PUBLISHER: The Business Research Company | PRODUCT CODE: 1425712
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425712
Patient Temperature Monitoring Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on patient temperature monitoring market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for patient temperature monitoring? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The patient temperature monitoring market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Patient temperature monitoring encompasses portable measurement devices and services that autonomously record a patient's temperature over a specific duration. These monitors are pivotal in tracking temperature variations during postoperative care, surgery, critical care, shock, sepsis, infections, hypothermia and hyperthermia treatments, fertility assessments, ovulation tracking, and instances requiring continuous temperature monitoring.
There are two primary categories of patient temperature monitoring systems such as contact-based and non-contact-based systems. Contact-based systems involve sensors that directly touch the object being monitored to measure and log temperature changes. These sensors, utilizing conduction, detect temperature alterations in solids, liquids, or gases across a wide temperature range. They are utilized in various applications such as fever detection, hypothermia monitoring, blood transfusions, anesthesia, and find usage in hospital settings, surgical centers, nursing facilities, ambulatory care centers, and home care.
The patient temperature monitoring market research report is one of a series of new reports from The Business Research Company that provides patient temperature monitoring market statistics, including patient temperature monitoring industry global market size, regional shares, competitors with a patient temperature monitoring market share, detailed patient temperature monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the patient temperature monitoring industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The patient temperature monitoring market size has grown strongly in recent years. It will grow from $4.59 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth witnessed during the historical period can be attributed to several factors, including heightened concerns regarding patient safety, the prevalence of fever-related conditions, advancements in temperature monitoring devices, increased rates of hospitalization, the escalation of chronic diseases, and the implementation of regulatory standards and compliance measures.
The patient temperature monitoring market size is expected to see strong growth in the next few years. It will grow to $6.9 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period is driven by several factors, including the expansion of remote patient monitoring (RPM), the emergence of point-of-care temperature monitoring, heightened emphasis on infection control, the development of smart healthcare infrastructure, initiatives in population health management, and increased attention to patient comfort and compliance. Additionally, major trends expected in this period encompass contactless temperature monitoring, the adoption of wireless and Bluetooth technologies, the integration of wearable temperature monitoring devices, the utilization of data analytics and predictive monitoring, as well as advancements aiming to enhance accuracy and precision in temperature monitoring solutions.
The projected increase in diseases is poised to drive the expansion of the patient temperature monitoring market in the foreseeable future. Diseases, caused by various organisms like bacteria, viruses, fungi, or parasites, can be transmitted between individuals or through insects and animals. Temperature fluctuation plays a vital role in diagnosing illnesses. The correlation between temperature variations and the onset of diseases is expected to spur the adoption of monitoring systems. For example, according to The World Health Organization (WHO), noncommunicable diseases (NCDs) cause 41 million annual deaths globally, accounting for 71% of all fatalities in 2022. Cardiovascular ailments, resulting in 17.9 million deaths annually, stand out as a significant contributor to NCD-related deaths. As diseases continue to prevail, the demand for patient temperature monitoring is set to rise.
The surging demand for wearable devices is forecasted to propel the growth of the patient temperature monitoring market. Wearable devices, encompassing electronic technology worn as accessories or clothing, cater to various functions like health monitoring, providing information, and entertainment. Patient temperature monitoring integrated into wearables allows remote tracking of vital signs, early detection of temperature irregularities, and enhances patient mobility and comfort. As per Deloitte Touche Tohmatsu Limited's report in December 2021, the count of consumer health and wellness wearable devices reached 320 million in 2022 and is estimated to reach nearly 440 million by 2024. Hence, the escalating demand for wearables is a driving force behind the patient temperature monitoring market's growth.
Key players in the patient temperature monitoring market are introducing innovative products, such as ambulatory connected patient monitoring systems, to fortify their market presence. These systems, wearable technologies, collect real-time health data wirelessly, facilitating remote monitoring of vital signs beyond traditional healthcare settings. For instance, in October 2023, Dozee, an India-based remote patient monitoring provider, launched Dozee Pro Ex. This system enables continuous monitoring of crucial vitals such as ECG rhythm, blood pressure, heart rate, oxygen saturation, respiration rate, and temperature. It incorporates an AI-powered early warning system that tracks vital parameter trends and issues timely alerts in case of potential clinical deterioration.
Major players in the patient temperature monitoring market are developing AI-integrated products to maintain their market foothold. AI-integrated patient monitoring systems utilize algorithms to analyze real-time health data, offering proactive insights and personalized care while detecting potential health concerns early on. For instance, in May 2022, Mindray Medical International Limited, a China-based medical device company, unveiled mWear. This wearable patient monitoring system integrates AI technology for an early warning system. mWear efficiently manages patient condition monitoring and care delivery, offering precise measurements of ECG, oxygen saturation, noninvasive blood pressure, respiration rate, pulse rate, and temperature. Featuring an Anti-motion Algorithm, the system minimizes interference and false alarms, allowing patients freedom of movement while aiding physicians in identifying genuine anomalies.
In December 2021, Baxter International Inc., a prominent US-based medical technology company, successfully acquired Hill-Rom Holdings, Inc. in a significant deal valued at $15 billion. This strategic acquisition stands to augment Baxter's portfolio of products and services, offering a substantial boost to the company's mission of revolutionizing healthcare and furthering superior patient care on a global scale. Hill-Rom Holdings, Inc., the acquired entity, specializes in medical technology and specifically provides systems for patient temperature monitoring.
Major companies operating in the patient temperature monitoring market report are Cardinal Health Inc., 3M Company, Koninklijke Philips NV, Dragerwerk AG & Co., Microlife Corporation, Becton Dickinson and Company, Omron Healthcare Inc., Masimo Corporation, Braun GmbH, Terumo Corporation, Paul Hartmann AG, Beurer GmbH, Easytem Co. Ltd., Omega Engineering Inc., iHealth Lab Inc., DeltaTrak Inc., Exergen Corporation, Medisana GmbH, Geratherm Medical AG, Nureca Healthcare Private Limited, A&D Company Ltd., Actherm Inc., Cosinuss GmbH, Vandelay Brands Limited, Kinsa Inc., Abbott Laboratories, American Diagnostic Corporation, CAS Medical Systems Inc., C.R. Bard Inc., Edwards Lifesciences Corporation, GE HealthCare Technologies Inc., Hill-Rom Holdings Inc., Honeywell International Inc., ICU Medical Inc., Medtronic PLC, Natus Medical Incorporated, Nonin Medical Inc., Procter & Gamble Co., Quest Products Inc., Riester GmbH & Co. KG, Rossmax International Ltd., Smiths Medical International Ltd., Spacelabs Healthcare LLC, SunTech Medical Inc., The Welch Allyn Inc., Thermomedics Inc., Tyco Healthcare Group Canada Inc., Vital Signs Inc., Vyaire Medical Inc., Welch Allyn Inc., ZOLL Medical Corporation
North America was the largest region in the patient temperature monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the patient temperature monitoring market report forecast period. The regions covered in the patient temperature monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the patient temperature monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The patient temperature monitoring market consists of revenues earned by entities providing data storage, thermal management, tracker, health management. The market value includes the value of related goods sold by the service provider or included within the service offering. The patient temperature monitoring market also includes sales of sensors, thermocouples, thermistors which are used in providing patient temperature monitoring services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.