Recent research reports show the global market for patient temperature monitoring is projected to reach USD 3.21 billion by 2023 from USD 2.55 billion in 2019.
The growth of this market is driven by the rising prevalence of infectious diseases, increasing geriatric and pediatric population, increasing number of surgical procedures, growing number of blood transfusion procedures, rising awareness about continuous temperature monitoring, and increasing demand for advanced temperature monitoring devices.
The handheld temperature monitoring devices segment is expected to register the highest growth rate during the forecast period
On the basis of products, the Patient Temperature Monitoring Market is classified into wearable continuous monitoring sensors, smart temperature monitoring patches, table-top temperature monitoring devices, handheld temperature monitoring devices, and invasive temperature monitoring devices. The handheld temperature monitoring devices segment is projected to grow at the highest rate during the forecast period. Factors such as high accuracy, cost-effectiveness, portability, and ease-of-use offered by these devices are driving the growth of this segment.
Based on end user, the hospitals segment is expected to account for the largest share of the market in 2019
By end user, the Patient Temperature Monitoring Market is segmented into hospitals, nursing facilities, home care, ambulatory care centers, and other end users (old age homes and blood & tissue banks). In 2019, the hospitals segment is expected to account for the largest share of the market. This end-user segment is expected to account for a major share of the market as the majority of patients suffering from various diseases and disorders across the globe generally undergo treatments in hospitals. Also, with the increase in patient population and the subsequent growth in the number of surgical procedures performed across the globe, the demand for temperature monitoring systems is expected to increase further in hospitals during the forecast period.
North America is expected to dominate the Patient Temperature Monitoring Market in 2019
North America is estimated to account for the largest share of the market in 2019. This can be attributed to the large volume of surgical procedures performed across North America, growth in the geriatric population, rise in blood donation and transfusion, growing incidence of viral & infectious diseases coupled with the rising demand for advanced noninvasive temperature monitoring devices, and government funding for healthcare infrastructure.