Thermometer Market to Reach US$ 3.14 Bn by 2032 | Mercury-Free Thermometers Accounted for 65% - Market.us Study
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The increasing prevalence of infectious diseases and the emergence of new medical conditions such as dengue and malaria are the primary drivers of the market. The Thermometer Market is also expanding due to their growing use in various fields, including industry, imaging, research, and medicine.
New York, April 27, 2023 (GLOBE NEWSWIRE) -- The Global Thermometer Market size is expected to be worth around USD 3.14 Bn by 2032 from USD 1.39 Bn in 2022, growing at a CAGR of 8.7% during the forecast period from 2023 to 2032. The main factors anticipated to propel the market are an increase in the frequency of infectious illnesses and other medical disorders, including dengue and malaria. Increasing the uses of these devices for temperature monitoring in the industrial, medical, and lab are a few key reasons for boosting market expansion. Increasing patient awareness and rising health consciousness are two other important aspects influencing the market's expansion.
With the need for self-healthcare rising, businesses like Nexcare and Terumo Corporation produced portable solutions that are user-friendly and simple for any patient to use. Additionally, a growing reliance on thermometers by medical professionals to assess patients' health is anticipated to fuel market growth. The food, chemical, and pharmaceutical sectors, as well as other end users, are becoming more aware. In these businesses, it is crucial that certain temperatures are maintained at different phases of product development. These elements are anticipated to accelerate market expansion during the forecast period.
By Product, in 2022, the mercury-free thermometer segment dominated the global revenue share. Due to high adoption and ease to use.
By Application, the medical segment dominated the largest market share.
In 2022, North America dominated the market with the highest revenue share of 34.4%.
Asia Pacific is anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the thermometer industry
There are several factors that can have an impact on the growth of the thermometer industry. Some of these factors include:
Technological developments: The thermometer company has been able to create new types of thermometers with increased features, accuracy, and reliability as a result of technological enhancements. The market for thermometers has grown as a result of the rise in demand for these types of products.
Healthcare sector: The thermometer market is dominated by the healthcare sector. The demand for thermometers rises along with the demand for healthcare services. Therefore, a crucial aspect that may have an influence on the growth of the thermometer industry is the expansion of the healthcare sector.
Government regulations: The development of the thermometer industry may be impacted by government rules and policies. For instance, new rules requiring the use of thermometers in a variety of sectors may raise demand for these products and drive the expansion of the thermometer business.
Digital Thermometers: Digital thermometers have become increasingly popular due to their accuracy, convenience, and faster reading times compared to traditional mercury thermometers. They are often used in hospitals and clinics. It comes in a variety of formats, including oral, rectal, and ear thermometers.
Multi-functional Thermometers: As people become increasingly conscious of indoor air quality and its detrimental effects on health and wellbeing, multi-functional thermometers that monitor temperature, humidity, and air quality are becoming more prevalent in both personal and professional environments.
Wireless thermometers: Because they can wirelessly transmit data to a computer, or another device, and monitor temperature remotely from a distance, wireless thermometers have become increasingly common in scientific and industrial applications. They are used in many industries, including manufacturing and food processing.
There are several factors for the thermometer market's expansion. One of the main factors is the rising demand for temperature monitoring devices in the healthcare sector. With the rapidly increasing healthcare spending, there is a growing need for accurate and reliable temperature monitoring devices, leading to a rise in the demand for thermometers. In addition, increasing health consciousness and rising patient awareness are among the major factors contributing to the market growth. Furthermore, technological advancements have led to the development of innovative and advanced thermometers, such as non-contact infrared thermometers, which provide greater accuracy and ease to use. This has also contributed to the growth of the thermometer market.
Regional Analysis
North America led the thermometer market in 2022 with a 34.4% revenue share. The aging population's expansion and the increase in healthcare expenses are the main drivers responsible for its largest market share. The market is anticipated to benefit even more from healthcare initiatives created by government organizations like the NIH and WHO to encourage better health and raise awareness of infectious diseases.
