Transparency Market Research

Temperature Probe Market Set to Garner Staggering Revenues by 2024


Albany, NY -- (SBWIRE) -- 04/06/2019 -- Temperature probes are used to measure the amount of coldness and heat energy, generated by a system. These sensors help in detecting physical change to the temperature producing digital output. Furthermore, temperature sensors are mainly used in sectors including healthcare, food & beverage, automotive and consumer electronics, defense industry.

Temperature sensors are used in various industrial applications, which need process control with high accuracy. These probes are mainly used for sensitive processes, which need controlled process environments for example in chemical mixing, monitoring. Industrial processes which frequently requires to test and measure equipment’s temperature and volume, also use temperature probes on large scale. For example, clinical research processes have highly controlled manufacturing environments.

These probes play important role in manufacturing, handling, storing of medical equipment and drugs, as they maintain basic overall performance by monitoring temperature. The current developments in healthcare sensing probes are responsible for increase in the trend of continuous patient monitoring. As a result it can reduce overall healthcare costs and help to improve treatment outcomes. These medical sensors are capable of monitoring of vital signs, for example patients temperature and blood pressure that are directly recorded in the electronic format. It also reduces sloppy management of patient records and providing the user with the latest information. Currently consumer healthcare is amongst the major fields which holds a promising future for sensors with a fastest growth rate than all other applications.

The escalating burden of chronic disorders as well as, the worldwide, surging population count has consequently propelled the demand for these equipment’s. Chronically ill patients and the large elderly population subset form the target population for the sensor-based devices as it is imperative for them to undergo routine checkups; thus, facilitating remote and point-of-care patient monitoring.

Besides this, increased adoption rate of surveillance and checkup devices are further driving the Temperature Probe Market. In addition, factors such as strict government guidelines to ensure environmental safety and ongoing demand for electronic products and computing peripherals have kept the prospects of the market high.

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The raw material used for manufacturing plays a crucial role in sensor efficiency and durability. Use of new raw materials such as lithium-niobate and langasite has increased the measurement ranges of temperature sensors. However, silicon based sensors are primarily used owing to their availability and low cost as they are produced in bulk. Multisensors are increasingly used for mass applications owing to their stability which, is expected to drive overall temperature sensors market growth.

Technical developments and advent of Micro-Electro-Mechanical Systems (MEMS) are likely to create greater opportunities.

The home healthcare category such as pregnancy kits and glucose monitoring kits is anticipated to witness lucrative growth over the years. The cost of diagnosis in hospitals and other healthcare units is high; hence, the preference of home healthcare equipment’s, such as diagnostic kits, over hospitals is observed to be rising. The high-unmet needs of the huge target population are expected to further open avenues for the market players in the industry.

However, dominance of legacy technologies and awareness of end-users have hampered the market growth. Quality, accuracy of temperature probes and raw material used for manufacturing has hampered the market.

The Global Market of Temperature Probe is segmented on basis of product type, application, end user, and geography. The market by product type includes fiber optic, temperature sensors IC, bimetallic, resistance temperature detector, IR temperature sensor, thermistor, and thermocouple. Based on applications, the market is segmented as surgical, diagnostic, therapeutic and monitoring. The end user of temperature probes include hospitals, physician offices, nursing homes, home healthcare facilities and others.

Geographically, the market is segmented into six major regions: North America, Europe, Asia-Pacific, Latin America, Middle East and Rest of the World (RoW). In terms of geography, North America followed by Europe account for the largest market share for because of availability of sophisticated primary, secondary, and tertiary-care healthcare settings supported the market. Moreover, the well-established reimbursement network, suitable government funding, and the increasing health awareness further facilitates the incorporation of the sensors in the medical devices.

The Asia Pacific region is anticipated to witness a remunerative growth over the next few years. This can be attributed to the heightened number of individuals suffering from chronic disorders, such as diabetes, hypertension, and respiratory problems.

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The key market players active in the temperature sensor market are Analog Devices Inc., Maxim Integrated, Measurement Specialties Inc., Microchip Technology Inc., Honeywell International Inc., NXP Semiconductors, STMicroelectronics, Panasonic Corporation, Texas Instruments and Siemens AG.