June 23, 2024

Rising Adoption of Home Healthcare Services to Boost the Growth of Body Temperature Monitoring Market

Body temperature monitoring devices are used to measure both core and peripheral body temperatures. It helps in detecting fever, hypothermia, and can monitor body temperature during strenuous activities. Products available in the market are digital thermometers, infrared thermometers, liquid crystal thermometers, mercury thermometers etc. Body temperature monitoring finds wide applications in healthcare, sports, and other industries. It provides an easy and convenient method to check health status and helps in early detection of illness.

The global Body Temperature Monitoring Market is estimated to be valued at US$ 1.5 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the body temperature monitoring market is growing adoption of wireless and wearable temperature monitoring devices. Devices such as wearable patches and bands are gaining popularity as they offer continuous temperature monitoring and automatic data collection and transfer capabilities. This helps in remote patient monitoring and early detection of health issues. Furthermore, increasing awareness regarding personal health and prevalence of fever cases worldwide is another major trend propelling the demand for accurate and easy-to-use temperature monitoring devices.

Porter’s Analysis

Threat of new entrants: Low level of threat as it requires large investments in R&D and marketing to develop new products.

Bargaining power of buyers: Moderate bargaining power as buyers can opt for alternatives but differentiated products offer some customer loyalty.

Bargaining power of suppliers: Moderate level of bargaining power as suppliers have established relationship with buyers and switching costs are involved.

Threat of new substitutes: Low threat as alternative monitoring options face limitations to substitute complete functionality offered by this market.

Competitive rivalry: High competition due to presence of global and regional players offering differentiated products.

Key Takeaways

The global body temperature monitoring market size is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing awareness about health monitoring and outbreak of infectious diseases. The market size for 2023 is US$ 1.5 Bn.

Regional analysis North America dominates the global market share owing to supportive regulatory environment and adoption of advanced medical technologies in the region. Asia Pacific is expected to witness fastest growth due to growing medical tourism industry and rising awareness.

Key players operating in the body temperature monitoring market are Regent Pacific Group Limited, Menarini Group, Furiex Pharmaceuticals, Inc., Absorption Pharmaceuticals, LLC, Ampio Pharmaceuticals, Inc., Aytu BioScience, NeuroHealing Pharmaceuticals Inc., and Dong-A Pharmaceutical Co., Ltd. Key players are focusing on new product launches and geographical expansion strategies to strengthen their market position.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it