LONDON, June 8, 2020 /PRNewswire/ -- The global temperature monitoring devices market is expected to grow from $2.67 billion in 2019 to about $26.7 billion in 2020, due to a massive increase in demand for such devices for constant temperature monitoring of Covid-19 patients. The market is expected to stabilize and reach $3.7 billion at an annual rate of 8.2% through 2023. The temperature monitoring devices market is experiencing massive growth due to the Covid-19 pandemic. Temperature monitoring of individuals or suspected patients is the first mode of diagnosis for Covid-19 used across various type of entities including airports, offices, clinics, hospitals, and homecare. Also, infected patients' vital signs are required to be monitored both at hospitals and at home, as a primary examination to track the infection.
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Temperature Monitoring Devices Market Driver
The increase in the prevalence of chronic and infectious diseases is causing a positive impact on the temperature monitoring devices market. Certain infectious diseases like dengue, zika, malaria, and Ebola require continuous monitoring of temperature to give appropriate treatment and save lives. The temperature of patients with chronic diseases like cardiovascular cases, kidney related diseases, and other diseases also has to be monitored continuously, especially when they are hospitalized. This monitoring gives an overview of their body functioning. Most recently, the coronavirus has more than 600,000 positive cases around the globe and increased body temperature is one of the main symptoms of this disease, causing the demand for temperature monitoring devices to increase by several folds. Therefore, the prevalence of chronic and infectious disease is expected to propel the market.
Development Of Wearable Temperature Monitoring Devices In The Market
Companies in the temperature monitoring devices market are focusing on the manufacturing of wearable temperature monitoring devices. Wearable thermometer is a digital thermometer which measures the temperature by using medium such as touch, or patch. It is connected to smart devices like phones, tablets etc., and allows continuous monitoring of temperatures. Products such as Fit Bit, Apple Watch, temperature strips, and temperature patches are widely used for monitoring temperature. On June 2019, IWEECARE, a Taiwan-based digital health start-up, received regulatory approval for selling Temppal, a convenient patch of wearable Bluetooth enabled temperature monitoring device.
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High Costs Associated With Temperature Monitoring Devices
High costs of advanced temperature monitoring devices may hinder the growth of the temperature monitoring devices market. The average cost of thermometers ranges from US $1 to US $114. The high cost of these devices is due the high costs of sensors used in it. This is a high amount for low-economic countries in Africa, South-America, and several Asian countries. Thus, high cost of temperature monitoring devices is hindering the temperature monitoring device market.
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