Patient Temperature Monitoring Market To Generate Revenue Worth $6,039.3 Million by 2030
- Published: July 2022
The global patient temperature monitoring market size will advance at a CAGR of 7.0% during 2021–2030, to reach $6,039.3 million by 2030. This can be ascribed to the increasing awareness of continuous temperature monitoring and preventive care, the rising prevalence of infectious and chronic diseases, and technological advancements in these devices.
The oral temperature monitoring category accounted for the largest share, of around 42.0%, in the market in 2021. This is because oral temperature measurement is generally suggested for all age groups, with the exception of individuals under the age of 5 years due to operational difficulty, and it is the most common, dependable, and adjacent to the sublingual artery.
Moreover, the enormous need for mouth temperature monitoring is leading to the increasing number of oral thermometer releases. This provides a substantial potential opportunity for players operating in this category. Furthermore, improved patient comfort, along with a greater emphasis on preventative care, is expected to fuel the demand for oral temperature monitoring systems throughout the projection period.
Rapid Surge in Interest in Remote Patient Monitoring
As the frequency of infectious illnesses and chronic ailments rises exponentially, there is a greater need for improved systems for the growing patient population. In the coming years, this requirement will push the implementation and acceptability of remote patient monitoring. Furthermore, throughout the projected period, the advent of products with innovative technology and sophisticated algorithms is likely to provide significant potential for remote patient monitoring solutions, which will conclusively augment the patient temperature monitoring market demand.
During the forecast period, the increasing number of product releases equipped with powerful computing instructions and the collaborations among companies are expected to provide a profitable potential for market players. For example, in May 2020, VivaLNK, a major provider of connected healthcare solutions, announced a strategic agreement with Current Health. VivaLNK agreed to deliver its continuous temperature sensor for Current Health's AI-powered remote patient monitoring (RPM) solution, according to the deal. Also, the collaboration intends to deploy this device in order to prevent hospital congestion and readmissions by allowing patients to monitor their vitals at home.
Geographically, the APAC market is expected to witness the fastest growth, advancing at a CAGR of 7.4%, in the coming years. China, India, and Japan are among the key contributors to the growth of the regional market, which is being driven by the increased public awareness of chronic illnesses and the rise in emphasis on preventative treatment using sophisticated monitoring devices. Furthermore, the increasing number of foreign companies entering the region is also expected to drive the market.
Product Launches Are Most-Effective Strategic Measures for Market Players
Players in the market have been involved in various strategic developments, such as product launches, to remain competitive. For instance, ForaCare Suisse introduced the Fora autonomous temperature measuring station in April 2020, to help healthcare professionals during the COVID-19 pandemic. The new system gives reliable readings, does not require an operator, and uses non-contact technology to assess forehead temperature remotely.
Some of the major players operating in the patient temperature monitoring market are Cardinal Health Inc., Hill-Rom Holdings, Dickinson and Company, Paul Hartmann AG, Beurer GmbH, Briggs Healthcare, and American Diagnostic Corporation.