Report Overview

Global Thermometer Market size is expected to be worth around USD 3.14 Billion by 2032 from USD 1.39 Billion in 2022, growing at a CAGR of 8.7% during the forecast period from 2022 to 2032

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Key Takeaways

Market Growth Projection: The Thermometer Market is anticipated to achieve US$ 3.14 Billion by 2032, growing from USD 1.39 Billion in 2022, at a steady CAGR of 8.7% from 2023 to 2032.

Mercury-Free Dominance: Mercury-free thermometers captured 65% of the global revenue share in 2022, reflecting increasing adoption due to safety and environmental concerns.

Medical Applications: The medical segment accounted for 29% of the market's total revenue in 2022, highlighting thermometers' critical role in healthcare settings.

Regional Insights: North America led the market in 2022 with a substantial revenue share of 34.4%, while the Asia Pacific region is poised to experience the highest CAGR of 9.1%, driven by rising healthcare investments and awareness.

Specific Growth Areas: The mercury-free thermometer segment is expected to grow significantly, forecasting a CAGR of 11.3% by 2030, spurred by regulatory shifts and consumer preferences for safer alternatives.

Health Concerns: Dengue, affecting nearly half of the global population according to WHO, underscores the importance of accurate thermometry in disease management and prevention.

Innovative Products: Recent introductions like Masimo Corporation's Radius T Continuous Thermometer and A&D Company's Instant Read Digital Ear Thermometer, capable of storing multiple readings, showcase ongoing advancements in thermometer technology.

Key Market Segments

Based on Product

• Mercury-Free Thermometer
• Digital Thermometer
• Infrared Radiation Thermometer
• Others
• Mercury-Based Thermometer

Based on Application

• Medical
• Industrial
• Food
• Laboratory
• Other Applications

Key Regions

• North America (The US, Canada, Mexico)
• Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
• Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
• APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
• Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
• Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)

Market Key Players

• Medline Industries, Inc.
• 3M
• Welch Allyn
• America Diagnostics Corporation
• A&D Medical
• Exergen Corporation
• Omron Healthcare
• Microlife Corporation
• RG Medical Diagnostics
• Medtronic
• Terumo Corporation
• Actherm Inc.
• Briggs Healthcare
• OMRON Healthcare Inc.
• Fairhaven Health
• Other Key Players

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Drivers:

Technological Advancements: More advanced and sophisticated forms of thermometers that are in the market today like digital thermometers and infrared thermometers also help fuel market growth due to their more precise and ease of use.
For example: touch digital thermometers have the advantage of providing faster and more accurate results than traditional ones; they are efficient in healthcare facilities.
Increasing Health Awareness: This is because awareness concerning the different kinds of infectious diseases and the need to always check body temperatures increases demand for thermometers.
Example: As the cases of diseases and flu such as COVID-19 are getting alarming, people need accurate thermometers to control the situation.

Opportunities:

Expansion in Emerging Markets: By considering Asia Pacific and Latin America there are unexplored opportunities because of better healthcare facilities and increasing per capita income.
Example: Higher spending on health in emerging economies is expected to exert a positive influence on market expansion.
Rising Demand for Contactless Thermometers: This sets new market opportunities whenever people switch to contactless infrared thermometers in places of work, workplaces, schools, churches, or homes.
Example: Think of contactless thermometers for hygiene during diseases, in this case, it is instrumental in checking the temperature.

Trends:

Preference for Mercury-Free Thermometers: Reduction in the usage of mercury-based products because of safety issues and going green.
Example: Safe and environmentally friendly, non-mercury thresholds are better than the regular mercury-containing thresholds.
Integration of Smart Features: Smart thermometers, including those with Bluetooth capabilities and smartphone applications, are available on the market.
Example: Smart thermometers help the users track the trend of temperatures of an individual and such details can also be easily shared with the respective healthcare givers.

Restraints:

Regulatory Challenges: The approval process in the medical device industry is stringently regulated which hampers the time to the entry of the market and product releases.
Example: Achieving compliance with different types of international standards, causes a number of difficulties in entering the global market.
Cost Constraints: Very high costs of advanced thermometers at the point of entry continue to hamper the ability of users in high-risk areas mainly low-income areas.
Example: Another challenge, that limits the employment of high-tech thermometry solutions is cost.

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