Temperature Monitoring Devices Global Market Report 2024

The temperature monitoring devices market size has grown rapidly in recent years. It will grow from $3.87 billion in 2023 to $4.33 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The expansion observed during the historical period can be attributed to factors such as increased manufacturing activity, the implementation of stringent regulations to ensure product quality, a growing demand for digital thermometers, robust economic growth in emerging markets, and an increase in the incidence of chronic diseases, which necessitated temperature monitoring in healthcare settings.

The temperature monitoring devices market size is expected to see rapid growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth in the forecast period can be attributed to factors such as the increasing adoption of temperature monitoring strategies, a growing demand for temperature monitoring systems, the need to maintain air temperature in controlled environments, the rising demand for wireless temperature monitoring systems, and the overall increase in healthcare expenditure. Notable trends expected during the forecast period encompass product innovation, advancements in technology, the growing demand for non-contact-based temperature monitoring solutions, a heightened awareness of environmental considerations, and the utilization of artificial intelligence in temperature monitoring systems.

The temperature monitoring devices market is witnessing significant growth, primarily due to the impact of the COVID-19 pandemic. Monitoring individuals' temperatures, especially suspected patients, has become a fundamental diagnostic measure for COVID-19. This practice is implemented in various settings, including airports, offices, clinics, hospitals, and homecare. Moreover, monitoring the vital signs of infected patients is essential, both in hospital settings and for at-home care, as it serves as a primary means to track and assess the infection's progression.

The primary types of temperature monitoring devices include contact-based temperature monitoring systems and non-contact-based temperature monitoring systems. Non-contact-based temperature monitoring systems are specifically used to measure a person's or patient's body temperature without direct contact with the object being measured. These systems can measure temperature in various areas, including the oral cavity, rectum, ear, and other body parts. Temperature monitoring devices are used by a range of end-users, including hospitals and surgical centers, nursing facilities, ambulatory care centers, home care providers, and other healthcare settings.

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.

Government initiatives aimed at advancing healthcare research and development are expected to drive the future growth of the temperature monitoring devices market. These initiatives involve specific actions, programs, or policies undertaken by government authorities at various levels to address healthcare-related issues and foster positive changes in society. Several governments worldwide are launching healthcare initiatives to support various aspects, including medical research and treatment. For example, in 2022, the UK government allocated £260 million (approximately US $270.65 million) for healthcare research and manufacturing. This funding was aimed at supporting NHS-led health research, diagnostics, and treatment through privacy-preserving platforms and clinical research services, in addition to dedicating £60 million (approximately US $63.60 million) to expand life sciences manufacturing in the UK. Thus, the support of government initiatives is expected to be a driving force behind the temperature monitoring devices market.

The rising prevalence of chronic and infectious diseases is having a positive impact on the temperature monitoring devices market. Diseases such as Dengue, Zika, Malaria, Ebola require continuous temperature monitoring to administer appropriate treatment and save lives. Additionally, patients with chronic conditions like cardiovascular diseases and kidney-related ailments need continuous temperature monitoring, especially during hospitalization, to gain insights into their overall health status. The recent COVID-19 pandemic, with over 19,365,157 active cases worldwide, has underscored the importance of monitoring body temperature as increased body temperature is a key symptom of the disease. Consequently, the demand for temperature monitoring devices has surged significantly. Therefore, the growing prevalence of chronic and infectious diseases is expected to drive the market's growth during the forecast period.

The high cost of advanced temperature monitoring devices may pose a challenge to the growth of the temperature monitoring devices market. The cost of thermometers, on average, can range from as low as US$1 to as high as US$114. These devices are relatively expensive due to the cost of sensors utilized in their construction. This pricing can be a significant hurdle, especially for low-income countries in Africa, South America, and several Asian regions. Consequently, the high cost of temperature monitoring devices presents a limitation to the market's growth.

Companies operating in the temperature monitoring devices market are increasingly focusing on the production of wearable temperature monitoring devices. These wearables, such as digital thermometers, utilize mediums like touch patches to measure temperature and are connected to smart devices like smartphones, tablets, and laptops. They enable continuous temperature monitoring, offering convenience and accessibility. Examples of such devices include Fitbit, Apple Watch, temperature strips, and temperature patches. In December 2022, Mindray, a Chinese multinational medical instrumentation manufacturer, introduced mWare, a new wearable patient monitoring system designed to streamline clinicians' workflow in tracking patient conditions.

Leading companies in the temperature monitoring devices market are also innovating by developing IoT-enabled temperature monitoring sensors to boost their market revenues. IoT-based temperature monitoring devices have a wide range of applications, from ensuring the safe storage of perishable goods in the supply chain to monitoring environmental conditions in data centers, laboratories, and industrial processes. For instance, in April 2022, Trusted A/S launched a new product, the RHTP tracking device and data logger series, featuring high-precision sensors for relative humidity, temperature, and air pressure in a single wireless IoT device. These IoT-enabled sensors offer remote tracking capabilities, real-time data collection, and the ability to detect temperature fluctuations instantly. Consequently, these sensors are helping companies reduce the risk of spoiled products and enhance their profitability.

Major companies operating in the temperature monitoring devices market include 3M Company, Drägerwerk AG & Co. KGaA, Cosinuss GmbH, Helen of Troy Limited, Koninklijke Philips N.V., Microlife Corporation, Omron Healthcare Co. Ltd., Terumo Corporation, Welch Allyn Inc., C. R. Bard Inc., Measurement Specialties Inc., Circa Scientific LLC, NOVAMED USA, Truer Medical Inc., Med-link Electronics Tech Co. Ltd., Rongrui (Shanghai) Technology Development Co. Ltd., Exsense Medical Technology Corporation, Medtronic plc, Becton Dickinson and Company, Medline Industries Inc., Amphenol Corporation, Egate Smart Building Innovation's Inc., Silicon Laboratories Inc., Shinyei Capacitor Co. Ltd., Energy Service Company, Technosoft Solutions India Pvt Ltd., Securitas Healthcare, ABB Ltd., DeltaTRAK Inc., Emerson Electric Co., Fluke Corporation

North America was the largest region in the temperature monitoring devices market in 20232. 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, Africa

The countries covered in the temperature monitoring devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

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.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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