New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Temperature Monitoring Devices Global Market Report 2023" - https://www.reportlinker.com/p06277133/?utm_source=GNW
R. Bard.
The global temperature monitoring devices market will grow from $3.39 billion in 2022 to $3.77 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The temperature monitoring devices market is expected to grow to $5.45 billion in 2027 at a CAGR of 9.7%.
The temperature monitoring devices market consists of sales of temperature monitoring sensors, smart temperature patches, and wearable continuous monitoring thermometers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Temperature monitoring devices are the system that controls and regulates the temperature of a particular environment. They are used to track, control, and regulate the products’ temperature in a specific environment.
North America was the largest region in the temperature monitoring devices market in 2022.Western Europe was the second largest region in the temperature monitoring devices market.
The regions covered in the temperature monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of temperature monitoring devices are contact-based temperature monitoring systems, and non-contact-based temperature monitoring systems.The non-contact-based temperature monitoring systems are used to measure the temperature of a person or patient’s body without being in contact with the object.
The various applications involved are the oral cavity, rectum, ear, and others. The end-user involved are hospital and surgical centres, nursing facilities, ambulatory care centers, home care, and others.
The temperature monitoring devices market is experiencing massive growth due to the COVID-19 pandemic.Temperature monitoring of individuals or suspected patients is the first mode of diagnosis for COVID-19 used across various types of entities, including airports, offices, clinics, hospitals, and homecare.
Also, infected patients’ vital signs are required to be monitored both at hospitals and at home as a primary examination to track the infection.
The increase in the prevalence of chronic and infectious diseases is causing a positive impact on the temperature monitoring devices market.Certain infectious diseases like Dengue, Zika, Malaria, Ebola require continuous monitoring of temperature to give appropriate treatment and save lives.
Also, the temperature of patients with other chronic diseases such as cardiovascular diseases and kidney-related diseases has to be monitored continuously, especially when they are hospitalized as temperature monitoring gives an overview of their body functioning.Most recently, the COVID-19 pandemic has more than 19,365,157 active cases around the globe, and increased body temperature is one of the main symptoms of this disease, causing the demand for temperature monitoring devices to increase by several folds.
Therefore, the prevalence of chronic and infectious diseases is expected to propel the market growth of temperature monitoring devices during the forecast period.
The high cost of advanced temperature monitoring devices may hinder the growth of the temperature monitoring devices market.The average cost of thermometers ranges from US$1 to US$114.
The high cost of these devices is due to the high costs of sensors used in them. This is a high amount for low-economic countries such as Africa., South America and several Asian countries. Thus, the high cost of temperature monitoring devices is hindering the growth of the temperature monitoring devices market.
The companies in the temperature monitoring devices market are focusing on the manufacturing of wearable temperature monitoring devices.The wearable thermometer is a digital thermometer that measures the temperature by using a medium like a touch patch.
It is connected to smart devices like phones, tablets, and laptops and allows continuous monitoring of temperatures.Products like the fit bit, apple watch, temperature strips, temperature patches are wearable temperature monitoring devices that are widely used for monitoring temperature.
In December 2020, Celsium, a UK-based temperature monitoring device manufacturer launched world’s most accurate wearable thermometer. The new offering is 10X more accurate and has online platform support to take readings every four seconds and alert user when temperature rises.
The countries covered in the temperature monitoring devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The temperature monitoring devices market research report is one of a series of new reports that provides temperature monitoring devices market statistics, including temperature monitoring devices industry global market size, regional shares, competitors with a temperature monitoring devices market share, detailed temperature monitoring devices market segments, market trends and opportunities, and any further data you may need to thrive in the temperature monitoring devices industry. This temperature monitoring devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06277133/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
