Global Patient Temperature Monitoring Market to Reach $7.8 Billion by 2026

Maintaining the patient`s optimum body temperature is an essential nursing skill. As per WHO, tuberculosis, diarrheal diseases, and lower respiratory infections were among the top ten causes of death across the world in 2016. Monitoring patient temperature involves keeping an eye on any variations in temperature of the patients. Monitoring the patient body temperature is vital for disease diagnosis. Body temperature tends to rise when a person has a viral infection or any other health conditions. Clinicians and nurses must be armed with accurate temperature monitoring systems that record the core body temperature of patients through the surgical journey. Temperature monitoring systems when used as per directions will reduce the chances of clinician technique inconsistencies. Monitoring of body temperature can help in detecting any fever due to infection, injury, trauma, or other medical conditions. The body temperature is monitored through the mouth, armpits, or rectum. The market for patient temperature monitoring devices depends on the increased awareness to monitor temperature during infectious diseases and chronic conditions. The fast-developing healthcare infrastructure and increased integration with advanced technological platforms for patient temperature monitoring will boost the global market.

Amid the COVID-19 crisis, the global market for Patient Temperature Monitoring estimated at US$4 Billion in the year 2020, is projected to reach a revised size of US$7.8 Billion by 2026, growing at a CAGR of 11.2% over the analysis period. Handheld Temperature Monitoring Devices, one of the segments analyzed in the report, is projected to grow at a 15.2% CAGR to reach US$5.3 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 Table Top Temperature Monitoring Devices segment is readjusted to a revised 7.9% CAGR for the next 7-year period. This segment currently accounts for a 18.7% share of the global Patient Temperature Monitoring market.

The U.S. Market is Estimated at $1.7 Billion in 2021, While China is Forecast to Reach $1 Billion by 2026

The Patient Temperature Monitoring market in the U.S. is estimated at US$1.7 Billion in the year 2021. The country currently accounts for a 32.23% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1 Billion in the year 2026 trailing a CAGR of 14.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.9% and 9.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.1% CAGR while Rest of European market (as defined in the study) will reach US$1.2 Billion by the close of the analysis period.

The market is driven by an increasing number of medical conditions that need physicians or other users to accurately measure and monitor body temperature for determining the best treatment option. Medical thermometers are diagnostic medical devices intended to measure the body temperature of humans. These devices rely on a digital or mercury based temperature sensor for offering sensitive and accurate measurements. Commonly used in hospitals, clinics and home settings, medical thermometers feature both Fahrenheit and Celsius temperature scales. 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. The market growth is facilitated by increasing prevalence of various infections, which are often characterized with high fever, requiring doctors to use thermometers to diagnose the infection. Factors like increasing cases of dengue and around 100-400 million incident of infections per year globally have created a strong demand for medical thermometers. While stringent regulations remain key barrier to the market expansion, the increasing demand for safe and fast tests, rising acceptance of digital and infrared thermometers and technological advances are anticipated to favour the market growth in the coming years.

The market is also propelled by rising cases of strokes and cardiac arrest coupled with increasing number of surgical interventions that rely on anesthesia administration, which results in drop in body temperature and requires the use of temperature management solutions to prevent the development of intra-operative hypothermia. The demand for these systems is also propelled by rising incidence of cardiac conditions and strokes along with increasing cases of cancer that result in lower body temperature owing to proliferation of cancer cells. The adoption of temperature monitoring systems is also facilitated by their ability to reduce treatment cost and surgical complications.

Invasive Temperature Monitoring Devices Segment to Reach $653.6 Million by 2026

In the global Invasive Temperature Monitoring Devices segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$392.4 Million in the year 2020 will reach a projected size of US$537.3 Million 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$56.5 Million by the year 2026, while Latin America will expand at a 5.2% CAGR through the analysis period.