of factors such as relatively affordable cost of these equipment in comparison to alternatives and growing awareness regarding consistent patient temperature monitoring.
Technology-wise, the market has been bifurcated into invasive and non-invasive, whereas on the basis of application, the market has been classified into clinical and wellness. Distribution channel categorization of the market has been done into institutional sales including hospitals, clinics, skilled nursing facilities, long term care centers, and ambulatory care centers, retail sales including retail pharmacies, online sales, and drug stores.
Which region is providing for the maximum demand?
The demand in the North America temperature monitoring devices market has been projected to expand at a CAGR of 4.4% during the forecast period of the report, which is the best among all regions. By the end of 2025, the North America temperature monitoring devices market has been estimated to be worth US$1,151.8 mn.