Infrared Thermometer Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Ear, Forehead, Multifunction), By Application (Medical, Veterinary), Distribution Channel (Online, Offline (Pharmacy Store, Others)), And By Geography - Forecasts From 2022 To 2027
- Published : Sep 2022
- Report Code : KSI061613499
- Pages : 114
The global infrared thermometer market is estimated to grow at a CAGR of 10.97% to reach a market size of US$998.918 million in 2027 from US$482.114 million in 2020.
An infrared thermometer is a type of thermometer that infers temperature from thermal radiation and permits temperature measurement from a distance without contact with the object. The rising demand for speedy and secure results is expected to drive the growth of the market during the forecast period. Besides, the affordability and simplicity of the usage of the infrared thermometer are also boosting the market. However, the availability of substitutes at lower prices is anticipated to hinder the growth of the market in the coming years.
The rising prevalence of chronic infections is driving the growth of the market
The rising prevalence of chronic infections around the globe is expected to drive the growth of the market during the forecast period. For instance, the recent COVID-19 pandemic, which has caused an immense impact on the life of people around the world has boosted the demand for infrared thermometers. Also, the prevalence of infectious diseases such as tuberculosis, influenza, and hepatitis A and B is increasing day by day, which is leading to a gradual shift in preference from normal thermometers to infrared thermometers. For instance, in the United States, the number of provisionally reported TB cases in 2019 was around 8,920, and currently, nearly 13 million people in the country are living with latent TB infection (Source: U.S. Department of Health & Human Services). In addition, according to the World Bank's latest report, globally an estimated ten million people fell ill with TB in 2018, with 1.2 million TB deaths in the same year.
Increasing per capita healthcare spending in developing countries
It is considered one of the prime drivers for the growth of the market during the forecast period. According to the Organisation for Economic Co-operation and Development data, the per capita healthcare spending in Mexico and Indonesia increased from 892.7 USD and 162 USD in 2008 to nearly 1338 USD and 350 USD, respectively, at the end of 2018. Both public and private players are investing heavily in developing countries to meet the growing demand for infrared thermometers as health awareness grows.
A Growing ageing population
The growing geriatric population in many parts of the world is expected to be one of the prime drivers for the growth of the market over the forecast period. For instance, according to the World Bank data, people above the age of 65 as the percent of the total population in the United Kingdom and the United States has increased from 16.37% and 12.76% in 2004 to 18.39% and 15.80% respectively by the end of 2018. Also, according to the April 2018 OECD report, Japan’s aging population will continue to exert pressure on public spending on health, which is the sixth-highest among OECD countries, and spending on long-term care, which has surged drastically in the last decade. Such an increase in spending by both public and private players further propels the growth opportunities of technologically advanced infrared thermometer manufacturers and vendors in the coming years.
North America holds a significant share of the market
By geography, the infrared thermometer market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The infrared thermometer market in Europe is estimated to hold a significant share in 2019 and is anticipated to grow rapidly on account of rising health awareness coupled with the growing prevalence of COVID-19 which may impact the market for the short term in countries like Germany, Spain, Italy, and the UK in the region. Simultaneously, the region is the home of the world’s largest pharmaceutical companies, and with increasing investment by both public and private players; the market is anticipated to witness substantial growth in the region. The North American region is witnessing similar opportunities and is expected to grow at a significant rate over the forecast period. The Asia Pacific is also anticipated to provide good growth opportunities on account of growing health awareness coupled with increasing government support and with the increasing prevalence of chronic infectious diseases in developing countries like China and India, the market in the region will be witnessing exponential growth.
Recent Development and expansions
- May 2020 - ViraxClear, a portfolio company of Global Care Capital Corp, signed a Letter of Intent (LOI) with Phyto Pharma Ltd for the production of 5,000 FDA-registered and CE-marked infrared thermometer units for sale in North Africa. ViraxClear is a joint venture between Shanghai Biotechnology Devices Ltd and Global Care Capital Corp.
- FLIR introduced FLIR SV87-KIT, a low-cost, simple-to-configure remote vibration & temperature sensor solution for industrial applications, in November 2020.
- The IR-CZ radiation thermometer was introduced by the CHINO Corporation in October 2020. It can be used to measure temperatures in the moderate to high ranges.
- Fitgo introduced its newest line of infrared thermometers in January 2021. The infrared thermometer's unique features include its ability to provide accurate temperature readings in less than a second and its adaptability for use in newborns, adults, the elderly, objects, and even rooms.
COVID-19 Impact on Infrared Thermometer Market
COVID-19 had a favourable impact on the market. Since elevated body temperature is among the symptoms of COVID-19, handheld infrared thermometers were frequently utilized for temperature screening at various commercial locations as a result of the pandemic. To stop the spread of COVID-19, governments in many different nations have made it mandatory to use handheld infrared thermometers in public spaces and workplaces.
Infrared Thermometer Market Scope:
|Market Size Value in 2020||US$482.114 million|
|Market Size Value in 2027||US$998.918 million|
|Growth Rate||CAGR of 10.97% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Application, Distribution Channel, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||BPL Medical Technologies, CONTEC MEDICAL SYSTEMS CO., LTD, Cardinal health, OMRON Corporation., Braun GmbH, Microlife Corporation, Exergen Corporation, Hillrom Services, Inc.|
|Customization Scope||Free report customization with purchase|
- By Type
- By Application
- By Distribution Channel
- Pharmacy Store
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Infrared Thermometer Market Analysis, By Type
6. Infrared Thermometer Market Analysis, By Application
7. Infrared Thermometer Market Analysis, By Distribution Channel
7.3.1. Pharmacy Store
8. Infrared Thermometer Market Analysis, By Geography
8.2. North America
8.2.1. United States
8.3. South America
8.5. Middle East and Africa
8.5.3. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. BPL Medical Technologies
10.2. CONTEC MEDICAL SYSTEMS CO
10.3. Cardinal health
10.4. OMRON Corporation
10.5. Braun GmbH
10.6. Microlife Corporation
10.7. Exergen Corporation
10.8. Hillrom Services, Inc
BPL Medical Technologies
CONTEC MEDICAL SYSTEMS CO., LTD
Hillrom Services, Inc.
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