Thermal Printhead Market size is anticipated to surpass USD 31 billion by the end of 2036, growing at a CAGR of 5% during the forecast period i.e., 2024-2036. 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 size is anticipated to surpass USD 31 billion by the end of 2036, growing at a CAGR of 5% during the forecast period i.e., 2024-2036. 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024 - 2036 |
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CAGR |
~5% |
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Base Year Market Size (2023) |
~USD 2 billion |
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Forecast Year Market Size (2036) |
~USD 31 billion |
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Regional Scope |
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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 2036. 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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Asia Pacific Market Forecasts
The thermal printhead market in the Asia Pacific is estimated to hold the largest revenue share of 35% by the end of 2036. 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 2036. 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.
Author Credits: Abhishek Verma, Hetal Singh
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