PUBLISHER: SkyQuest | PRODUCT CODE: 1270731
PUBLISHER: SkyQuest | PRODUCT CODE: 1270731
Global Thermometer Market size was valued at USD 1.3 billion in 2021 and is poised to grow from USD 1.43 billion in 2022 to USD 2.8 billion by 2030, growing at a CAGR of 8.7% in the forecast period (2023-2030).
The growth in infectious diseases, technological advancements, and expanded use of non-contact infrared thermometers across industries are some of the key drivers behind this market expansion.
According to the NCBI, viral infections are thought to be the root cause of 7% of all respiratory infections that result in fever. In addition, hospitalisation is required for 25% of adenovirus patients due to a high fever. The increased prevalence of infectious diseases is therefore expected to cause the market to grow during the forecasted period.
The development of the food industry is another factor propelling the market ahead. For instance, according to the Food & Drink Federation U.K., the U.K. food and beverage industry generated roughly USD 38.14 billion in revenue in 2019, which is 2.3% more than in 2018. Similar to this, the India Brand Equity Foundation estimates that the food and beverage industry in India contributes roughly 3% of the GDP.
In order to monitor the temperature of manufactured items throughout manufacturing and storage, the food and beverage industry requires non-contact infrared thermometers. These products are temperature-sensitive, thus they must be created and stored at a specified temperature.
Additionally, it is projected that the rise of the market would be aided by the expansion of a number of industries, including healthcare, hospitality, and food & beverage. The COVID-19 outbreak also aided in the market's expansion; however, with the introduction of the COVID-19 vaccine and a decline in COVID-19 cases, it is projected that the growth will come to an end.
On the other hand, because the lockdown has been removed by nearly all of the countries, the hotel business is predicted to have significant growth over the projection period. Because of this, it is projected that more fixed-mount non-contact infrared thermometers will be employed in lodging facilities, restaurants, and other hospitality-related enterprises, in part fueling market growth.
Top-down and bottom-up approaches were used to estimate and validate the size of global thermometer market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Segments covered in this report
The global thermometer market has been segmented based on product, application, and region. Based on the product, the market is segmented into mercury-based thermometers and mercury-free thermometers. Based on the application, the market is segmented into medical, industrial, food, laboratory, and others. Based on region, the thermometer market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Growing demand for precision medical equipment and a requirement for specific temperature conditions have an impact on market progress. During the anticipated timeframe, there will likely be a rise in the number of medical disorders that necessitate accurate body temperature measurements for treatment planning and the need for certain temperature conditions in a variety of industries. Additionally, it is anticipated that an increase in health consciousness and growing healthcare costs would fuel market expansion in the ensuing ten years.
The prevalence of target diseases that cause fever, such as swine flu, dengue, typhoid, and malaria, is expected to rise significantly. Malaria is one of the worst diseases and a leading cause of mortality globally. According to the World Malaria Report 2019, there were 229 million malaria cases reported globally in 2019. Furthermore, due to the rapid technical advancements in this area, consumers are accepting temperature monitoring devices more extensively.
Restraint
To stop the spread of COVID-19, the first-generation forehead thermometer guns were hurriedly distributed. They weren't designed to withstand intense heat and humidity. As a result, they encountered a number of issues during their travels around the globe, particularly from China, including issues with instability and measurement accuracy. Some Chinese OEMs create these devices to satisfy the need for low-cost infrared thermometers around the world, but they fall short in terms of thermopile sensor precision and quality, ADC accuracy, and temperature adjustment algorithm. Due to these thermometers' inconsistent performance in conditions of intense heat and high humidity, overseas customers-mostly from Russia and Europe-returned them. The results were erroneous because their sensors weren't sensitive enough.
Market Trends
The rise in medical indications for the need for temperature monitoring is one of the most notable aspects that has affected the growth possibilities in the thermometer industry. The usage of thermometers by patients, carers, and medical specialists like clinicians has progressively expanded during the past few decades. the increasing prevalence of a number of infectious diseases, especially parasitic diseases like dengue and malaria. The prevalence of these illnesses has markedly increased, especially in industrialised nations, which is improving the growth potential for thermometer producers. There is a need, although some low- and middle-income areas-particularly those characterised by a dearth of capable medical infrastructure-have demonstrated that there is a need. As a result, latent opportunities exist for thermometer market makers, retailers, and sellers.