Patient Temperature Monitoring Market Overview

The global patient temperature monitoring market is growing rapidly, witnessing huge demand. Moreover, the recent coronavirus epidemic is estimated to bring a heavy rise in market sales. The demand for advanced devices for remote monitoring of patient temperature is hiking due to social distancing norms imposed to control the spread of COVID 19.

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.

Moreover, the latest patient temperature monitoring market trends, such as the adoption of wearable temperature sensors and remote monitoring technologies, is expected to escalate the market demand on furthered height. According to Market Research Future (MRFR), the already booming global patient temperature monitoring market is estimated to grow at 6.1% CAGR during the forecast period (2022-2030). The increasing investment in government as well as private hospitals is likely to be a major driver for the globa lPatient Temperature Monitoring Market Analysis in the coming years. 

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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. 

 Segmentation

MRFR in their detailed analysis of the patient monitoring devices market segmented it by product type and end-user.

Based on the product type, the patient monitoring devices market can be segmented into central monitoring stations, portable bedside monitors, Electrocardiogram (ECG) devices, hemodynamic monitoring devices, fetal and neonatal monitors, respiratory monitors, weight management monitors, temperature monitoring devices, and others.

With a greater focus on the end-users, the patient monitoring devices market can be segmented into hospitals & clinics, ambulatory care centers, home care, and others. The hospitals & clinics segment own a substantial percentage of the global market. The home care segment is also gaining significant traction during the forecast period.

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.

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