Demand for temperature monitoring devices is likely to be driven by their applications in the healthcare sector. Use of these devices in the wearable sector is also likely to offer new growth opportunities to manufacturers.
Albany, NY -- (SBWIRE) -- 10/11/2017 -- The global temperature monitoring devices market is likely to surpass US$ 3.2 bn in revenues by 2025, growing at a CAGR of over 4% during the forecast period 2017-2022. These insights are according to a new research report added to the repository of Market Research Reports Search Engine (MRRSE). The report titled "Temperature Monitoring Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025" offers insights and analysis on the global temperature monitoring devices market, highlighting the key drivers, restrains, opportunities, and threats that are influencing global sales.
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According to the report, demand for temperature monitoring devices is likely to be driven by their applications in the healthcare sector. Use of these devices in the wearable sector is also likely to offer new growth opportunities to manufacturers. The market is heavily dependent on technology innovation, and key players are investing in R&D to consolidate their position. Currently, there is a need to develop reliable temperature monitoring devices which can be relied upon caregivers. High pricing and limited awareness on the benefits of these devices remain key challenges, impeding the growth of this market.
To offer readers valuable information on the key forces at play in this market, the report offers segmentation on the basis of various parameters. According to the report, demand for table top temperature monitoring devices is the highest, and the trend is likely to continue during the forecast period as well. The report opines that with growing emphasis on continuous patient monitoring, demand for table top temperature monitoring devices is likely to witness steady growth.
Temperature monitoring devices in the market can be broadly categorized into invasive and non-invasive. By application, the market has been segmented into wellness and clinical. According to the report, a steady increase in use of temperature monitoring devices market has been observed for wellness purposes, owing to the rising emphasis on promoting health and well-being.
By distribution channel, the report offers market forecast and analysis on the basis of retail sales and institutional sales. The key sub-segments of institutional sales include hospitals, ambulatory care centers, long term centers, etc.
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North America continues to be the leading market for temperature monitoring devices market globally. The market in North America is likely to grow at a CAGR of 4.4% during the forecast period. According to the report, expansive healthcare infrastructure in North America and relatively higher awareness among end-users is a key reason for the growth of the market in this region.
The key players in the global temperature monitoring devices market include 3M Company, Cosinuss GmbH, Helen of Troy Limited, Microlife Corporation, Drägerwerk AG & Co. Terumo Corporation, KGaA, Koninklijke Philips N.V., Omron Healthcare, Welch Allyn, Inc., C.R. Bard, and Briggs Healthcare
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