The temperature monitoring devices market is estimated to be valued at US$1,434.818 million in 2018 and is projected to grow at a CAGR of 4.03% to reach a market size of US$1,818.647 million by 2024. Temperature monitoring devices are complex systems assembled, comprising of multiple electronic devices to provide accurate and detailed data on the temperature of a body. The demand for temperature monitoring is estimated to show good growth in the coming years owing to the rising cases of infectious diseases. Furthermore, rapid technological advancements resulting in the development of non-contact temperature devices is anticipated to drive the demand for these devices further.
Geographically, the global temperature monitoring market is segmented as North America, Europe, Middle East & Africa, Asia Pacific, and South America. The Asia Pacific region is estimated to show multiple growth opportunities in the coming years on account of rapidly expanding healthcare infrastructure and increasing adoption of more sophisticated healthcare and temperature monitoring solutions in developing economies within the region.
The global temperature monitoring market is competitive owing to the presence of the well-diversified global and regional players. However, some big international players dominate the market with their advancement in technology of sensors, their accuracy, and their price. Major players in the temperature monitoring devices are BD, Omron Healthcare, Terumo Corporation, Drägerwerk AG & Co. KGaA, Koninklijke Philips Electronics N.V., 3M, Welch Allyn, Hicks Thermometers India Limited, Helen of Troy Limited, and Microlife Corporation.