Global Temperature Monitoring Devices Market to Report Impressive Growth

With the presence of a large pool of participants, the global temperature monitoring devices market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). 3M Company, Omron Healthcare, Koninklijke Philips N.V., Terumo Corporation, Helen of Troy Limited, Cosinuss GmbH, and Drägerwerk AG & Co. KGaA are some of the key vendors of temperature monitoring devices across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the temperature monitoring devices market study. Citing an instance, in September 2018, US based startup firm Neopenda launched a crowdfunding scheme to raise funds for developing medical equipment that is predicted to  explore the untapped market potential of Sub-Saharan region of Africa.

Reportedly, the wireless wearable device can effectively measure pulse rate, peripheral blood oxygen saturation, temperature in new born, and monitor rate of respiration in the individuals. As estimated in this report, the global temperature monitoring devices market stood at USD 2.43 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this temperature monitoring devices market is expected to reach USD 3.03 billion. The main products available in this temperature monitoring devices market are table top temperature monitoring devices, hand held temperature monitoring devices, non-invasive vital signs monitoring devices, continuous core body temperature monitoring devices, digital thermometers, infra-red aural thermometers, wearable continuous monitoring thermometers, temperature monitoring sensors, and smart temperature patches. Among them, the demand for temperature monitoring devices is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Breakthrough in wearable technologies to augment market price

“Notable advancements in wearable technologies   along with the need for real-time and exact temperature monitoring are anticipated to drive temperature monitoring devices market trends,” says the author of this temperature monitoring devices market study. Apart from this, rising incidences of chronic ailments along with escalating demand for improving the healthcare services in the developing regions are few of the key growth drivers of temperature monitoring devices market. Low product awareness witnessed across the developing countries along with high device costs, however, are likely to obstruct the growth of temperature monitoring devices market in the next few years. Nevertheless, rise in the body temperature is forecast generate humongous demand for temperature monitoring devices in the near future, thereby normalizing the impact of hindrances on the temperature monitoring devices market, reports the study.

Massive health awareness among old-aged persons to aid regional dominance

Regionally, North America has been leading the worldwide temperature monitoring devices market and is anticipated to continue on the dominant position in the years to come, states the temperature monitoring devices market study. Surge in the healthcare awareness along with swelling of geriatric population base is the main factor behind the dominance of the North America temperature monitoring devices market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional temperature monitoring devices market. – Zion Market Research