For an instance, up till a vaccine is available, body temperature monitoring has become a routine procedure for coronavirus infection detection. As community expansion begins in the majority of countries worldwide, such as the U.S., the over-the-counter thermometer market revenues are increasing. The market is anticipated to grow the highest compound annual growth rate (CAGR) of 9.1% in Asia Pacific. High unmet medical requirements, rising rates of target illnesses including swine flu, dengue, and malaria, as well as increasing patient knowledge of these conditions in the area, are some of the main drivers of this industry's lucrative growth.
The rise in infectious disease prevalence and the addition of new medical conditions like dengue and malaria are the most significant factors anticipated to drive the market. The market for thermometers is expanding as well as these instruments' increasing use in industry, imaging, research, and medicine. The chemical, pharmaceutical, and food industries are just a few examples of end users. Accurate temperature maintenance is a crucial need across several product development cycles. Throughout the duration of the anticipated year, it is predicted that these factors will boost the market's growth. Infrared thermometer demand has increased due to the need for thermal screening in common areas, workplaces, and hospitals.
Market Restraints
High ambient temperature has negative consequences
The demands of vibration and high environmental temperatures may be challenging for thermometers. Either of them could change the reading on the dial. It is crucial to get into the habit of avoiding places where one of these two factors significantly affects the thermometer set. Even so, it's not always possible to stop these kinds of accidents from happening in the workplace. So, this factor may reduce the market's expected growth rate.
Market Opportunities
Increase in diseases like dengue
Dengue fever has significantly increased in prevalence worldwide during the previous ten years, according to the WHO. Approximately half of the world's population is now in peril. Every year, between 100 and 4 billion individuals are estimated to have the disease. As the prevalence of infectious diseases rises, it is expected that there will be an increase in the need for thermometers. It is anticipated that this feature would make it easier for this market to continue expanding.
In 2022, the market for mercury-free thermometers was in the lead and contributed 65% of total revenue. Due to its wide adoption and simplicity of use. Mercury-free thermometers, such as IR radiation thermometers and digital thermometers are anticipated to take a significant share of the market since they provide more accurate readings and do not create any environmental issues related to mercury. Revenues from mercury-free thermometers are also expected to expand quickly by 2030, with a CAGR of 11.3%. This category is also divided into digital thermometers, infrared thermometers, and other types. While easy to use and frequently used in laboratories are mercury-based thermometers, such as liquid-in-glass thermometers.
Application Insight
The medical application dominated the market in 2022 and provided 29% of total revenue. The segment includes hospitals, clinics, and basic healthcare institutions. This is explained by the presence of well-established healthcare infrastructure and the high occurrence of conditions requiring the monitoring of body temperature. The rise of this industry is significantly influenced by the advancement of thermometer technology. For instance, the Instant Read Digital Ear Thermometer by A&D Company, Limited offers a thermometer with a one-button interface and 10 memory memories. It has an LCD with a one-second measuring speed and ease. During the forecasting period, it is predicted that the industrial application segment would have lucrative growth. While the chemical, pharmaceutical, and biotechnology industries require precise temperature control during various phases of product development
Recent Development of the Thermometer Market
The launch of the consumer-focused Radius T Continuous Thermometer was announced by Masimo Corporation in October 2020.
The Instant Read Digital Ear Thermometer from A&D Company, Limited is designed with a user-friendly one-button interface and can store up to 10 readings in its memory.
Key strategic initiatives of these companies involve the development of new products, and mergers and acquisitions to cater to the growing needs of the consumer. Furthermore, the introduction of cost-effective and innovative alternatives is the key strategy implemented by the major players to gain maximum share and survive competition in the market. Moreover, the companies are expanding geographically to cater to the untapped market of thermometers along with many acquisitions. Omron Healthcare is a Japanese company that produces a wide range of medical devices, including thermometers. Omron's thermometers are known for their accuracy and ease of use.
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