The global temperature monitoring system market size is projected to reach USD 3.00 billion by 2027, exhibiting a CAGR of 11.2% during the forecast period. Surging number of COVID-19 cases worldwide will spike the adoption of temperature monitoring devices, shares Fortune Business Insights™ in its report, titled “Temperature Monitoring System Market Size, Share & COVID-19 Impact Analysis, By Product (Analog Temperature Monitoring Devices & Digital Temperature Monitoring Devices), By Type (Contact & Non-Contact) By End User (Healthcare Facilities, Home Care Settings, and Others), and Regional Forecast, 2020-2027”.
According to the World Health Organization (WHO), as of August 3, 2020, global coronavirus cases stood at 17,918,582, with the reported deaths at 686,703. The COVID-19 infection has been found to spread not only through contact and fomites but recent studies have also shown that it can be transmitted through air. As a result, doctors, physicians, and other healthcare workers are avoiding being in close proximity to patients. This has created a huge demand for remote, sensor-based thermometers that can check and monitor temperatures from a distance, thus preventing spread of the infection among frontline workers. Moreover, security officials at public places are also equipped with these devices to prevent the entry of any infected persons in such spaces.
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List of Companies Profiled in this Market Report:
Koninklijke Philips N.V. (Netherlands)
Omron Healthcare (Japan)
Braun Healthcare (Germany)
A&D Company Ltd. (Japan)
Toshiba Inc. (Japan)
Exergen Corporation (U.S.)
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Fears of Mercury Poisoning May Inhibit Product Adoption
A major hurdle stalling the temperature monitoring system market growth is the health risks associated with mercury poisoning. Conventional thermometers are filled with mercury because it is the only metal that remains liquid at room temperature and expands at the slightest change in temperature. Thus, mercury-based thermometers can immediately show elevated body temperature. However, despite its effectiveness, breaking of these devices and the resultant mercury spillage is a very real threat that raises understandable concerns among patients. The WHO states that exposure to mercury can have toxic consequences for the digestive, nervous, and immune systems, lungs, eyes, kidneys, and skin. The dangers are even more pronounced in young infants and particularly detrimental for pregnant women. As a result, digital temperature monitoring systems are being widely adopted by health professionals and even by households around the world to prevent exposure to mercury.
North America to Chart Strong Growth Trajectory; Asia Pacific to Unleash Untapped Potential
North America, with a market size of USD 558.2 million in 2019, is expected to dominate the temperature monitoring system market share during the forecast period. The primary reason for the sustained dominance of the region is the rapid adoption of advanced healthcare technologies by hospitals and clinics. In addition to this, the on-going coronavirus pandemic, which has affected 4.8 million and killed 158,000 Americans, is further surging the demand for digital thermometers in the region.
Escalating number of COVID cases in India and China is fueling the demand for temperature monitoring systems in Asia Pacific. Besides this, global medical devices companies are gaining ground in the Asia Pacific market by aligning their growth strategies with the evolving health infrastructure in the region.