The global non-contact thermometer market is expected to grow at a CAGR of over 11% during the period 2018-2024
The global non-contact thermometer market is majorly driven by the growing medical expenditure and the increasing healthcare awareness of preventive healthcare services in the population. The rise in certain medical conditions such as swine flu, dengue, malaria, which require precise body temperature readings to decide the line of treatment, is a major factor responsible for the growth of the market. In 2018, North America accounted for the largest market for non-contact thermometer on account of increasing preventive healthcare expenditure and growing public and private investments in healthcare facilities.
However, APAC is expected to grow at the fastest CAGR during the forecast period due to the growing aging population. Healthcare organizations worldwide are implementing non-invasive technologies, such as infrared thermometer, to reduce contamination. Therefore, the rise in healthcare associated infections is likely to augur well for non-invasive devices market during the forecast period.
Non-contact Thermometer Market: Segmentation
This market research report includes market detailed segmentation by product type, application, and geography. Forehead thermometer accounts for the largest share in the market. The presence of a large number of vendors in North America is primarily driving the adoption of these devices in the region. The in-ear segment is expected to grow at an impressive CAGR of over 12% during the forecast period. Increased hygiene consciousness and high protection against cross-contamination are factors for the growth of the segment. In terms of accuracy, however, in-ear thermometer is reported to provide more accurate readings than forehead thermometer.
The veterinary thermometer segment accounted for the largest market share the market in 2018. The convenience offered by non-contact infrared thermometer to measure body temperatures in animals is increasing their application among veterinarians. The medical segment is expected to witness an incremental growth of $147 million by 2024.
The ease of usage of non-contact thermometer is driving the demand in the medical segment. Moreover, the rising incidence of chronic lifestyle diseases worldwide is likely to support the growth of the market. With growing penetration of medical devices, the demand is expected to grow rapidly during the forecast period.
Key Vendor Analysis
The global non-contact thermometer market is highly fragmented and dynamic due to the presence of a large number of global, regional, and local players offering a wide range of products. The market is highly competitive, and vendors must focus on implementing several marketing strategies in order to maintain a competitive edge over others.
The rapidly changing technological environment has a significant impact on the overall market as patients and healthcare practitioners are looking for products and solutions with innovative and advanced features. The market consists of a few large players and a large number of small and medium-sized companies.
The competition in the market is expected to intensify during the forecast period with an increase in product approvals, technological innovations, and strategic acquisitions. It is expected that global players would grow inorganically by acquiring regional or local players in the future. Major players have a broad range of product portfolios. They make high R&D investments and develop innovative and technologically advanced products, thereby restricting small and medium-sized vendors from capturing higher market share.
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage 4.1 Market Definition 4.2 Base Year 4.3 Scope of the study 4.4 Market Segments