NEW YORK, Nov. 30, 2021 /PRNewswire/ -- Persistence Market Research's updated analysis on the global infrared thermometer market indicates that the industry is anticipated to evolve at a high CAGR of 8% through 2031. This would market valuation to US$ 1.3 Bn by 2031, which was US$ 600 Mn in 2020.
The world has seen substantial increase in cases of infectious diseases over the past decade or so, and this decade too started with a major pandemic, which has made it clear that healthcare would be a prominent area of concern for the world over the coming years. While indications and symptoms for various diseases are different, most of them have an effect on body temperatures, and a simple preventive diagnosis can be performed by checking body temperature.
This is where infrared thermometers come into the picture, as they are handy and allow us to take temperatures without coming into contact with the individual being checked, thus reducing the chances of spreading the infection. Increasing healthcare spending and expenditure across the globe, rising prevalence of chronic infectious diseases, growing awareness regarding preventive healthcare, and increasing geriatric population are some of the major factors driving demand for infrared thermometers.
Key manufacturers of infrared thermometers are investing in increasing the accuracy of their products and are adopting various organic and inorganic strategies to maximize their revenue potential across regional markets.
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- In February 2020, when coronavirus was reaching its peaking point and demand for infrared thermometers was high, Xiaomi announced the launch of its new non-contact infrared thermometer. The device, named Bencon Infrared Thermometer, is capable of recording temperature with an accuracy of 0.2 degrees in just a second.
- In January 2021, Fitgo announced the launch of a new range of infrared thermometers equipped with the latest technology. These new thermometers are equipped with a backlit display, fever alarm, memory recalls, and other advanced features.
Key Takeaways from Market Study
- The infrared thermometer market is expected to progress at a high CAGR of around 8% over the next ten years.
- North America is expected to dominate the global market in terms of value.
- Due to its rising geriatric population, Japan is anticipated to provide a lucrative setting for infrared thermometer suppliers.
- Sales forecast of infrared thermometers for 2031 is anticipated to be around US$ 1.3 Bn.
- Owing to rising awareness regarding healthcare and increasing healthcare spending, the market in APAC is expected to rise at the fastest rate.
- Increasing instances of infectious diseases, rising healthcare expenditure and spending, growing awareness among the population for preventive healthcare, and rising geriatric population are some of the major factors driving demand for infrared thermometers.
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"Prevalence of infectious diseases plays a major role in driving demand for infrared thermometers," says a Persistence Market Research analyst.
The global market for infrared thermometers has been identified as a fairly fragmented space due to the presence of a high number of market participants.
Some of the key market players included in the report are Welch Allyn - A Hill-Rom Inc. Company, Exergen, Geratherm Medical AG, Thermomedics, Inc. (A subsidiary of PositiveID Corporation), Microlife Corporation, PAUL HARTMANN AG, BPL Medical Technologies, Contec Medical Systems Co., Ltd., Cardinal Health (Medtronic), OMRON Corporation, and Braun GmbH.
The above are identified as key manufacturers of infrared thermometers. These market participants are engaged in various market expansion activities and are developing new strategies to increase their sales on a global level.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global infrared thermometers market that contains industry analysis of 2016-2020 and opportunity assessment for 2021-2031.
The report provides an in-depth analysis of the market through different segments, namely, measurement point type, application, distribution channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
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