Temperature Monitoring System Market size was valued at USD 3.17 Billion in 2023 and is anticipated to reach USD 6.52 Billion by the end of 2036, expanding at around 5.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of temperature monitoring system is assessed at USD 3.33 Billion. The market is growing on the back of increased regulations and stringent compliance policies in the healthcare industry, especially in hospitals, cold storage facilities, and patient monitoring systems. For instance, according to National Health Profile (NHP), 2021, in India, the number of hospitals increased from 25778 in 2019 to 41245 in 2021.
Temperature monitoring systems use sensing technology to automatically gather temperature data. Temperature monitoring systems make use of sensors, thermal buffers, data storage, temperature measurement devices, alarms, and software. The installation of these monitoring systems aids in the early detection of any possible temperature issues and gives prompt notification. This becomes possible due to their internet of things (IoT) technology. They connect with the local wi-fi, making it possible to access records and data from anywhere, and allow for remote access. With more than 10 billion IoT devices globally in 2020, the demand for such easily accessible temperature monitoring systems is bound to grow.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
5.7% |
Base Year Market Size (2023) |
USD 3.17 Billion |
Forecast Year Market Size (2036) |
USD 6.52 Billion |
End-user (Hospitals, Medical Device Companies, Pharma/Biotech Companies, Public Places, Home Use)
The global temperature monitoring system market is segmented and analyzed for demand and supply by end-user into hospitals, medical device companies, pharma/biotech companies, public places, home use, and others. Out of these segments, the hospitals segment is expected to garner the highest market share in 2036. This is based on the fact that hospitals attract patients, store vaccines, blood samples, and other pharmaceutical products, and hence are one of the biggest employers of temperature monitoring systems. For instance, there were about 6100 hospitals in the U.S. in 2020.
Our in-depth analysis of the global temperature monitoring system market includes the following segments:
By Technology |
|
By Product |
|
By End-user |
|
By Application |
|
Regionally, the global temperature monitoring system market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2036. Given that the United States spends the most on healthcare—upwards of 12,000 USD per person—the market in North America is anticipated to have the largest market share by the end of 2036.
Author Credits: Richa Gupta
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?