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How Has the Medical Thermometer Market Evolved and What is its Projected Growth?
The medical thermometer market has experienced rapid growth in recent years. It has risen from $2.33 billion in 2023 to an expected $2.63 billion in 2024, marking a compound annual growth rate CAGR of 12.9%. The growth during the historic period can primarily be attributed to rising patient awareness, growing geriatric population, increasing government support, a surge in health consciousness, and escalating healthcare expenditure.
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What Are The Anticipated Future Projections For The Medical Thermometer Market?
The medical thermometer market is poised for rapid growth in the coming years, expected to escalate to $4.29 billion in 2028 at a compound annual growth rate CAGR of 13.0%. Key factors driving growth in the forecast period include an increasing demand for non-contact thermometers, a surge in prevalence of infectious diseases, rising incidence of viral diseases, a growing focus on digital thermometers, and increased operations by emerging and small-sized players. Major trends include a growing adoption of smart and connected thermometers, technological advancements in digital thermometers, and integration with Internet of Things IoT devices.
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How Will The Increasing Prevalence Of Infectious Diseases Drive The Market Growth?
The escalating prevalence of infectious diseases is expected to significantly propel the growth of the medical thermometer market going forward. Infectious diseases are illnesses caused by pathogenic microorganisms such as bacteria, viruses, fungi, or parasites. These can spread directly or indirectly from person to person. The increasing trends of global travel, urbanization, climate change, and antimicrobial resistance contribute to the rapid spread and emergence of these pathogens. As a medical thermometer is critical for accurately monitoring and managing fever, an integral element in evaluating the effectiveness of treatment, the demand for medical thermometers has been on a steady rise.
Who Are The Key Players In The Medical Thermometer Market?
Major companies operating in the medical thermometer market include McKesson Corporation, Cardinal Health Inc., F. Hoffmann-La Roche Ltd., 3M Company, Medline Industries Inc., Terumo Corporation, Hill-Rom Holdings Inc., Radiant Innovation Inc., Beurer GmbH & Co. KG, Briggs Medical Service Company, Exergen Corporation, Geratherm Medical AG, America Diagnostics Corporation, Medical Indicators Inc., A&D Company Limited, Easywell Biomedicals Inc., Kaz USA Inc., Tecnimed Srl, Hicks Thermometers India Limited, and Mediaid Inc.
How Are Emerging Trends Influencing Growth In The Medical Thermometer Market?
Key players in the medical thermometer market are focusing on developing advanced products such as advanced temporal artery thermometers with quick, non-invasive temperature reading features suitable for a wide range of users, including infants and adults. For instance, in June 2022, Exergen, a US-based company, launched the TAT-2000 and TAT-2000C thermometers in India, designed to capture heat emitted from the temporal artery. These user-friendly infrared devices satisfy a growing demand for efficient solutions in the medical thermometer market.
What Segments Make Up The Medical Thermometer Market?
The medical thermometer market is segmented -
1 By Product Type: Infrared Radiation Thermometers, Mercury Thermometers, Digital Thermometer
2 By Patient Demographic: Adults, Pediatrics
3 By Point Of Measurement: Ear, Forehead, Oral, Ambient, Anal
4 By Application: Hospitals, Clinics, Homes
Which Regions Are Leading In The Medical Thermometer Market?
North America was the largest region in the medical thermometer market in 2023, with Asia-Pacific expected to be the fastest-growing region in the foreseeable future. The regions covered in this global report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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