The market held a market value of USD 3,100 million in 2017 and is projected to grow at a CAGR of 6.1% over the forecast period.
The growing acceptance of patient temperature monitoring accustomed by its technical advances is one of the major trends witnessed in the global Patient Temperature Monitoring Market Size over the forecast period.
According to National Heart, Lung, and Blood Institute, A blood transfusion is a safe, common procedure in which blood from a donor. however, every two seconds someone in the United States needs blood. Five million people receive a blood transfusion every year in the US.
Other key factors such significant investments in R&D and expansions undertaken by key players are contributing towards the growth of the market. However, challenges such as high cost of advanced temperature monitoring devices in developing countries, is likely to curb the market growth during the forecast period.
The global patient temperature monitoring market is segmented based on product, site, application, end-users.
The patient temperature monitoring market, by product, the market is segmented into wearable continuous monitoring sensors, smart temperature monitoring patches, table-top temperature monitoring devices, handheld temperature monitoring devices, and invasive temperature monitoring devices. Table-top temperature monitoring devices is further segmented into non-invasive vital signs monitoring devices and continuous core body temperature monitoring devices. Handheld temperature monitoring devices is further segmented into mercury thermometers, digital thermometers, and infrared thermometers.
Based on site, the market is segmented into non-invasive temperature monitoring and invasive temperature monitoring. Non-invasive temperature monitoring is further segmented into oral temperature monitoring, axillary & temporal artery temperature monitoring, and tympanic membrane temperature monitoring. Invasive temperature monitoring is further segmented into esophageal temperature monitoring, nasopharynx temperature monitoring, urinary bladder temperature monitoring, and rectal temperature monitoring.
Based on application, the market is segmented into pyrexia/fever, hypothermia, blood transfusion, anesthesia, and others.
Based on end-user, the market is segmented into hospitals & clinics, nursing facilities, home care, ambulatory care centers, and others.
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The Americas is the largest in the market owing to the improving research infrastructure in the region, coupled with the rising awareness among patients and physicians. It is currently exhibiting a highly lucrative growth rate due to an increased use of patient temperature monitoring devices for various applications.
The European region is the second largest patient temperature monitoring market over the forecast period due to high acceptance of patient temperature monitoring in research & development along with the rising incidence of infectious diseases are also accountable for the growth of the patient temperature monitoring market.
The Asia Pacific region is likely to develop at the uppermost CAGR for the patient temperature monitoring market in the years to come. Moreover, the rising diagnostic care services both at the hospitals and at community level are expected to influence the market in a positive way.
The Middle East and Africa accounts for the least market share due to low per capita income and lack of availability of well-trained healthcare professionals.
Some of the key players in the global patient temperature monitoring market are Masimo, Microlife, Koninklijke Philips N.V., Terumo Corporation, Microlife Corporation, 3M, American Diagnostic Corporation, Braun (Subsidiary of Procter & Gamble), Cardinal Health, Drägerwerk AG & Co. KGaA, Hill-Rom Holdings, and others.
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