Thermal Printheads Market Size

Thermal Printhead Market size is anticipated to surpass USD 31 billion by the end of 2036, growing at a CAGR of 5% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of thermal printhead was over 2 billion. The growth of the market can be attributed to the increasing number of hospital visits and the increasing number of hospitals. Thermal printheads are used to print patient wristbands, hospital equipment labels, medications, etc. Japan had about 8,000 hospitals in 2020.  Meanwhile, the United States had nearly 8,000 hospitals, followed by South Korea with about 4,100. In addition, the number of patients coming to the hospital also increased significantly due to Covid-19. As of January 2022, approximately 155,000 COVID patients were hospitalized in the United States.

In addition to this, the growth of thermal printhead market is expected to grow on the back of growing trends in digital or cashless payments. Digital payments and real time payments have prompted people to make transactions by scanning QR codes. These codes contain the bank details and are carefully printed by thermal printers for a clearer image. For instance, in the US alone, around 11 million households scanned QR code in 2020. Retailers in the UK distribute approximately 11 billion receipts annually. Additionally, a paper receipt is preferred by nearly seven out of ten Americans.

Thermal Printhead Market size is anticipated to surpass USD 31 billion by the end of 2036, growing at a CAGR of 5% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of thermal printhead was over 2 billion. The growth of the market can be attributed to the increasing number of hospital visits and the increasing number of hospitals. Thermal printheads are used to print patient wristbands, hospital equipment labels, medications, etc. Japan had about 8,000 hospitals in 2020.  Meanwhile, the United States had nearly 8,000 hospitals, followed by South Korea with about 4,100. In addition, the number of patients coming to the hospital also increased significantly due to Covid-19. As of January 2022, approximately 155,000 COVID patients were hospitalized in the United States.

In addition to this, the growth of thermal printhead market is expected to grow on the back of growing trends in digital or cashless payments. Digital payments and real time payments have prompted people to make transactions by scanning QR codes. These codes contain the bank details and are carefully printed by thermal printers for a clearer image. For instance, in the US alone, around 11 million households scanned QR code in 2020. Retailers in the UK distribute approximately 11 billion receipts annually. Additionally, a paper receipt is preferred by nearly seven out of ten Americans.