Global Temperature Monitoring System Market Highlights Over 2023 - 2033
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 3 Billion |
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Forecast Year Market Size (2033) |
~ USD 5 Billion |
The global temperature monitoring system market is estimated to garner a revenue of USD 5 billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 3 billion in the year 2022. The market is growing on the back of increased regulations and stringent compliance policies in the healthcare industry, especially in hospitals, cold storage facilities, and patient monitoring systems. For instance, according to National Health Profile (NHP), 2021, in India, the number of hospitals increased from 25778 in 2019 to 41245 in 2021.
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Temperature monitoring systems use sensing technology to automatically gather temperature data. Temperature monitoring systems make use of sensors, thermal buffers, data storage, temperature measurement devices, alarms, and software. The installation of these monitoring systems aids in the early detection of any possible temperature issues and gives prompt notification. This becomes possible due to their internet of things (IoT) technology. They connect with the local wi-fi, making it possible to access records and data from anywhere, and allow for remote access. With more than 10 billion IoT devices globally in 2020, the demand for such easily accessible temperature monitoring systems is bound to grow.
Global Temperature Monitoring System Market: Growth Drivers and Challenges
Growth Drivers
- Growing Demand for the Product from the Rising Number of Pharmacies – Pharmacies and medicine suppliers often house products such as IV solutions, vaccines and other liquid medical formulations that require stringent temperature control and regulation. The number of pharmacies increased from ~59000 in 2015 over 85000 in 2022 and are expected to grow further as medical infrastructure strengthens.
- Stringent Temperature Regulations in Place – In the healthcare industry, different samples, products and materials require to be stored at different temperatures. The regulations for such are quite strict and are enforced by various organizations. For instance, according to WHO, blood samples which are collected for various purposes must be regulated to around 25 degrees Celsius.
- Rise in the Prevalence of Chronic and Infectious Diseases – Rise in chronic and infectious diseases require the administration of various medicines to be treated, and hence medical institutions are under pressure to administer and treat these diseases effectively. According to CDC, 12 in 20 adults in the US suffer from a chronic disease. Diabetes for instance, requires the administration of insulin in many cases, and it is recommended that insulin be stored in a refrigerator at approximately 36°F to 46°F.
- Better Cold Supply Chains – The capacity of refrigerated warehouses increased more quickly because of the coronavirus pandemic, reaching over 700 million cubic meters in 2020. Products including fruits and vegetables, and pharmaceutical medications are all preserved for an extended period using cold chain logistics. The transfer of the COVID-19 vaccine from the maker to the recipient is an illustration of cold chain logistics in the pharmaceutical industry. Temperature monitoring and regulation are an important part of the cold supply chains.
- Mandatory Temperature Checks in Public Places - Since fever is a primary symptom of COVID-19, it has become mandatory to undergo temperature checks in all public places such as airports, malls, subways, etc. This has positively impacted the temperature monitoring systems industry, with thermometer sales rising over 125% in 2020.
Challenges
- Low Demand in Underdeveloped Countries
- High Initial Cost of Installation
- Possibility of Transmission of Infectious Agents in Contact-Based Systems
The global temperature monitoring system market is segmented and analyzed for demand and supply by end-user into hospitals, medical device companies, pharma/biotech companies, public places, home use, and others. Out of these segments, the hospitals segment is expected to garner the highest market share in 2033. This is based on the fact that hospitals attract patients, store vaccines, blood samples, and other pharmaceutical products, and hence are one of the biggest employers of temperature monitoring systems. For instance, there were about 6100 hospitals in the U.S. in 2020.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Temperature Monitoring System Market Regional Synopsis
Regionally, the global temperature monitoring system market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. Given that the United States spends the most on healthcare—upwards of 12,000 USD per person—the market in North America is anticipated to have the largest market share by the end of 2033.
The global temperature monitoring system market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global temperature monitoring system market includes the following segments:
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By Technology |
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By Product |
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By End-user |
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By Application |
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Top Featured Companies Dominating the Global Temperature Monitoring System Market
- Koninklijke Philips N.V.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- SensoScientific, Inc.
- Masimo Americas, Inc.
- OMRON Healthcare, Inc.
- Geratherm Medical AG
- KAZ Europe Sàrl
- A&D Company Ltd.
- Toshiba Inc.
- 3M
- Exergen Corporation
