Report ID: UCMIG35A2050 | Region: Global | Published Date: November, 2022 | Pages: 165Disposable Medical Devices Market
Report ID: SQSG35A2042 | Region: Global | Published Date: November, 2022 | Pages: 165
Global thermometer market size was valued at USD 1.3 billion in 2021, and it is expected to reach a value of USD 2.46 billion by 2028, at a CAGR of 8.7% over the forecast period (2022 - 2028).
One of the main factors propelling this market expansion is the rise in infectious diseases, technical improvements, and increased use of non-contact infrared thermometers in various sectors.
The NCBI estimates that 7% of all respiratory infections that result in fever are caused by viral infections. In addition, 25% of adenovirus patients need to be hospitalized because of a high fever. Thus, it is predicted that the market will expand during the forecast period as a result of the rising incidence of infectious disorders.
Another element driving the market forward is the expansion of the food business. For instance, the Food & Drink Federation U.K. estimates that the U.K. food & beverage business generated about USD 38.14 billion in 2019, which is 2.3% greater than in 2018. Similar to this, the food and beverage sector in India contributes about 3% of the GDP, according to the India Brand Equity Foundation.
Non-contact infrared thermometers are needed in the food and beverage industry to measure the temperature of manufactured goods during production and storage. These goods must be produced and kept at a specific temperature because they are temperature-sensitive.
In addition, the growth of numerous industries, including healthcare, hospitality, and food & beverages, as well as an increase in the prevalence of infectious diseases worldwide, are anticipated to boost market expansion. The COVID-19 outbreak also contributed to the market's growth; however, with the release of the COVID-19 vaccine and a drop in COVID-19 cases, the expansion is anticipated to halt.
On the other hand, the hotel industry is anticipated to have significant development throughout the projection period since the lockdown has been lifted by practically all of the countries. As a result, it is anticipated that more fixed-mount non-contact infrared thermometers will be used in hotels, dining establishments, and other hospitality-related businesses, helping to drive the market's expansion to some extent.
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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.
Analysis by Product
Due to its widespread use and user-friendliness, the mercury-free thermometers segment has dominated the market and accounted for 64.2% of all sales in 2021. Since they give more accurate readings and don't pose any environmental risks related to mercury, mercury-free thermometers like IR radiation thermometers and digital thermometers are expected to obtain a sizable market share. Mercury-free thermometer sales are also anticipated to expand significantly by 2028, with a CAGR of 11.3%. Digital thermometers, infrared radiation thermometers, and other types are further divided into this category.
While mercury-based thermometers, such as liquid-in-glass thermometers, are simple to use and frequently used in labs. However, due to mercury's toxic properties, nearly 20 states have outlawed its usage since 2001, particularly for medicinal purposes. In the upcoming years, more strict laws on the usage of these tools are anticipated to be put into place, limiting the use of mercury-based thermometers in a variety of industries. For instance, Analytical Technology and Control Limited will stop offering mercury-in-glass thermometers that have received ASTM approval and will instead start offering spirit-filled thermometers to their clients.
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North America dominated the global thermometer market in 2021 with a 34.45% share. The market is expanding as a result of several input factors, including increased healthcare spending and the growing older population.
The government-sponsored initiatives, including those of the NIH and WHO, as well as healthcare camps intended to promote better fitness and raise awareness of communicable diseases, are anticipated to further accelerate the growth of the market.
Up until everyone is immunized, the most recent rule for coronavirus screening is to monitor body temperature. The over-the-counter retailing of these temperature meters within the consumer market is growing as a result of the fact that, along with the US, the society spread started in the majority of countries in the world. Deep-seated healthcare systems and rising consumer demand for non-reusable thermometers are projected to drive the market in North America.
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The creation of new products as well as mergers and acquisitions are among these businesses' main strategic endeavors to meet the expanding consumer needs. The leading firms' primary methods for gaining the largest market share and surviving competition in the industry also include the launch of innovative and cost-effective alternatives. Along with several acquisitions, the businesses are also growing regionally to serve the untapped thermometer market. For instance, Exergen Corporation unveiled the PEKO thermal dynamic management solution in January 2019. With the help of this technology, firms will be able to expand their industrial operations without risk, as long as the processing temperatures remain within the specified ranges. Therefore, it is anticipated that such activities will increase the company's market revenue during the anticipated term.
Top Players in the Global Thermometer Market
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According to our analysis, by product, the mercury-free thermometer segment dominated the global thermometer market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, North America dominated the global thermometer market owing to the region's increased healthcare spending and the growing older population.
|Market size value in 2021||USD 1.3 billion|
|Market size value in 2028||USD 2.46 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Thermometer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Thermometer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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