Temperature Monitoring System Market Trends

Growth Drivers

• Growing Demand for the Product from the Rising Number of Pharmacies – Pharmacies and medicine suppliers often house products such as IV solutions, vaccines and other liquid medical formulations that require stringent temperature control and regulation. The number of pharmacies increased from ~59000 in 2015 over 85000 in 2022 and are expected to grow further as medical infrastructure strengthens.
• Stringent Temperature Regulations in Place – In the healthcare industry, different samples, products and materials require to be stored at different temperatures. The regulations for such are quite strict and are enforced by various organizations. For instance, according to WHO, blood samples which are collected for various purposes must be regulated to around 25 degrees Celsius.
• Rise in the Prevalence of Chronic and Infectious Diseases – Rise in chronic and infectious diseases require the administration of various medicines to be treated, and hence medical institutions are under pressure to administer and treat these diseases effectively. According to CDC, 12 in 20 adults in the US suffer from a chronic disease. Diabetes for instance, requires the administration of insulin in many cases, and it is recommended that insulin be stored in a refrigerator at approximately 36°F to 46°F.
• Better Cold Supply Chains – The capacity of refrigerated warehouses increased more quickly because of the coronavirus pandemic, reaching over 700 million cubic meters in 2020. Products including fruits and vegetables, and pharmaceutical medications are all preserved for an extended period using cold chain logistics. The transfer of the COVID-19 vaccine from the maker to the recipient is an illustration of cold chain logistics in the pharmaceutical industry. Temperature monitoring and regulation are an important part of the cold supply chains.
• Mandatory Temperature Checks in Public Places - Since fever is a primary symptom of COVID-19, it has become mandatory to undergo temperature checks in all public places such as airports, malls, subways, etc. This has positively impacted the temperature monitoring systems industry, with thermometer sales rising over 125% in 2020.

Challenges

• Low Demand in Underdeveloped Countries
• High Initial Cost of Installation
• Possibility of Transmission of Infectious Agents in Contact-Based Systems

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 2033. 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.