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Body temperature monitoring devices are used to monitor human body temperature by detecting body heat and providing real-time temperature readings. Digital thermometers provide accurate, fast and convenient temperature readings without any discomfort.
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 size is the growing adoption of digital thermometers. Digital thermometers provide accurate and easy-to-read temperature readings within seconds, without any hassle of breaking mercury thermometers. They are preferred for self-monitoring and remote monitoring. Another prominent trend is the increasing popularity of wearable temperature monitoring devices and smart patches, as they enable continuous monitoring of temperature and convenient transmission of readings. This allows for quick response in case of fever.
SWOT Analysis
Strength: Body temperature monitoring devices are easy to use and provide accurate results quickly. They allow users to continuously monitor changes in body temperature.
Weakness: Some body temperature monitoring devices can be expensive. Manual thermometers are not as accurate as digital devices and require more time.
Opportunity: Growing awareness about the importance of temperature monitoring and rising incidence of fever-related illnesses present an opportunity for market growth. The pandemic has further increased focus on monitoring body temperatures.
Threats: Presence of alternatives like temperature guns poses competition. Economic slowdowns can reduce discretionary spending on such devices.
Key Takeaways
The global body temperature monitoring market is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing awareness about temperature monitoring and rising prevalence of fever-related illnesses.
Regional analysis: North America is expected to dominate the global body temperature monitoring market owing to the presence of major players, high healthcare expenditure, and growing incidence of fever-related diseases in the region. Asia Pacific is anticipated to exhibit the fastest growth due to rising disposable incomes, growing medical tourism, and increasing focus on preventive healthcare in the region.
Key players: 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. Major players are focusing on new product launches and partnerships to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
