The global market for temperature monitoring devices is gaining strong traction from the increasing number of new entrants in the wearable segment. Their products offer continuous monitoring thermometers and smart temperature patches. Demand for new and improved temperature monitoring devices continues to rise, regardless of the presence of existing branded devices. This is primarily due to significant increase in the use of wearable health trackers, rising adoption of high value table top temperature monitors among clinical applications, and rising awareness for continuous patient vital signs tracking to reduce the risk of emergency ICU admissions.
Via a fresh intelligence study, Transparency Market Research (TMR) reports that the global temperature monitoring devices market is heavily dependent on technological advancements, and that the competitive landscape will remain tilted towards those companies who aggressively develop products that meet the desired outcomes. The report observes that there is strong clinical needs for different temperature monitoring modalities in hospitals. The caregivers are forced to stock and depend on multiple temperature monitoring methods, with each method introducing variation due to accuracy and technique. The 3M Bair Hugger temperature monitoring system, formally known as 3M SpotOn system, can be one such example. The device provides a non-invasive method with accurate temperature measurement, which can be used preoperatively and in any type of anesthesia.
The report identifies 3M Company, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, Cosinuss GmbH, Helen of Troy Limited, Terumo Corporation, Welch Allyn, Inc., Omron Healthcare, Microlife Corporation, C.R. Bard, and Briggs Healthcare as some of the prominent participants of the global temperature monitoring devices market. As per the projections of the TMR report, the demand in the global temperature monitoring devices market will augment at a CAGR of 4.1% during the forecast period of 2017 to 2025. Everything put together, the temperature monitoring devices market, across the world, will be worth US$3.23 bn by 2025, considerably up from its evaluated valuation of US$2.27 bn in 2016.
Based on product-type, table top temperature monitoring devices, which is further sub-segmented into non-invasive vital signs monitoring devices and continuous core body temperature monitoring devices, served the maximum demand, whereas non-invasive was most in-demand technique. The global market continues to gain significant share of the overall demand for temperature monitoring devices from wellness application, while geographically, North America has been detected a highly lucrative region. The developed countries of the U.S. and Canada, who have robust healthcare infrastructure and high adoptability-rate of new technology, dominate the demand from North America temperature monitoring devices market.