As stated by a market research institution, P&S Intelligence, the total size of the patient temperature monitoring market was USD 3,294.8 million in 2021, and it will advance at a rate of 7% in the years to come, to reach USD 6,039.3 million by 2030.
The incidence of infectious and lasting diseases, for example diabetes, cancer, and CVDs is increasing all over the world.
As per statistics, around 5 million people would die in the U.K. in the upcoming years due to chronic diseases.
Over 15 million people in the U.K. have a minimum of one chronic illness, and this figure will increase even further. So, measuring the temperature of the body plays a vital role in appraising the bodily condition.
The increasing requirement for patient temperature monitoring systems, chiefly during the COVID-19, has fueled the expansion of the industry. As a result of the growing demand for these kind of devices, numerous manufacturers have produced digital thermometers for accurate and dependable assessments of body temperatures.
The non-invasive category is the principle revenue generator, accounting for USD 1,892.9 million in 2021, which will grow at a rate of about 7.3% in the years to come. The industry is expanding in this category because of factors, such as more accessible, pleasant, precise, and simple temperature monitoring.
North America dominated the patient temperature monitoring market accounting for USD 1,077 million in 2021, which will grow at a rate of about 6.9% in the years to come.
This has a lot to do with the existence of key players of the market, a developed economy, high income of people, increased healthcare expenditure, a large number of surgeries taking place, and a surge in blood donation and transfusion. The U.S. had a larger market share.
As a result of the benefits of patient health assessment, the U.S. healthcare system is observing huge expenditures, new product introductions, and increased use of patient temperature monitoring devices.
Also, the increasing incidence of viral outbreaks will boost the growth of the U.S. market in the years to come.
Furthermore, Europe holds a considerable share and will develop at a rapid pace in the years to come.
The increased occurrence of chronic diseases, for example cancer, and diabetes and vigorous research for patient monitoring technologies will be the major factors for the growth of the industry in the years to come.
It is because of the increasing awareness of continuous temperature monitoring and preventive care, and the growing prevalence of infectious chronic diseases, the demand for the patient temperature monitoring solutions will continue to increase in the years to come.