In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Smart thermometer is referred to a device which measures the temperature of the body, food and other things. Smart thermometer records the temperature of the person and it also helps the person to remind when to take the medicine. Smart thermometers are widely used by different sectors such as healthcare, food industry and others.
The global smart thermometer market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Further, the factors propelling the growth of smart thermometer market include increasing healthcare concerns among the population and growing diseases such as chronic fever, malaria, swine flu and other diseases which can be diagnosed by observing body temperature. Moreover, the medical sector by usage is anticipated to witness highest market share in overall smart thermometer market. Rising adoption of advanced healthcare technology by medical sector is believed to foster the growth of smart thermometer market by the end of 2024.
Regionally, North America is the leading market for smart thermometer in terms of revenue. Further, the region is anticipated to continue its dominance over the forecast period owing to the increasing demand for smart thermometer from healthcare sector. The U.S. holds the largest market for smart thermometer in North America region. Moreover, advancement technology related to measuring temperature is also expected to flourish the growth of smart thermometer market.
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Europe region grabbed the second largest market of smart thermometer owing to growing adoption of quick and safer healthcare devices. Further, rising demand for smart thermometer can be witnessed from food and beverage industry in Europe region by the end of 2024. Moreover, Europe smart thermometer market is led by U.K. and France owing to growing awareness towards high body temperature diseases. Asia-Pacific region is projected to witness a robust growth by the end 2024 owing to the growing economies such as China and India. Further, rising disposable income and rapid urbanization are expected to bolster the growth of smart thermometer market in Asia-Pacific region.
Our in-depth analysis segmented the global smart thermometer market in the following segments:
Global smart thermometer market is further classified on the basis of region as follows:
Rising number of medical conditions requiring accurate measurement and growing adoption of smart thermometers by clinics, hospitals and others for quick and safer test results are anticipated to be the dynamic factor behind the rapid growth of smart thermometer market. Further, increasing demand for smart thermometer from food industry is also projected to foster the growth of smart thermometer market by the end of 2024. Moreover, increasing awareness about the effects of overcooking and undercooking of foods such as toxicity, digestion problems, loss of nutrients and others is substantially raising the demand for smart food thermometer in various food industries and restaurants.
Furthermore, the market is growing on the back of rising demand for smart thermometers from chemicals, pharmaceuticals and others owing for the maintenance of an environment of specific temperature. Apart from this, rising e-commerce channel expansion and increasing preferences for online purchases is likely to expand the market size of the smart thermometer market.
However, high cost of smart thermometers is the major restraining factor for the growth of this market. Moreover, lack of awareness is also envisioned to hamper the growth of smart thermometer market across the globe.
The major key players for smart thermometer market are as follows