Patient temperature monitoring devices

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Patient temperature monitoring devices Industry Benchmarks

Savings Achieved

(in %)

The average annual savings achieved in Patient temperature monitoring devices category is 5.05%

Payment Terms

(in days)

The industry average payment terms in Patient temperature monitoring devices category for the current quarter is 54.3 days

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    Patient temperature monitoring devices Market Intelligence

    global market outlook

      • The global patient temperature monitoring devices market is projected to reach value of $5 Billion by 2027(F) from $3.6 Billion in 2022 (E) growing at a CAGR of ~7% Y-O-Y.
      • Rising prevalence of infectious diseases, increasing geriatric and pediatric population, rising awareness about continuous temperature monitoring, and increasing demand for advanced temperature monitoring devices are driving the growth of the market.
      • Handheld temperature monitoring devices, especially digital & infrared thermometers dominate the patient temperature monitoring devices market with global market share of ~35%.
      • North America accounts for the major market share of ~32% growing at a CAGR of ~4-5% Y-O-Y due to the increasing awareness on health and rising infectious diseases. The presence of major market suppliers in the region drives the market share in North America.
      • Inflated costs of advanced temperature monitoring devices may hinder the growth of the temperature monitoring devices market. The high cost of these devices is due the excessive costs of sensors used in it.

    Patient temperature monitoring devices market report transcript

    Patient temperature monitoring devices Global Market Outlook:


    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

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