A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, released its report titled "Medical Thermometers - Global Market Trajectory & Analytics".
A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, released its report titled “Medical Thermometers – Global Market Trajectory & Analytics”.
The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Global Medical Thermometers Market to Reach $3.1 Billion by 2026
Medical thermometers are diagnostic medical devices intended to measure the body temperature of humans. The global market for medical thermometers is witnessing enormous gains due to the coronavirus outbreak.
Global demand for these devices can be attributed to growing focus on health and fitness, rising geriatric population, increasing awareness about self-care management and growing healthcare spending. Demand in the market is also driven by an increasing number of medical conditions that need physicians or other users to accurately measure body temperature for determining the best treatment option.
Mercury-free thermometers, including digital and infrared thermometers, are witnessing increasing popularity owing to various advantages of these thermometers, including user-friendly nature, accuracy and safety. Growing adoption of mercury-free thermometers is also attributed to rising incidence of infectious conditions that require accurate measurement of body temperature for better diagnosis of the disease.
ABSTRACT–
Amid the COVID-19 crisis, the global market for Medical Thermometers estimated at US$2.5 Billion in the year 2022, is projected to reach a revised size of US$3.1 Billion by 2026, growing at a CAGR of 8.2% over the analysis period. Digital, one of the segments analyzed in the report, is projected to record a 7.2% CAGR and reach US$1.7 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Infrared segment is readjusted to a revised 9.6% CAGR for the next 7-year period. The global demand for digital body thermometer is driven by advanced functions and benefits of these devices along with increasing awareness about health & fitness.
Digital thermometers are perceived to be more accurate in comparison to conventional analog mercury-based devices, and don’t rely on mercury for detecting temperature. Infrared thermometers segment is expected to witness healthy demand owing to the increasing popularity of these devices to control infection and improve patient safety on account of their non-contact operation. These thermometers are anticipated to find a broader adoption in healthcare and homecare settings.
Demand for infrared thermometers benefits significantly from the rise in national healthcare spending as growth in the number of healthcare facilities and an improvement in existing infrastructure translates to a surge in demand for such equipment. With global population projected to reach about 9.7 billion by the year 2050, the need for improved healthcare for the increasing masses is becoming a critical factor for government and health authorities across the world. A key fall out of the growing population is the rising healthcare burden.
Several factors are triggering a high prevalence of infectious diseases. Also, the world’s population is rapidly aging supported by the increase in longevity as modern medicine becomes increasingly effective in preventing chronic disease, and reducing mortality. The aging population creates massive challenges for the healthcare system. By the year 2025, the need to care for an aging population will require a large and specialized healthcare workforce. Against this background, the demand for infrared thermometers for healthcare and medical sectors will continue to grow rapidly.
Compounding the already heavy healthcare burden is the spread and frequent outbreak of Infectious diseases such as immunodeficiency syndrome (HIV/AIDS), Hepatitis A, malaria and tuberculosis, sexually transmitted diseases (STDs), dengue, Zika virus, Swine Flu, viral haemorrhagic fevers, meningitis, seasonal influenza and other pandemic and epidemic diseases, the latest one being the COVID-19.
These infectious diseases are also on the rise, especially in developing countries that lack proper sanitation, inadequate civic amenities for the poorer communities, poor public health systems, insufficient epidemic preparedness and response, and lack of planned coordination and programs to handle public health emergencies. Nosocomial infections or hospitals acquired infections are also high in developing countries, given the lack of safety standards implemented or followed for both patient safety and care giver safety. All of these factors result in the preventable spread of infectious diseases that cost the healthcare systems billions of dollars in medical care and related services.
The U.S. Market is Estimated at $918.9 Billion in 2022, While China is Forecast to Reach $314 Million by 2026
The Medical Thermometers market in the U.S. is estimated at US$918.9 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$314 Million by the year 2026 trailing a CAGR of 8.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.4% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8% CAGR.
The US is estimated to maintain its strong position in the coming years on account of technological advancements, rising investment in R&D, and growing concerns pertaining to self-health care management. The market growth is also facilitated by the high incidence of infectious diseases, advanced healthcare infrastructure, large patient pool, and favorable healthcare policies. Increasing investment in medical infrastructure and rising healthcare expenditure are expected to propel demand in the Asia-Pacific region.
Hospitals & Clinics Application Segment to Reach $1.3 Billion by 2026
Commonly used in hospitals and clinics, the recent years have witnessed an increasing number of hospitals in countries such as China and India replacing the age-old mercury thermometers with digital thermometers. In the global Hospitals & Clinics Application segment, USA, Canada, Japan, China and Europe will drive the 7.06% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$732.2 Million will reach a projected size of US$1.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$70.3 Million by the year 2026, while Latin America will expand at 8% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR
Global Industry Analysts, Inc., is a renowned market research publisher the world’s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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