The global infrared thermometer market is expected to grow at a CAGR of 8.57% over the forecast period to reach a total market size of US$854.261 million by 2025, increasing from US$521.685 million in 2019.The infrared thermometer is a type of thermometer which infers temperature from thermal radiation and permits temperature from a distance without contact with the object. The rising demand for the 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, availability of substitute at lower prices is anticipated to hinder the growth of the market in the coming years.
Rising prevalence of the chronic infection is driving the growth of the market
The rising prevalence of chronic infection around the globe is expected to drive the growth of the market during the forecast period. For instance, recent COIVID-19 pandemic which has caused an immense impact on the life of people in the world has boosted the demand for infrared thermometers. Also, the prevalence of infectious diseases such as tuberculosis, influenza and Hepatitis A and B are increasing day by day which is leading to the gradual shift in preference from normal thermometers to infrared thermometers. For instance, in the United States, numbers of provisionally reported TB cases in 2019 were 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 as 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 has increased from 892.7USD and 162USD in 2008 to nearly 1338USD and 350USD respectively by the end of 2018. Both and public and private players are investing heavily in the developing countries to cater to the growing demand for the infrared thermometer on account of growing increasing health awareness.
Growing aging 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, the 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 advance infrared thermometers manufactures and vendors in the coming years.
North America is holding a significant share in the market
By geography, the infrared thermometer market is segmented as 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 the Germany, Spain, Italy, and 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. 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.
Prominent key market players in the Indian infrared thermometer market include BPL Medical Technologies, CONTEC MEDICAL SYSTEMS CO., LTD, Cardinal health, OMRON Corporation, Braun GmbH, and Microlife Corporation among others. The market is witnessing intense competition and companies are adopting different strategies to improve their market position and margins. Big market players are going for strategic partnerships in the form of mergers and acquisitions and even joint ventures to boost their share in the market. Besides, most of the market players also offer volumetric discounts through bundling other products into their final offerings. In addition, after the advent of coronavirus there is a significant increase in the demand for infrared thermometer which is also taken into consideration while calculating the final estimates with the regional and country-level in-depth analysis of the infrared thermometers market, In addition, major players in the global infrared thermometer market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last few years and the company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global infrared thermometer market.