Growing Demand for Mercury-Free Temperature Monitoring Devices
In the early years, mercury-based thermometers were widely used. Over the time, with the increasing awareness about the harmful effects of mercury in the environment has gradually influenced towards the greater adoption of mercury-free thermometers. Mercury is known to contaminate the living organisms in the soil as well as the environment. As a result, several governmental bodies raised the awareness about the harmful effects of mercury in the environment through various initiatives. One of the widely influenced programs was registered by the United States Environmental Protection Agency, and was popularly known as the mercury pollution prevention program, helped to raise awareness amongst individuals globally, which further contribute to the rising adoption of mercury-free thermometers over the years.
Growing Need for Advanced Thermometers
Unlike conventional temperature measuring thermometers, electronic thermometers are known to provide accurate temperature monitoring data. Moreover, these thermometers also provide the user to either use the temperature sensing module with or without contacting the skin, thereby providing greater accessibility to the user. Increasing need for thermometers that are not just cost-effective, but also provide accurate temperature information are thereby anticipated to drive the growth of the market.
Growing Concern for the Spread of Communicable Diseases
Increasing concern for the spread of communicable diseases, such as the recently held global pandemic COVID-19, which has affected numerous lives, has raised the need amongst healthcare workers to adopt temperature sensing modules, such as medical forehead thermometer, which helps to monitor the temperature from a certain distance, without being in contact with the patient. As a result, the chance of spreading the virus by the contamination of medical equipment is very low. Such factors are anticipated to drive the growth of the global medical forehead thermometer market.
The availability of several counterfeit products of medical forehead thermometers in the market, which also forms a major part of the unorganized sector, is anticipated to restrict the growth of the global medical forehead thermometer market over the forecast period.
The global medical forehead thermometer market is thriving on the back of the increasing number of medical disorders around the globe which is raising the need for the precise measurement of the body temperature as a process for deciding the further treatment options. Several diseases exhibit fever like symptoms, including swine flu, dengue, COVID-19 and malaria amongst others. The diagnosis of these diseases includes the process of monitoring body temperature, as the body temperature plays a pivotal role in further treating the patient. Additionally, growing out-of-pocket expenditure amongst individuals worldwide for the treatment of diseases is also anticipated to promote towards the growth of the global medical forehead thermometer market. According to the statistics by the World Bank, out-of-pocket expenditure per capita (in current US$), increased from 166.595 current US$ in the year 2010 to 192.787 current US$ in the year 2017. CLICK TO DOWNLOAD SAMPLE REPORT
The global medical forehead thermometer market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2020-2028. The market is segmented by product type into contact and non-contact type. The non-contact type segment is anticipated to hold the largest market share on the back of growing need for non-contact thermometers amongst healthcare operators and commercial places to monitor body temperature health, backed by the increasing concern of communicable diseases, such as the COVID-19, which has proliferated recently around the world. Such diseases demand routine temperature check-ups without contacting the individual. Non-contact thermometers use infrared technology to infer the temperature. Increasing awareness for the use of non-contact thermometers along with the increasing concern for such communicable diseases globally are some of the factors anticipated to drive the growth of the segment over the forecast period.
Our in-depth analysis of the global medical forehead thermometer market includes the following segments:
On the basis of regional analysis, the global medical forehead thermometer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is anticipated to hold the largest market share owing to the increasing awareness for mercury-free thermometers, along with the increasing expenditure of the government of nations in the region for adopting advanced medical equipment. Moreover, presence of an established healthcare infrastructure in the region is also anticipated to add on towards the growth of the gobal medical forehead thermometer market throughout the forecast period.
The global medical forehead thermometer market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani