Digital Temperature Monitoring Devices Market
Number of pages: 100 | Report Format: PDF | Published date: February 15, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 1.07 billion |
|
Revenue Forecast in 2030 |
US$ 2.9 billion |
|
CAGR |
11.8% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global digital temperature monitoring devices market was valued at US$ 1.07 billion in 2021 and is expected to register a revenue CAGR of 11.8% to reach US$ 2.9 billion by 2030.
Digital Temperature Monitoring Devices Market Fundamentals
Digital temperature monitoring devices are electronic devices used to measure and monitor the temperature. These devices typically have a temperature sensor, such as a thermistor or thermocouple, that detects changes in temperature and converts this information into a digital signal that can be displayed or recorded. There are a variety of digital temperature monitoring devices available, including handheld thermometers, thermocouple probes, data loggers, and wireless temperature sensors. Some devices are designed for use in specific environments, such as in medical settings, industrial processes, or food storage facilities, while others are more general-purpose and can be used for a variety of applications. The advantages of digital temperature monitoring devices include their accuracy, ease of use, and versatility. They can be connected to a computer or other data-recording device to provide real-time monitoring and data analysis. Some devices can also be set to send alerts if the temperature exceeds a certain threshold. Overall, digital temperature monitoring devices play an important role in ensuring the safe and efficient operation of a wide range of systems and processes.
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Digital Temperature Monitoring Devices Market Dynamics
The rising prevalence of infectious diseases, such as influenza, swine flu, Ebola, and many others, which eventually lead to high body temperature, is the primary driving factor for the revenue growth of the digital temperature monitoring devices market. For instance, according to the February 2023 report by the Centers for Disease Control and Prevention (CDC), around 2,119,678 specimens of influenza were tested from October 2, 2022 to January 29, 2023, of which 323,036 were positive. Among these, 320,603 specimens were of influenza A, and the remaining 2,433 were of influenza B. Furthermore, continuous research and development activities and technological advancements in developing advanced, cost-effective, and ease of deployment temperature control devices are also boosting the digital temperature monitoring devices market revenue growth. Additionally, the growing awareness about the importance of temperature control for medical products, such as vaccines and drugs, has increased the demand opportunities in the digital temperature monitoring devices market. Moreover, the increasing adoption of remote monitoring, along with the rising health concerns for workers, has led to the rise in the usage of digital temperature monitoring devices.
However, the high cost of these devices, maintenance and repair costs, limited technical expertise, and privacy and security concerns of wireless and IoT-enabled temperature monitoring devices are some of the restraints impeding the overall digital temperature monitoring devices market revenue growth.
Digital Temperature Monitoring Devices Market Ecosystem
The global digital temperature monitoring devices market is analyzed from four perspectives: product, application, end-user, and region.
Digital Temperature Monitoring Devices Market by Product
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Based on product, the global digital temperature monitoring devices market is segmented into tabletop, handheld, wearable continuous monitoring thermometers, and smart temperature patches & sensors.
The handheld segment accounted for the principal revenue share of the market in 2021, attributed to their portability and ease of use, allowing users to measure temperature quickly and accurately in various settings. The handheld device refers to a portable and compact device that can be held in the hand and used to measure temperature. These devices are commonly used for various applications, such as food safety, medical, HVAC, and industrial processes. The growth of this segment is further fueled by advancements in technology, such as the integration of Bluetooth and Wi-Fi connectivity, which allows for real-time temperature monitoring and data transfer.
Digital Temperature Monitoring Devices Market by Application
Based on the type, the global digital temperature monitoring devices market is segmented into contact-based and non-contact-based.
The non-contact-based segment dominated the market with the largest market revenue share in 2021, owing to its advantages, such as increased safety, improved accuracy, and increased durability. The growing awareness about the importance of patient safety and the need for efficient and effective healthcare delivery is expected to drive the revenue growth of this market segment. A non-contact approach may reduce the risk of spreading disease among the people being evaluated. In some cases, non-contact digital temperature monitoring devices are used for measuring the temperature of hot, hazardous, and hard-to-reach objects.
Digital Temperature Monitoring Devices Market by End-user
Based on the end-user, the global digital temperature monitoring devices market is segmented into hospitals, clinics, nursing facilities, ambulatory care centers, long-term care centers, homecare setting, and others.
The hospitals segment dominated the market with the largest revenue share in 2021, owing to the rising prevalence of infectious diseases. The use of digital temperature monitoring devices in hospitals and healthcare facilities helps to reduce the risk of infections and cross-contamination, as these devices allow for non-invasive temperature readings and can be easily cleaned between uses. Additionally, digital temperature monitoring devices provide more accurate and consistent temperature readings compared to traditional thermometers, making them an important tool in the management of patients with fever and other temperature-related conditions. These factors contribute to the revenue growth of the hospitals segment.
Digital Temperature Monitoring Devices Market by Region
Geographically, the global digital temperature monitoring devices market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominated the global digital temperature monitoring devices market in 2021, owing to the rising pediatric population, the presence of major players, and the increase in the prevalence of infectious diseases. Additionally, the increase in the number of partnerships, mergers, and acquisitions among the regional players is helping the market to grow. For instance, in March 2022, Giant Eagle, one of the largest food retailers and distributors in the United States, announced its partnership with SmartSense by Digi, a part of Digi International, a provider of Internet of Things (IoT) connectivity solutions. With this partnership, they planned to deploy 32,000 new SmartSense digital temperature monitoring devices to monitor freshness continuously.
Digital Temperature Monitoring Devices Market Competitive Landscape
The key players operating in the global digital temperature monitoring devicesmarket are:
Digital Temperature Monitoring Devices Market Strategic Developments
The global digital temperature monitoring devices industry is expected to be valued at US$ 2.9 billion by 2030.
The digital temperature monitoring devices market is expected to register growth at a revenue CAGR of 11.8% during the forecast period from 2022 to 2030.
The rising prevalence of infectious diseases, increasing demand for remote monitoring devices, and growing awareness about the importance of temperature control in a medical product are driving the revenue growth of the global digital temperature monitoring devices market.
The handheld segment dominates the digital temperature monitoring devices market.
Celsium (SMARTR Health Ltd.), 3M Company, Cosinuss GmbH, Drägerwerk AG & Co. KGaA, and Koninklijke Philips N.V. are among the top market players.
*Insights on financial performance are subject to the availability of information in the public domain.