Patient Temperature Monitoring Market Overview

The demand for real-time information and predictive analysis is pushing the boundaries wider for the patient monitoring devices market. At the same time, the ability to produce quicker results is making these devices popular among the healthcare professionals owing to which the market can look into strategies to penetrate the healthcare sector further. The market is gaining much from the growing adoption of electronic devices as well. People are now more comfortable with digital devices which are creating a sound base for the patient monitoring devices market to operate. 

In addition, the patient temperature monitoring market is expected to rise at a CAGR of 6%, with a value of USD 3,775 million over the estimated forecast year of 2022-2030.

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 The increasing investment in government as well as private hospitals is likely to be a major driver for the global Patient Temperature Monitoring Market in the coming years. The growing emphasis on technological updation to suit the needs of the day is also likely to drive further advances in the global patient monitoring devices market over the forecast period.Conversely, the high cost of advanced temperature monitoring devices and lack of awareness about the benefits of non-invasive & continuous monitoring are the major factors expected to impede the growth of the market. Nevertheless, rising patient inclination towards remote temperature monitoring would support the market growth throughout the forecast period.

While unleashing its recent patient temperature monitoring market insights, MRFR states that the market size reached USD 3,100 MN in 2017. Rising prevalence of severely infectious diseases such as lower respiratory infections, diarrheal diseases, and tuberculosis creates enormous market demand. Additionally, increasing investments made in remote monitoring and sensor technologies accelerate market growth.

The increasing investment in government as well as private hospitals is likely to be a major driver for the global Patient Temperature Monitoring Market in the coming years. The growing emphasis on technological updation to suit the needs of the day is also likely to drive further advances in the global patient monitoring devices market over the forecast period.

Global Patient Temperature Monitoring Market – Regional Analysis

North America dominates the global patient temperature monitoring market. The largest market share attributes to the presence of major market participants and comparatively higher adoption of advanced medical devices in increasing numbers of advanced healthcare centers.  Besides, rapid technological advances, excellent reimbursement frameworks, and early uptake of advanced technologies in healthcare increase foster market growth.

Also, high healthcare expenditures provide a large impetus to the patient temperature monitoring market size in the region. The North American patient temperature monitoring market is estimated to retain its leading position in the global market throughout the review period.

Europe stands second in the global patient temperature monitoring market. Market growth is driven by the availability of funds for research and the high adoption of advanced temperature monitoring devices in the region.  Moreover, the presence of advanced healthcare infrastructures & flourishing medical devices industry in the region and the growing per capita healthcare expenses of demographics are the major factors increasing the patient temperature monitoring market size.

Additionally, developments in the large multispecialty hospitals are driving huge market demand. Among the two major European segments, Western Europe is leading the patient temperature monitoring market, while Eastern Europe is the fastest-growing market in the region. The European patient temperature monitoring market is estimated to grow at a considerable CAGR during the assessment period.  Growing medical device manufacturing and a large patient population is driving the growth of the Asia Pacific market.

Factors such as the growing aging population, surge in the incidence of infectious diseases, and raising awareness for remote temperature monitoring devices, positively impact the market growth. Due to the increasing technological advances and healthcare spending, China, India, and Japan account for major markets in the region. The Asia Pacific patient temperature monitoring market is projected to emerge as a lucrative market in the near future.

Global Patient Temperature Monitoring Market – Competitive Landscape

Highly competitive, the patient temperature monitoring market appears fragmented due to the presence of many well-established players. To gain a larger competitive share, these players incorporate strategies such as mergers & acquisitions, collaboration, expansion, and product launch. Players invest substantially in R&D and regulatory approvals and develop products based on advanced technologies and best practices. 

Patient temperature monitoring device manufacturers also employ a variety of distributions channels. Retail stores have a large power owing to attractive discounting and coupons to boost sales. New product development, state-of-the-art-labs & production units, and social media engagement for inbound lead generation are the latest patient temperature monitoring market trends. 

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