Thermometer Market – Industry Insights by Product and Application

The global thermometer market size was valued at USD 1.19 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028.

The global Thermometer Market size is expected to reach USD 2.34 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.5% from 2021 to 2028. An increase in the demand for accurate medical devices and the requirement of specific temperature conditions influence the market growth.

The rising cases of medical ailments involving accurate measurement of body temperature for the treatment planning and requirement of specific temperature conditions in various industries are likely to heighten the demand for thermometers during the forecast period. The rise in health consciousness, coupled with an increase in healthcare expenditure, is also anticipated to fuel market growth further in the coming decade.

The increasing prevalence of target diseases, such as malaria, dengue, typhoid, and swine flu, which cause fever, is anticipated to be a high-impact rendering driver of the market. Malaria is one of the most fatal diseases and is one of the leading causes of death globally. According to the World Malaria Report 2019, an estimated 229 million cases of malaria were observed in 2019 globally.

Furthermore, rapid technological advancements in temperature monitoring devices are increasing the acceptance of these devices by people. For instance, in 2018, Optics developed upgrades for its compact infrared thermometers, which improved their speed and flexibility for industrial use. This is expected to boost the market growth during the forecast period.

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Thermometer Market Report Highlights

• Based on product, mercury-free thermometers dominated the market with a share of 62.52% in 2020 and are expected to witness significant growth from 2021 to 2028. This can be attributed to the high adoption owing to cost-effectiveness, higher efficacy, and beep indication on temperature fluctuations
• On the basis of application, the medical segment dominated the market with a share of 28.53% in 2020 owing to the high prevalence of diseases, which require body temperature assessment for the treatment planning
• North America dominated the market with a revenue share of 34.45% in 2020 owing to the increasing incidences of infectious diseases, such as COVID-19 and Influenza, and the presence of well-established healthcare facilities in this region