Medical Thermometer Market Owing to Rising Awareness Regarding COVID-19 Symptoms
Medical thermometers are medical devices used to measure body temperature in degrees. They help in detecting fevers which could be an early symptom of many illnesses including COVID-19. Non-contact infrared thermometers are gaining popularity as they allow measuring temperature without physical contact.
The Global Medical Thermometer Market is estimated to be valued at US$ 3.86 Bn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Medical Thermometer market are Medline Industries, Inc., Welch Allyn, Medtronic, OMRON Corporation, America Diagnostics Corporation, 3M Company, Microlife Corporation, Briggs Healthcare, Exergen Corporation, Terumo Corporation, Medtronic PLC, Geratherm Medical AG, Exergen Corporation, A&D Company, Limited, BPL Medical Technologies, Rossmax International Ltd., and Radiant Innovation Inc. These players are focusing on developing accurate and easy-to-use thermometers to leverage new opportunities arising due to the COVID-19 pandemic.
The Medical Thermometer Market Growth rise in fever screening across public places, educational institutions, offices, and travel hubs post the COVID-19 outbreak has created substantial demand for infrared thermometers. Manufacturers are investing in technology advancements such as AI integration and cloud connectivity in thermometers to capitalize on this opportunity.
Growing awareness about early detection and self-monitoring of fever among the global population is driving the market’s expansion worldwide. Technological advancements in non-contact thermometers along with their higher adoption in developing economies will support the medical thermometer industry’s growth over the forecast period on a global level.
Market Drivers
The growing prevalence of COVID-19 infections worldwide along with rising awareness regarding its initial symptoms is driving the medical thermometer market. As fever is one of the earliest signs of coronavirus, governments and health authorities across nations emphasize on screening temperatures of masses to detect the virus at preliminary stages. This is positively impacting the demand for medical-grade thermometers in both household and professional healthcare settings.
PEST Analysis
Political: Regulations around medical device manufacturing, use and disposal have been tightened by bodies like the FDA and EU. This impacts product development cycles and costs.
Economic: Growing healthcare expenditure globally due to aging populations and rising incomes is driving demand for medical thermometers especially in developed markets. Recessions could impact disposable incomes.
Social: High awareness around preventive healthcare and rising focus on wellness is increasing thermometer usage both in homes and clinically. Demand is growing beyond illness detection to fitness tracking.
Technological: Integration of digital technologies like sensors, connectivity and AI are enhancing product accuracy, usability and driving new wearables. Infrared and smart variants have gained traction over traditional mercury types.
Geographical concentration
In terms of value, Medical Thermometer Market Regional Analysis is currently concentrated in North America and Europe due to high spend capabilities and healthcare infrastructure in countries like the US, Germany, UK and France. Both regions account for around 60% of the global market.
Fastest growing region
The Asia Pacific region especially China and India is expected to grow the fastest through the forecast period supported by rising incomes, healthcare reforms, expanding insurance coverage and increasing lifestyle diseases. This will be complemented by gains from population and urbanization.
