Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Thermal Printhead Market size was over USD 913.66 million in 2024 and is projected to reach USD 1.61 billion by 2037, growing at around 4.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of thermal printhead is assessed at USD 948.61 million.
The growth of the market can be attributed to the increasing number of hospital visits and the increasing number of hospitals. Thermal printheads are used to print patient wristbands, hospital equipment labels, medications, etc. Japan had about 8,000 hospitals in 2020. Meanwhile, the United States had nearly 8,000 hospitals, followed by South Korea with about 4,100. In addition, the number of patients coming to the hospital also increased significantly due to Covid-19. As of January 2022, approximately 155,000 COVID patients were hospitalized in the United States.
In addition to this, the growth of thermal printhead market is expected to grow on the back of growing trends in digital or cashless payments. Digital payments and real time payments have prompted people to make transactions by scanning QR codes. These codes contain the bank details and are carefully printed by thermal printers for a clearer image. For instance, in the US alone, around 11 million households scanned QR code in 2020. Retailers in the UK distribute approximately 11 billion receipts annually. Additionally, a paper receipt is preferred by nearly seven out of ten Americans.
Thermal Printhead Market size is anticipated to surpass USD 31 billion by the end of 2037, growing at a CAGR of 5% during the forecast period i.e., 2024-2037. In the year 2023, the industry size of thermal printhead was over 2 billion. The growth of the market can be attributed to the increasing number of hospital visits and the increasing number of hospitals. Thermal printheads are used to print patient wristbands, hospital equipment labels, medications, etc. Japan had about 8,000 hospitals in 2020. Meanwhile, the United States had nearly 8,000 hospitals, followed by South Korea with about 4,100. In addition, the number of patients coming to the hospital also increased significantly due to Covid-19. As of January 2022, approximately 155,000 COVID patients were hospitalized in the United States.
In addition to this, the growth of thermal printhead market is expected to grow on the back of growing trends in digital or cashless payments. Digital payments and real time payments have prompted people to make transactions by scanning QR codes. These codes contain the bank details and are carefully printed by thermal printers for a clearer image. For instance, in the US alone, around 11 million households scanned QR code in 2020. Retailers in the UK distribute approximately 11 billion receipts annually. Additionally, a paper receipt is preferred by nearly seven out of ten Americans.
Thermal Printhead Market: Growth Drivers and Challenges
Growth Drivers
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Higher Adoption of Automatic Identification and Data Capture (AIDC) - The rising number of cashless payments has increased the usage of barcodes for transactions. The "Cashless Vision," developed by the Ministry of Economy, Trade and Industry (METI) in 2018, included recommendations for Japan's transition to a cashless society. By the time of the Osaka Expo in 2025, it hopes to have 40% of transactions be cashless, with the possibility of rising by 80% in the future.
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Growing Demand for Retail and Portable Thermal Printing Technologies - Retail e-commerce sales reached close to USD 5 trillion globally for the first time in 2022, making up more than a quarter of all retail sales. And despite slowing growth, overall spending is expected to surpass USD 7 trillion by 2025.
- Growing Utilization of Thermal Printers in the Healthcare Domain - For capturing real-time rhythm strips on hospital cardiac monitors, thermal printers are mostly employed in the healthcare industry. Therefore, rising cases of cardiovascular issues are expected to boost the thermal printhead market growth. According to the WHO, heart attacks and strokes account for more than four out of every five CVD deaths. Moreover, in the EU and across all of Europe, there are more than 6 million new cases of CVD each year.
- Increasing Launches of Technologically Advanced Products - The SmartDate Xtreme Plus thermal printhead, ideal for high speed, high resin coding on a variety of surfaces, was introduced in 2021. The printer uses high resin ribbons to produce crisp, high resin codes at up to 600 mm/s (2 ft/s) and has an advanced design.
Challenges
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Damages Caused by Excessive Heating & Poor Maintenance – A thermal printer produces a lot of heat that increases the risk of print head damage over time. It also contributes to extra associated expenditures. The printhead may become damaged if the heat and print ratio does bot match. Therefore, the thermal printer’s heat setting needs to be kept constantly clean because it can get scraped away while printing. Wear and tear can reduce the printer’s life expectancy and image quality.
