Global Temperature Monitoring System Market to Reach USD 4.71 billion by 2028; with 11.5% CAGR
The global temperature monitoring system market size is expected to reach USD 4.71 billion by 2028 from USD 2.19 billion in 2021, exhibiting a CAGR of 11.5% during the forecast period. The surging demand for these monitoring system coupled with technological advancements in thermometers can have a tremendous impact on the market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Temperature Monitoring System Market, 2021-2028.” The market size stood at USD 1.66 billion in 2020.
Notable Development:October 2020 – Masimo introduced Radius To Continuous Thermometer. The innovative wearable and wireless thermometer can record the body temperature continuously and send notifications on the user’s smartphone.
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Introduction of Cutting-edge Temperature Monitoring Devices to
Enable Expansion
The expansion of this market has been aided by
rising demand for temperature monitoring devices throughout the world,
particularly during the Covid-19 epidemic. Several firms have produced digital
thermometers for precise and reliable body temperature readings in response to
the rising demand for such devices. These devices are equipped with
cutting-edge technology that prevents fluctuating readings and reduces
mistakes, and improved user interfaces. During the forecast period, such
advancements are expected to boost the thermometers market. Xiaomi, for
example, announced the release of a new non-contact infrared thermometer in
February 2020. With a measurement precision of 0.2 degrees, the gadget can take
a temperature reading in less than a second.
To get to know more about the short-term and long-term impact of
COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/temperature-monitoring-systems-market-102013
Presence of
Prominent Companies to Incite Development in North America
In 2020, the North American market was worth USD
0.81 billion. The rising frequency of COVID-19 cases across the area has led to
the adoption of these monitoring systems, resulting in the region's dominance
in the temperature monitoring system market share. According to research
published by the Centers for Disease Control and Prevention (CDC), about 3.8
million confirmed COVID-19 infections were reported in the United States in
July 2020. Furthermore, the presence of major companies in the region will
enhance product sales even further. Because of increased financing for clinical
trials in Europe, the market is expected to develop significantly. Moreover,
because people are becoming more aware of the benefits of temperature
monitoring systems, the market in Asia Pacific is anticipated to develop at a
substantial CAGR.
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