Patient Temperature Monitoring Market Will Generate $6,039.3 Million by 2030, says P&S Intelligence
NEW YORK, July 25, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, in 2021, the patient temperature monitoring market was worth around $3,294.8 million, which is predicted to touch $6,039.3 million by 2030, growing at a 7.0% CAGR from 2021 to 2030. This will be because such devices offer a fast and effective interpretation of temperature data, while being non-invasive, non-traumatic, and hygienic.
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Segmentation Insights
- The non-invasive temperature monitoring category leads the patient temperature monitoring market, and it is expected to maintain this position in the future. This industry is growing as a result of the easier accessible and pleasant, simple, and accurate temperature monitoring enabled by these variants.
- Oral thermometer demand is growing as a result of the increasing requirement for monitoring oral temperature. This demand is predicted to accelerate oral thermometer launches in the market, by presenting a significant opportunity for manufacturers and distributors.
- Due to the increasing patient convenience and widening availability, handheld temperature monitoring devices retained the largest market share, of 27.0%, in 2021.
- The pyrexia/fever category has the biggest share, of about 30.1%, in the patient temperature monitoring market. The dominance of this category is being driven by the aging population, as well as an increasing incidence of trauma and hemolysis.
- Hospitals are the largest end users of patient temperature monitoring systems, accounting for over 44% of the revenue in 2021. This is brought on by the rise in the incidence of infectious diseases, surge in the demand for non-invasive procedures, and the high number of patients who visit hospitals.
Browse detailed report on Patient Temperature Monitoring Market Size, Share, Growth and Demand Forecast Report 2030
North American Market Showing Significant Growth
- The market's largest revenue producer, North America, is expected to grow at a CAGR of about 6.9% during the forecast period. This may be credited to the presence of significant market players, developed economy, high disposable income, increasing healthcare spending, large number of surgical operations, and rise in blood donation and transfusion activities.
- The advantages of patient health assessment have resulted in significant expenditures and introduction of new patient temperature monitoring systems in the U.S. healthcare system. Additionally, the U.S. patient temperature monitoring market is set to grow over the forecast period due to an increase in the number of viral infection outbreaks, such as COVID-19 presently.
- In addition, the European market holds a significant share, and it is expected to grow at a rapid pace in the coming years. This would be a result of the rising incidence of diabetes and cancer, as well as the active research in patient monitoring technology.
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