DELRAY BEACH, Fla., Feb. 6, 2025 /PRNewswire/ -- The temperature monitoring systems market valued at US$ 3.80 Billion in 2023, is forecasted to grow at a robust CAGR of 5.3%, reaching US$ 4.15 Billion in 2024 and an impressive US$ 5.66 Billion by 2030. During the forecast years, the growth of the market is attributed to the focus on advancements in temperature monitoring systems technology, growing patient population, increasing initiatives to promote temperature monitoring systems awareness. Increasing use of temperature monitoring for cold storage among market players are also expected to support the growth of this market during the forecast period.
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Moreover, in recent years, the market players are also focusing on providing cost-effective temperature monitoring systems due to its growing demand amongst various end users in the market. Also, there is an increasing demand for temperature monitoring systems specially for cold storage monitoring in the emerging markets. All these factors are expected to drive provide growth opportunities for market players offering temperature monitoring systems.
Temperature monitoring systems are gaining recognition due to increasing awareness, technological advancements, regulatory requirements, demand for IoT integrated sensor and AI technologies. Also, governments in these countries are prioritizing the provision of modern & advanced healthcare services to larger portion of their population. Factors such as improved reimbursement coverage, rapid growth in per-capita healthcare expenditure and increasing public demand for affordable healthcare services are driving the expansion of healthcare products, including patient monitoring systems. This trend is reflected in the overall rise in healthcare expenditure. For example, the World Bank projects global healthcare spending to increase by 5-6% annually through 2030, driven by rising demand for surgical procedures and aging populations. Furthermore, healthcare spending in emerging markets, such as Brazil, India, and South Africa, is expected to grow by over 7% annually, as governments and private sectors prioritize health investments.
In addition to expansion in the secondary manufacturing sector, the markets in developing countries are characterized by the presence of stringent regulatory policies for food and drug safety. Also, growth of the biotechnology and pharmaceutical industries in the Asia Pacific are considered to be more adaptive and business-friendly by market players. All these factors are encouraging market players to focus more on emerging markets in the coming years.
The significant target patient population, untapped opportunities in energy and power industry, and low competition in developing economies such as China, India, and Brazil are expected to offer significant growth opportunities for players operating in the temperature monitoring systems market.
Based on the product, temperature monitoring systems market is segmented into monitoring systems and software & service. The monitoring system segment is further divided into analog and digital monitoring systems. Whereas the software & service segment is segmented into data management and monitoring solutions, predictive analytics, maintenance & calibration services and other software & services. During the forecast period, monitoring systems is expected to dominate the temperature monitoring systems market. The growing need for cold chain logistics for vaccine storage is one of the major factors after the growing number of cancer cases for the adoption of the system. Furthermore, the growth of the system segment will be driven by increasing healthcare infrastructure in developing countries.
Based on type, the temperature monitoring systems market is segmented into contact-based and non-contact-based temperature monitoring systems. The contact-based temperature monitoring systems is further divided into conventional temperature monitoring systems, temperature measuring strips and labels, and wireless temperature monitoring systems. Meanwhile, the non-contact-based temperature monitoring systems is further divided into pyrometers and infrared thermometers, thermal imagers, and fiber optic thermometers. Throughout the forecast period, the contact-based temperature monitoring systems segment is projected to claim the leading position in the market. The primary growth drivers include the demand for continuous temperature monitoring and the increased precision & accuracy of temperature monitoring.
Based on application, the temperature monitoring systems market is segmented into hospital room and patient temperature monitoring, manufacturing area temperature monitoring, cold storage temperature monitoring, laboratory temperature monitoring, server room temperature monitoring, greenhouse temperature monitoring and home care temperature monitoring. During the forecast period, the cold storage monitoring sector is poised to command the most substantial market share in the temperature monitoring systems market. This dominance is fueled by the increasing adoption and the efficacy of temperature monitoring of cold storage for vaccine, drugs & food products storage and supply.
The temperature monitoring systems market covers five key geographies-North America, Europe, Asia Pacific, Latin America, and the Middle East. In 2024, the Asia-Pacific region is anticipated to present noteworthy growth prospects for temperature monitoring systems. This expansion is credited to the rising healthcare spending, the growth of the chemical, petrochemical, energy and power generation company sectors in India and China, and annual rise in geriatric population in several Asia Pacific countries.
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The temperature monitoring systems market exhibits moderate competitiveness, featuring both established companies and emerging competitors for the same market share. As of 2023, the key player operating in the global temperature monitoring systems market are 3M (US), ABB Ltd. (Switzerland), Cardinal Health (US), Emerson Electric (US), Honeywell International Inc. (US), Koninklijke Philips N.V. (Netherlands), Welch Allyn (US) and Vaisala (Finland).
In the past four years, top players in this market have employed key strategies such as product launches, making agreements, and undertaking expansions. In 2023, a major share of the temperature monitoring systems market was held by 3M (US), Cardinal Health (US), Emerson Electric (US), Honeywell International Inc. (US) and Koninklijke Philips N.V. (Netherlands).
3M (US)
3M held the leading position in the market, with the most significant global share in 2023. The company offers a broad product portfolio to gain the leading market share, including diagnosable thermometers and wireless and digital products. The company focuses on organic and inorganic growth strategies to enhance its footprint. 3M has a strong brand recall and global network. The company adheres to regulatory compliance for key end-use customers. The company focuses on sustainability.
ELEKTA (SWEDEN)
Honeywell sells its products and services through direct sales and third-party distributors and has a strong presence in North America, the Asia Pacific, and Europe. The growth in the company's sales, which was particularly strong in North America, Europe, and Asia, helped maintain its leading position. Honeywell offers advanced sensor technologies for temperature monitoring. The company has a strong presence in cold chain management among the various applications of temperature monitoring products.
ACCURAY INCORPORATED (US)
Emerson Electric is a global innovation company providing commercial and residential automation solutions. The company focuses on innovation in temperature monitoring systems to provide advanced solutions. It is a leading temperature monitoring systems industry player with a strong market presence in over 50 countries. Emerson Electric primarily pursues product innovation to sustain its position in the global market.
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