by The global thermometer market size was estimated at around USD 1.76 billion in 2023 and it is projected to hit around USD 3.88 billion by 2033, growing at a CAGR of 8.24% from 2024 to 2033.
Key Pointers
- North America dominated the market with the largest market share of 35% in 2023.
- By Product, the mercury-free thermometers segment held the largest revenue share of 70% in 2023.
- By Application, the medical segment had the largest market share of 29% in 2023.
- By Application, the industrial segment is anticipated to grow at the noteworthy CAGR of 8.65% from 2024 to 2033.
Thermometer Market Overview
In recent years, there has been notable growth and innovation in the thermometer market. This surge is propelled by technological advancements, a heightened awareness of healthcare, and a growing need for precise temperature measurement solutions across diverse industries. Thermometers are no longer confined to their conventional use in healthcare; they now find applications in various sectors such as industry, automotive, food processing, meteorology, and more.
Thermometer Market Growth
The expansion of the thermometer market is fueled by several factors. Technological advancements, particularly in sensor technology and wireless connectivity, have transformed thermometer design, enhancing both precision and functionality. The increased focus on healthcare awareness, especially during global health crises, boosts the demand for accurate temperature monitoring solutions. This surge drives the adoption of digital thermometers for clinical and home use. Beyond healthcare, thermometers are applied in various industries like manufacturing, food processing, and environmental monitoring, contributing to market growth. Additionally, stringent food safety regulations and environmental monitoring initiatives increase the demand for thermometers to ensure compliance and uphold product quality. With ongoing innovation and competition among manufacturers, the thermometer market is set for sustained growth as stakeholders strive to meet changing customer needs and explore new opportunities for market expansion.
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Product Insights
In 2023, the mercury-free thermometers segment emerged as the market leader, securing the largest share of revenue at 70%. It is anticipated to sustain this position, displaying the highest Compound Annual Growth Rate (CAGR) of 10.5% throughout the forecast period. This segment includes digital thermometers, infrared radiation thermometers, and other variations. The increased adoption of mercury-free thermometers, especially infrared radiation and digital types, is expected due to their ability to provide more accurate readings and their avoidance of the environmental risks associated with mercury.
In contrast, mercury-based thermometers are known for their ease of use and are commonly employed in laboratory settings. However, since 2001, around 20 states have imposed bans on the use of mercury-based thermometers, particularly in medical applications, due to the toxic nature of mercury. Anticipated stricter regulations regarding the use of these devices in various sectors are likely to further restrict the prevalence of mercury-based thermometers. For instance, Analytical Technology and Control Limited (ATCT) have announced their decision to stop supplying ASTM-approved mercury-based thermometers to customers, opting instead to offer spirit-filled thermometers as replacements.
Application Insights
In 2023, the medical sector emerged as the market leader, securing the largest share of revenue at 29%. This dominance is attributed to the well-established healthcare infrastructure and the high prevalence of diseases that necessitate the assessment of body temperature. The continuous technological advancements in thermometers play a crucial role in driving the growth of this segment. For example, A&D Company, Limited, has introduced the Instant Read Digital Ear thermometer, featuring one-button operation, 10 memory recalls, and an LCD display, allowing easy measurements in just one second.
The industrial sector is expected to undergo significant growth with a notable Compound Annual Growth Rate (CAGR) of 8.65% during the forecast period. This growth is anticipated due to the specific temperature maintenance requirements in industries such as pharmaceuticals, chemicals, and biotechnology at various stages of product development. Selection of industrial thermometers is based on factors such as type, size, configurations, display options, features, applications, and operating environments. Furthermore, the presence of key players like Microtemp Electrics Co., Ltd.; Endress+Hauser Management AG; and LumaSense Technologies, Inc. is expected to further enhance overall market growth in the industrial segment. These factors collectively contribute to the anticipated growth of the industrial sector during the forecast period.
Regional Insights
In 2023, North America emerged as the leading force in the market, commanding a significant revenue share of 35%. This dominance is attributed to factors such as the increasing geriatric population and higher healthcare expenditure within the region. Additionally, the presence of healthcare initiatives and government campaigns focused on raising awareness about infectious diseases and promoting healthier practices is expected to further drive market growth.
Moreover, the availability of technologically advanced products and the presence of major key players like 3M, Medline Industries, Welch Allyn, Inc., America Diagnostics Corporation, and A&D Medical also play crucial roles in contributing to the market’s expansion in North America.
Read More: https://www.heathcareinsights.com/antisense-and-rnai-therapeutics-market/
Thermometer Market Key Companies
- Medline Industries, Inc.
- Welch Allyn
- Medtronic
- OMRON Corporation
- America Diagnostics Corporation
- 3M Company
- Microlife Corporation
- Briggs Healthcare
- Exergen Corporation
- Terumo Corporation
Thermometer Market Segmentations:
By Product
- Mercury-based Thermometers
- Mercury-free Thermometers
- Infrared Radiation Thermometers
- Digital Thermometers
- Others
By Application
- Medical
- Industrial
- Food
- Laboratory
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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