The global temperature monitoring systems market size is expected to reach USD 6.6 billion by 2028 at a CAGR of 4.2%, according to a new report by Reports and Data. The steadily growing demand for advanced temperature monitoring systems across the food & beverage, pharmaceutical, life sciences, manufacturing, e-commerce, and chemical industries is one of the most fundamental factors driving this market’s growth. The rapidly growing manufacturing sector, rising government focus on maintaining the quality and safety of foods and medicinal drugs, stringent regulatory norms product quality and storage, and the increasing e-commerce and logistics activities around the world are the crucial parameters contributing to the global market growth.
Temperature monitoring systems control and regulate the temperature of a product while preserving its freshness and quality and extending its shelf life. The standard features of temperature monitoring devices include temperature tracking, customized indicators, and automatic notifications or warnings on excessively low or high temperatures. Therefore, the extensive applications of these devices across the pharmaceutical, food & beverage, cold chain logistics, retail & e-commerce, and chemical industries have accelerated the global temperature monitoring systems market growth. The recent COVID-19 outbreak, increasing demand for temperature monitoring systems across hospitals and other healthcare settings, and the surging demand for non-contact-based temperature monitoring systems to mitigate the spread of the infection have further propelled the market growth. However, the escalating costs of wireless temperature monitoring systems and their longer installation time are specific factors predicted to impede the global market growth in the near future.
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Temperature Monitoring Systems Market Trends: The rapidly growing industrial manufacturing sector – Our Expert Opinion
The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Key Highlights of the Report:
- The non-contact-based temperature monitoring systems segment dominated the global temperature monitoring systems market in 2020 and is expected to hold the largest market share over the projected timeframe. The amplifying demand for contactless temperature monitoring devices amid the ongoing COVID-19 pandemic is a vital factor bolstering this segment’s growth.
- Based on application, the hospital room andpatient temperature monitoring segment stands out as the leading market segment with the highest revenue share. A spike in the geriatric population worldwide, rising incidences of infectious diseases, and increased hospital admissions are predicted to boost this segment’s growth.
- Among the leading market regions, the Asia Pacific region is poised to emerge as the frontrunner in the global temperature monitoring systems market over the forecast years. The flourishing manufacturing sector in the region, mainly in China, increasing trade & commerce activities, the presence of leading e-commerce companies, including the Alibaba Group, and the soaring demand for advanced patient temperature monitoring systems in the healthcare sector have fueled the Asia Pacific market growth.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Abb Ltd., Honeywell International Inc., Testo AG, 3M Company, Siemens AG, Koninklijke Phillip, Emerson Electric Company, Briggs Healthcare, Omron Healthcare, Terumo Corporation, Rees Scientific, Monnit Corporation, Omega Engineering, DeltaTrak, Inc, SensoScientific, Inc., Isensix, Inc., and Cooper-Atkins Corporation.
Temperature Monitoring Systems Market Segmentation:
By Product Type (Revenue, USD Billion; 2018-2028)
- Contact-based Temperature Monitoring Systems
- Conventional Temperature Monitoring Systems
- Wireless Temperature Monitoring Systems
- Temperature Measuring Strips and Labels
- Non-contact-based Temperature Monitoring System
- Thermal Imagers
- Fiber Optic Thermometers
- Pyrometers and Infrared Thermometers
By Application (Revenue, USD Billion; 2018-2028)
- Cold Storage Temperature Monitoring
- Manufacturing Area Temperature Monitoring
- Laboratory Temperature Monitoring
- Hospital Room and Patient Temperature Monitoring
- Home Care Temperature Monitoring
- Green House Temperature Monitoring
- Server Room Temperature Monitoring
By End-user (Revenue, USD Billion; 2018-2028)
- Healthcare Facilities
- Healthcare Providers
- Blood Banks, Tissue Banks, IVF Clinics, and Diagnostic Labs
- Patient Monitoring & Home Care Settings
- Others
- Pharmaceutical and Biotechnology Companies
- Medical Device Manufacturing Companies
- Food and Beverage Industry
- Chemical and Petrochemical Industries
- Energy & Power Industry
- Others (Automotive, aerospace & defense, electronics, metal & mining, etc.)
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Temperature Monitoring Systems market over the forecast period?
- What are the major factors driving the growth of the Global Temperature Monitoring Systems Market?
- What are the key challenges impacting the global Temperature Monitoring Systems market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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