The Body Temperature Monitoring Market is Estimated To Witness High Growth Owing To Non-Contact Thermometers Trend
Body temperature monitoring involves measuring the temperature of the human body. It helps diagnose fever, infection, or other health conditions. Common body temperature monitoring devices are thermometers, which include mercury-in-glass thermometers, digital thermometers, infrared forehead thermometers, and tympanic membrane thermometers. Thermometers provide an easy and affordable way to monitor body temperature.
The global Body Temperature Monitoring Market is estimated to be valued at US$ 1.5 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Non-contact infrared thermometers are gaining popularity for body temperature monitoring due to their accuracy and convenience. They allow measurement of surface body temperature without direct physical contact and therefore help practice social distancing. Infrared thermometers are increasingly being used at public places like airports, shopping malls, offices for mass screening and epidemiological surveillance. They provide a contactless and hygienic way for body temperature measurement. This trend is expected to support the growth of the body temperature monitoring market.
Porter’s Analysis
Threat of new entrants: Low start up costs and expertise barriers make the threat of new entrants moderate in this market.
Bargaining power of buyers: Individual customers have high bargaining power due to availability of alternative products. However, large hospitals and diagnostic centers have low bargaining power.
Bargaining power of suppliers: Major suppliers in this market include device and equipment manufacturers. Their bargaining power is moderate due to availability of substitutes.
Threat of new substitutes: Emergence of technologically advanced substitutes like wearable devices pose moderate threat to traditional thermometers.
Competitive rivalry: Intense competition exists among major players to gain higher market share.
SWOT Analysis
Strength: Wide product portfolio and strong geographic presence of major players. Devices are easy to use and provide quick results.
Weakness: High costs of advanced devices limit their adoption. Accuracy issues exist with some products.
Opportunity: Rising awareness about early disease detection and increasing healthcare expenditure in developing nations. Growing telemedicine sector boosts demand.
Threats: Stringent regulations delay product launches. Reimbursement issues in some regions hamper market growth.
Key Takeaways
The global Body Temperature Monitoring Market is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing prevalence of fever and infectious diseases.
The market is projected to reach a value of US$ 2.5 Bn by 2030. North America dominated the global market in 2023 with over 30% revenue share owing to presence of major players and rapid adoption of advanced devices in the region. Asia Pacific is anticipated to be the fastest growing region during the forecast period supported by rising healthcare spending and expanding medical infrastructure in emerging economies.
Key players operating in the body temperature monitoring market are Regent Pacific Group Limited, Menarini Group, Furiex Pharmaceuticals, Inc., Absorption Pharmaceuticals, LLC, Ampio Pharmaceuticals, Inc., Aytu BioScience, NeuroHealing Pharmaceuticals Inc., and Dong-A Pharmaceutical Co., Ltd. Major players focus on new product launches and geographical expansion strategies to strengthen their global footprint