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Limited Functions Available in Thermal Printers is Set to Hamper the Thermal Printhead Market Growth in the Forecast Period
- Strict Rules and Regulations for the Printing Industry is Estimated to Pose Limitation on the Market Expansion in Upcoming Times
Thermal Printhead Market: Key Insights
| Report Attribute | Details |
|---|---|
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
4.5% |
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Base Year Market Size (2024) |
USD 913.66 million |
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Forecast Year Market Size (2037) |
USD 1.61 billion |
|
Regional Scope |
|
Thermal Printhead Segmentation
Application (Mobile, Receipt, Barcode, Photo, Card Printers)
In terms of application, barcode segment is estimated to hold 35% share of the global thermal printhead market by 2037. The growth of this segment can be attributed to the increasing use of digital payments and payments through barcodes and QR codes. The reach of QR codes increased by nearly 96% between 2018 and 2020. The survey of participants in the US and UK found that about 47% of people supported their use of QR code. Additionally, in developing countries, the share of digital payments has increased from nearly 35% in 2014 to 57% in 2021. Additionally, two-thirds of adults worldwide are now making or receive digital payments.
Product Type (Thick Film Printhead, Thin Film Printhead)
Thermal printhead market from the thick film print head is estimated to hold 60% of the revenue share by the end of the forecast period. The component of the thermal printing system which uses infrared heat to transfer images and messages from one surface to another is a thick film thermal printer head. POS terminals, ticketing machines, self-checkout systems, and other display applications are its main applications. The thickness of the film depends upon the temperature range that can be printed on the substrate in which it is mounted.
Our in-depth analysis of the global thermal printhead market includes the following segments:
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Application |
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Product Type |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Thermal Printhead Industry - Regional Synopsis
Asia Pacific Market Forecasts
Asia Pacific industry is predicted to account for largest revenue share of 35% by 2037. The growth of the market can be attributed majorly to the increasing digital transactions and higher frequency of using barcodes for transactions in the region. Asia-Pacific is expected to have the highest growth in cashless transactions, with about 110% increase from 2020 to 2025, followed by around an 80% increase from 2025 to 2030, before Africa and Europe. Moreover, in India, around 40% of the total population uses QR codes for making payments. On the other hand, the market size in the region is expected to expand on account of the rising use of thermal printheads for printing medical rhythms, patient information, and receipts in hospitals. Therefore, the higher number of patients admitted to hospitals and expanding hospital capacity will boost the market growth in the region. In the recent event of burgeoning COVID-19 cases in China, the western Shaanxi province has reserved around 22,000 hospital beds, and it is prepared to convert other beds to improve its intensive care capacity by approximately 20%.
North America Market Statistics
The thermal printhead market in the North America region is estimated to grow substantially during the time period between 2024 and 2037. The thriving technology sector in the North American market, the presence of several large players in the region, the various sectors in which the product is required, and the large investments made by different companies to develop new technologies are the main drivers of revenue growth in the North American market.
Companies Dominating the Thermal Printhead Market
- ROHM CO., LTD.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- ITOCHU Corporation
- Toshiba Tec Corporation
- Shandong Hualing Electronics Co., Ltd.
- AOI Electronics
- Alps Electric
- Gulton
- Zebra Technologies
- Datamax-O’Neil
- Argox Information Technology
Recent Developments
- ITOCHU Corporation announced the social contribution partnership agreement with Shiga Prefecture. The agreement was signed by the governor of Shiga Prefecture, and the president and COO of ITOCHU Corporation, Keita Ishii. In accordance with the Social Contribution Partnership Agreement, ITOCHU will continue to work with Shiga Prefecture in the spirit of "Sampo-Yoshi" to support the SDG
- Toshiba America Business Solutions Inc. launches the newest software that enables people to print at any time and place. With its e-BRIDGE® Global Print technology, Toshiba completely streamlines the printing process.
- Report ID: 4673
- Published Date: Jan 03, 2025
- Report Format: PDF, PPT
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