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.
Technologically-advanced Products Gaining Popularity
For proper care, vital signs monitoring including temperature monitoring is more like the first line of treatment, helping physicians to assess the health status of patients. Temperature monitoring devices comprise of diverse product types, which are used in various applications, including wellness and clinical. A major chunk of product offering is seen among hand held temperature monitoring devices segment that include digital thermometer and infra-red aural thermometers, whereas the segment like wearable continuous monitoring thermometers is characterized by increasing product launches by emerging market players.
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.
Value Added Service Assistance Opening New Opportunities
As per the author of the report, the strengthening of market penetration through distribution and licensing agreements with leading distributors, along with value added service assistance that offer real-time monitoring, primarily to the geriatrics, are major opportunities for the global temperature monitoring devices market.
The information presented in this review is based on a Transparency Market Research report, titled, “Temperature Monitoring Devices Market (Product Type - Table Top Temperature Monitoring Devices (Non-invasive Vital Signs Monitoring Devices and Continuous Core Body Temperature Monitoring Devices), Hand Held Temperature Monitoring Devices (Digital Thermometers and Infra-red Aural Thermometers), Wearable Continuous Monitoring Thermometers, and Temperature Monitoring Sensors & Smart Temperature Patches; Technique - Invasive and Non-invasive; Application - Clinical and Wellness; Distribution Channel - Institutional Sales (Hospitals, Clinics, Skilled Nursing Facilities, Long Term Care Centers, and Ambulatory Care Centers), Retail Sales (Retail Pharmacies, Drug Stores, and Online Sales)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 – 2025.”
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