Thermometer Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : May 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Thermometer market size is expected to be worth around US$ 5.34 billion by 2030, according to a new report by Vision Research Reports.

The global Thermometer market size was valued at US$ 4.19  billion in 2020 and is anticipated to grow at a CAGR of 9.5% during forecast period 2021 to 2030.

Growth Factors

 An increase in the demand for accurate medical devices and the requirement of specific temperature conditions influence the market growth.

The rising cases of medical ailments involving accurate measurement of body temperature for the treatment planning and requirement of specific temperature conditions in various industries are likely to heighten the demand for thermometers during the forecast period. The rise in health consciousness, coupled with an increase in healthcare expenditure, is also anticipated to fuel market growth further in the coming decade.

The increasing prevalence of target diseases, such as malaria, dengue, typhoid, and swine flu, which cause fever, is anticipated to be a high-impact rendering driver of the market. Malaria is one of the most fatal diseases and is one of the leading causes of death globally. According to the World Malaria Report 2019, an estimated 229 million cases of malaria were observed in 2019 globally.

Furthermore, rapid technological advancements in temperature monitoring devices are increasing the acceptance of these devices by people. For instance, in 2018, Optics developed upgrades for its compact infrared thermometers, which improved their speed and flexibility for industrial use. This is expected to boost the market growth during the forecast period.

Report Highlights

The mercury-free thermometers segment dominated the market with a share of 62.52% in 2020 and is expected to witness the fastest growth over the forecast period owing to the high adoption and user-friendliness. The segment is further classified into digital thermometers, infrared radiation thermometers, and others. The adoption of mercury-free thermometers, such as IR radiation thermometers and digital thermometers, is anticipated to increase as they provide more accurate readings and are not associated with the environmental hazards of mercury. On the basis of product, the market is segmented into mercury-based thermometers and mercury-free thermometers.

Mercury-based thermometers such as liquid-in-glass thermometers are easy-to-use thermometers that are employed in laboratories. However, since 2001, almost 20 states have banned the use of mercury-based thermometers, especially for medical use, due to the poisonous effects of mercury. More stringent regulations on the use of these devices are expected to be implemented in the coming years, limiting the use of mercury-based thermometers in various fields. For instance, Analytical Technology and Control Limited will stop supplying customers with ASTM-approved mercury-in-glass thermometers and instead will supply spirit-filled thermometers to their customers.

The medical segment including hospitals, clinics, and primary healthcare centers dominated the market with a share of 28.53% in 2020. This can be attributed to the presence of well-established healthcare infrastructure and the high incidence of diseases requiring body temperature assessment. One of the major reasons for the growth of this segment is technological advancements in thermometers. For instance, the Instant Read Digital Ear thermometer of A&D Company Limited markets a thermometer with a one-button operation and it has 10 memory recalls. It aids in easy measurements in 1 second and has an LCD display. Based on application, the market is segmented into medical, industrial, food, laboratory, and others.

The industrial application segment is expected to witness lucrative growth over the forecast period as pharmaceuticals, chemical, and companies require specific temperature maintenance during various stages of product development. Industrial thermometers are selected depending upon their type, size, configurations, display options, features, applications, and operating environments. Moreover, the presence of key players such as Microtemp electrics Co., Ltd.; Endress+Hauser Management AG; and LumaSense Technologies, Inc. is expected to aid overall market growth. These factors are anticipated to boost the segment growth during the forecast period.

North America dominated the market with a share of 34.45% in 2020. The growing geriatric population and higher healthcare expenditure are some of the key factors contributing to the market growth. Healthcare camps and initiatives undertaken by government organizations, such as the WHO and the NIH, for spreading awareness about infectious diseases and helping maintain better health status are anticipated to further boost the market growth. For instance, body temperature monitoring is the new norm for coronavirus infection screening until a vaccine is ready. As community spread begins in most countries worldwide, including the U.S., over the counter sales of thermometers in the consumer market are rising. In addition, well-established healthcare infrastructure in North America and increasing demand for disposable thermometers are expected to drive the market.

Asia Pacific is expected to expand at the highest CAGR of 8.9% from 2021 to 2028. The presence of high unmet medical needs, the increasing prevalence of target diseases, including malaria, dengue, and swine flu, and growing patient awareness about the same in the region are some of the key factors contributing to its lucrative growth. According to the World Malaria Report 2018, around 94% of the Indian population is at risk of acquiring malaria. Moreover, economic growth in various countries of Asia Pacific, especially in Japan and China, is expected to propel market growth. Increasing demand for self-health care products and healthcare establishments catering to the elderly is also expected to drive the market over the forecast period.

Key Players

  • Medline Industries, Inc.

  • 3M

  • Welch Allyn

  • American Diagnostics Corporation

  • A&D Medical

  • Exergen Corporation

  • Microlife Corporation

  • RG Medical Diagnostics

  • Medtronic

  • Terumo Corporation

  • Actherm Inc.

  • Briggs Healthcare

  • OMRON Healthcare Inc.

  • Fairhaven Health

Market Segmentation

  • Product Outlook

    • Mercury-based Thermometers

    • Mercury-free Thermometers

      • Digital Thermometers

      • Infrared Radiation Thermometers

      • Others

  • Application Outlook

    • Medical

    • Industrial

    • Food

    • Laboratory

    • Others

  • Regional Outlook

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • Japan

      • China

      • India

    • Latin America

      • Brazil

      • Mexico

    • Middle East and Africa (MEA)

      • South Africa

The Thermometer market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Thermometer market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Thermometer market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Thermometer market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Thermometer market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Thermometer capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Thermometer by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Thermometer market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Thermometer market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Thermometer market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Thermometer industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Thermometer market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Thermometer market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Thermometer market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Thermometer market. These factors have benefited the growth of the global market for Thermometer. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Thermometer. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Thermometer are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.

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