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The body temperature monitoring market has witnessed significant growth in recent years on account of the rising prevalence of respiratory infections including COVID-19 infections. Body temperature monitors provide an easy and non-invasive method to check body temperature, which is one of the vital signs of health. Various products available in this market include contact thermometers, infrared thermometers, and thermal scanners. Contact thermometers involve placing the thermometer under the tongue, armpit or rectum to obtain a reading. Meanwhile, infrared thermometers scan the surface of the body from a distance without contact. Thermal scanners allow mass screenings at public places by detecting elevated body temperatures. The growing acceptance and accessibility of remote monitoring devices amid the pandemic is also supporting the adoption of modern temperature monitoring solutions.
The Global Body Temperature Monitoring Market is estimated to be valued at US$ 1.5 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period from 2024 to 2030.
Key Takeaways
– Key players like Regent Pacific Group Limited and Menarini Group hold a major share of the market and are focusing on expanding their product portfolios.
– Growing incidence of illnesses requiring temperature monitoring such as COVID-19, influenza and common cold is driving the demand for easy-to-use thermometers.
– Major players are eyeing opportunities in developing markets of Asia Pacific and Latin America for global expansion owing to rising medical expenditures in these regions.
Market Key Trends
Infrared thermometers are gaining more popularity owing to their non-contact mechanism and quicker readings. These devices allow measuring temperatures from a safe distance and are suitable for public health screening. With ongoing development of highly precise sensors and attachment of connectivity options, infrared body temperature monitors are emerging as reliable and efficient products preferred over traditional thermometers. This trend is expected to significantly influence the sales dynamics of infrared-based thermometers in the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier for new entrants as technology is widely available, however established brand loyalty makes entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity of consumers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components.
Threat of new substitutes: Threat of substitutes is low as technology used in body temperature monitoring devices is patented.
Competitive rivalry: Fierce competition due to low differentiation between products of major players.
Geographical Regions
North America accounts for the largest share of the global body temperature monitoring market in terms of value due to favorable reimbursement policies, growing incidence of fever, and technological advancements in the region. Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to increasing awareness, improving healthcare infrastructure, and rising disposable incomes in developing countries such as India and China.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
