Thermometer Market Size, Share, Growth Analysis, By Product(Mercury-based Thermometers, Mercury-free Thermometers), By Application(Medical, Industrial, Food, Laboratory), By Region - Industry Forecast 2024-2031

Thermometer Market size was valued at USD 1.3 billion in 2019 and is poised to grow from USD 1.43 billion in 2023 to USD 2.8 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

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. 'Braun GmbH', 'Microlife Corporation', 'Omron Healthcare', 'Geratherm Medical AG', 'Kaz Inc.', 'Beurer GmbH', 'Exergen Corporation', 'A&D Medical', 'Hicks Thermometers India Limited', 'Mabis Healthcare Inc.', 'Easytem Co. Ltd.', 'Welch Allyn Inc.', 'Briggs Healthcare', 'Thermofisher Scientific', 'Riester GmbH', 'American Diagnostic Corporation', 'Choicemmed', 'Medline Industries Inc.', 'Rossmax International Ltd.', 'Hua'an Medical Equipment Co. Ltd.'

Market expansion is influenced by rising demand for precise medical equipment and a need for particular temperature conditions. The demand for thermometers is expected to increase during the projected period due to an increase in medical diseases that require precise measurement of body temperature for treatment planning and requirements for specific temperature conditions in various sectors. In the upcoming decade, it is also projected that a rise in health consciousness and rising healthcare costs will fuel market expansion.

One of the most notable factors that have influenced the growth prospects in the thermometer market is the rise in medical indications for the necessity for temperature monitoring. In the last few decades, the use of thermometers by patients, caregivers, and healthcare professionals like clinicians has steadily increased. The rising incidence of several infectious diseases, particularly parasitic illnesses like malaria and dengue. The occurrence of these disorders has significantly increased, particularly in developed countries, which is boosting the growth potential for thermometer manufacturers. Although there is a need, some low- and middle-income regions, particularly those defined by a lack of competent medical infrastructure, have proven a need. As a result, producers, retailers, and sellers in the thermometer market have latent prospects.

North America dominated the 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.