(PharmaNewsWire.Com, May 22, 2020 ) Growth in the temperature monitoring system market is mainly driven by the rising manufacturing activity across a range of industries, stringent regulations to ensure product quality (particularly in the food & beverage and pharmaceutical sectors), and technological advancements.
The temperature monitoring system market is projected to grow from USD 4.5 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 3.9%.
Global Temperature Monitoring System Market Is Segmented on:
1. Product 2. Application 3. End User 4. Region
Temperature Monitoring System Product:
Non-contact-based temperature monitoring systems do not require direct contact with the intended energy source/object whose temperature needs to be measured. Based on type, the non-contact-based temperature monitoring systems market is further classified into pyrometers & IR thermometers, thermal imagers, and fiber optic thermometers.
Growth in the non-contact-based temperature monitoring systems segment can be attributed to factors such as increasing emphasis on continuous temperature monitoring, growing number of manufacturing and R&D activities, and advantages of contact-based temperature monitoring systems.
Application of Temperature Monitoring System Market:
Based on application, the hospital and Patient Temperature Monitoring segment is estimated to account for the largest share in the market owing to the rising prevalence of infectious diseases, increasing geriatric and pediatric population, increasing number of surgical procedures, and the rising demand for advanced temperature monitoring devices.
Regional Growth and Demand Analysis:
North America is one of the major revenue-generating regions in the global temperature monitoring systems industry. The large share of this regional segment can mainly be attributed to the presence of stringent regulatory guidelines and extensive regulatory compliance for product quality among target end-user industries, strong presence of major market players in the region, growing research pipeline among biopharmaceutical companies, and stringent regulatory norms for drug development and food & product safety regulations.
Some of the prominent players in the temperature monitoring systems are 3M (US), Abb Ltd. (Switzerland), Deltatrack (US), Emerson Electric (US), Fluke Corporation (US), and Omega Engineering (US).
3M is among the significant players in the temperature monitoring systems market with its strong presence, unique product portfolio, and wide distribution network. The company has a significant share in the patient temperature monitoring systems segment. The company offers core temperature monitoring systems for preoperative testing. In order to increase awareness among end users, the company launched a compendium with the latest information and research findings related to its Bair Hugger.
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