Thermometers Market is estimated to be US$ 5.2 Billion by 2034 with a CAGR of 8.8% during the forecast period

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Published Date: March 2024

Thermometers Market was valued at US$ 2.4 Billion in 2024 and is projected to grow at a CAGR of 8.8% to reach US$ 5.2 Billion by 2034.

The report "Medical Thermometers Market, By Product (Digital Thermometers, and Liquid-filled Thermometers), By End-user (Hospitals, Clinics, Homecare, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2034”.

Key Highlights:

In August 2019, Hill-Rom has acquired Breathe Technologies, Inc. Through this acquisition, the company will expand its product portfolio by utilizing wearable non-invasive ventilation technology in its respiratory care products.
In July 2017, Cardinal Health acquired Medtronic's deep vein thrombosis, nutritional insufficiency, and patient care business. This acquisition will provide Cardinal Health’s customers with more product offerings and includes some well-established brands. This business segment of Medtronic comprises 23 product types, including various industry-leading brands.
In March 2016, Exergen Corporation has launched the Exergen Temporal Artery Thermometer (TAT-5000). It is a non-invasive medical thermometer that helps in measuring body temperature, easily and with accuracy. It can be used on all types of patients, including infants and children.

Analyst View:

Rising number of cases (COVID-19)

The rising number of cases has led to a shortage of medical supplies, thus, local players are manufacturing products on a bigger scale to satisfy the growing need. For instance, Kinsa, Inc. distributed around 7,500 Bluetooth-enabled smart medical thermometers to community-based organizations and underserved individuals. This medical thermometer can pair up with Smartphone apps, and permit tracking of real-time COVID-19 hot spots across the U.S. The introduction of the newest regulations on the marketing of clinical electronic thermometers by the U.S. FDA in April 2020 because of the outbreak of COVID-19 has boosted the sale of medical thermometers drastically around the world. This policy eases some regulatory requirements normally required for the event of clinical electronic thermometers and permits the import of these thermometers during this pandemic without obtaining FDA 510(k) pre-clearance. The FDA won't object to the marketing, distribution, and use of medical thermometers that are not presently 510(k) cleared unless they create undue risks. This policy is simply effective for the duration of this public health emergency declared by the Department of Health and Human Services, thus boosting the market growth.

Rising awareness of self care

The major key factor expected to drive growth of the medical thermometers market is increasing fitness awareness. In addition, growing aging population, rising healthcare expenditure, increasing awareness regarding self-care management are the factors boosting the demand for global medical thermometers market. Moreover, the development of advanced medical thermometers as well as rising demand for quick and safe test coupled with increasing in adoption rate of digital thermometer is expected to fuel the market growth during the forecasted years. For instance, temperature monitoring will be the new norm for COVID-19 infection screening, until a vaccine is ready. With the community spread of the infection across the globe, over-the-counter sales of medical thermometers in the consumer market are rising. Citizens are informed to self-screen and monitor themselves at regular intervals. Thus, rising awareness about the significance of body temperature monitoring as an effective way to identify illnesses prior to clinical diagnosis drives adoption. Therefore, a high number of patients, supportive healthcare policies, and a developed healthcare market in the country are anticipated to boost the market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Medical Thermometers Market”, By Product (Digital Thermometers, and Liquid-filled Thermometers), By End-user (Hospitals, Clinics, Homecare, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2034

Key Market Insights from the report:

Thermometers Market was valued at US$ 2.4 Billion in 2024 and is projected to grow at a CAGR of 8.8% to reach US$ 5.2 Billion by 2034. The market report has been segmented on the basis of product, end-user and region.

Depending upon product, the digital thermometers segment is projected to grow at highest CAGR over the forecast period. Digital thermometer has several advantages over conventional thermometers. Digital thermometers have permanent probes, a convenient digital display, and they are easily portable. Additionally, digital temperature record accurate temperatures. These factors are expected to drive the medial thermometers market during the forecast period.
Depending end-user, the homecare segment is expected to account for major share of the global medical thermometers market by 2030 due rising awareness among the population for their health and fitness.
By region, North America dominated the market with a revenue share of 35.1% in 2019. This is attributable to the presence of government initiatives, the high prevalence rate of infectious diseases, and the prevalence of other medical conditions such as dengue, malaria, swine flu.

To know the upcoming trends and insights prevalent in this market, click the link below:

https://www.prophecymarketinsights.com/market_insight/Global-Thermometers-Market-4506

Competitive Landscape:

The prominent player operating in the global medical thermometers market includes 3M Company (Nexcare), Hill-Rom Holdings, Inc. (Welch Allyn), Hoffmann-La Roche Ltd. (America Diagnostics Corporation), McKesson Corporation, Cardinal Health, Inc., Terumo Corporation, Medline Industries, Inc., A&D Company, Limited, Exergen Corporation, Easywell, and Biomedical, Inc.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered