Thermometer Market Size is Predicted to Witness 8.7% CAGR till 2030

[sara James]

The global Thermometer Market size is anticipated to reach USD 2.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.7% from 2022 to 2030. Increase in demand for accurate medical devices and requirement of specific temperature conditions influences market growth. Rising cases of medical ailments involving accurate measurement of body temperature for the treatment planning, and requirement of specific temperature conditions in various industries is likely to heighten demand for thermometers during the forecast period. Rise in health consciousness coupled with increase in healthcare expenditure is also anticipated to fuel market growth further in coming decade.

Increasing prevalence of target diseases such as malaria, dengue, typhoid, and swine flu, which causes fever, is anticipated to be a high impact rendering driver of market. Malaria is one of the most fatal diseases and is one of the leading causes of death globally. According to the World Malaria Report 2019, an estimated 229 million cases of malaria were observed in 2019 globally. Furthermore, rapid technological advancements in temperature monitoring devices are also increasing the acceptance of these devices by people. For instance, in 2018, Optics developed advanced version of its compact infrared thermometers, which improved their speed and flexibility for industrial use. This is expected to boost the market growth during the forecast period.

Related Press Release@ Thermometer Market Report

Thermometer Market Report Highlights

• Based on product, the mercury- free thermometers segment dominated the overall market with a share of 64.2% in 2021 and is expected to witness significant growth rate in the future from 2022 to 2030. This can be attributed to high adoption owing to cost-effectiveness, higher efficacy, and beep indication on temperature fluctuations
• On the basis of application, the medical segment dominated the overall market with a share of 28.4% in 2021 owing to high prevalence of diseases which requires body temperature assessment for the treatment planning
• North America dominated the market with the highest revenue share of 34.4% in 2021 owing to increasing incidences of infectious diseases such as COVID-19, Influenza and presence of well-established healthcare facilities in this continent