Patient temperature monitoring devices

Patient temperature monitoring devices Global Market Outlook:

MARKET OVERVIEW

Global market size: $3.6 billion (2022 E)

Expected to grow at a CAGR of 7 percent Y-o-Y

• Increasing infectious diseases and innovation of continuous temperature monitoring devices with increasing efficiencies to predict the occurrence of diseases offer lucrative growth opportunities in the market

• Market vendors are increasingly focusing on non-contact thermometer product innovations and portfolio extension to increase their market shares

• Wearables will be at the heart of a healthcare revolution: Wearables will improve continuous biomarker monitoring, offer vital insight into holistic health, a transition to proactive healthcare, monitoring out of the hospital and into the home, and Wearables with AI will make healthcare more intelligent.

Cost Structure Analysis : Patient temperature monitoring devices

• Due to COVID-19, there was lockdown and port shutdowns across the globe, which rapidly increases the price of temperature measuring sensors, batteries, electronic components that are mostly sourced from China

• Raw Materials & Components Cost: Most of the key electronic components are sourced from China, such as PCB, Shell & Sensors. The demand has increased 4 times during this pandemic situation, which impacts on pricing of key components in the near future

• Labor Cost and Technological Cost: Increasing adaptability for non-contact digital thermometers with high accuracy drives innovations in the market and workforce with technical knowledge

Porter's Analysis on Patient temperature monitoring devices

Complexity involved in sourcing raw material, due to port shutdown have a huge impact on supply globally. Demand for smart wearables and non-contact thermometer drives the market for advanced technology and innovations

Supplier Power

• The patient temperature monitoring device market have many suppliers available globally, with top key companies combinedly holding a major market share of approx. 60 percent of the supply globally

• High technical skills, continuous investment on innovations, and new product launch are the key factors driving major supplier power in the market

Barriers to New Entrants

• High technical skilled labors, continuous investment on product innovations, such as smart live tracking thermometers, involve a huge capital cost

• Devices should meet regional-specific regulatory approvals, which impact new entrants in the competitive market

Intensity of Rivalry

• Technological advancement for non-contact thermometer and continuous body temperature monitoring devices have a huge impact on the industry growth factor

• Many pharma companies are extending their product portfolio by adding patient temperature monitoring devices products through partnership contracts to enhance the company’s overall sales growth in the market as the device is vital in detection of infection (crucial during COVID 19 pandemic)

Threat of Substitutes

• As such there are no substitutes to patient temperature monitoring devices; but innovation in wearable devices, smart thermometers, smart sensors, non-contact devices will have impact on the market threat

Buyer Power

• Bargaining power for medical device clients is medium, due to lower switching power, owing to technical knowledge and region-specific regulatory approvals associated with the devices