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Rising Application of Temperature Monitoring Devices in Vaccines Cold Chains Imparts Considerable Momentum to Market, Says TMR
ALBANY, New York, July 2, 2019 /PRNewswire/ -- The global temperature monitoring devices market stood at US$2.27 bn in 2016, and is projected to reach worth of US$3.23 bn by 2025-end. The market is expected to register a CAGR of 4.1% during 2017–2025.
Constant Launching of Devices with Advanced Functionalities Galvanizes Demand in Wellness Sector
Among the two broad applications in the temperature monitoring devices market, the demand from the wellness segment is anticipated to rise at a sizable rate over the next few years. The growth is driven in large part to the constant flux of new and advanced technologies in the segment in emerging and established markets.
Rising Uptake of New Technologies Keep North America Lucrative
Geographically, North America has been the most lucrative region for makers and vendors in the global temperature monitoring devices market. The regional market is expected to clock a CAGR of 4.4% during 2017–2025. The prominence can be attributed to the vast uptake of automated, wireless temperature monitoring devices with cloud-based capabilities in the sports and medical industries.
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Rising Demand for Temperature Sensing and Monitoring Technologies for Life Sciences Industries bolsters Prospects
• Proliferating Use in Lab Applications
Temperature monitoring devices have found extensive applications in laboratories to monitor and record ambient and room temperatures. This is evident in the need for automated data loggers for various sensors used in labs. Growing demand for secure, flexible, and technologically-advanced temperature sensing solutions in hospitals and across the healthcare industries has strengthened the prospects of the temperature monitoring devices market. Growing popularity of hand-held temperature monitoring devices with fully automated data logging capabilities in developed regions is fueling revenues generation.
• Manufacturers Aim at Making Features Customizable and Data Logging More Secure
Continuous efforts are being made by manufacturers and vendors in the temperature monitoring devices market to make data logging secure and features customizable to meet specific applications need. Scalable devices that can provide real-time alerts have gathered some steam.
Over the past several years, growing application of temperature sensors in wearable in the fitness segment is a notable trend bolstering the prospects of the temperature monitoring devices market. The growth momentum has received a boost from the sports industry.
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Regulatory Compliance in Storage and Shipment of Vaccines Bolster Demand
- Maintaining Proper Vaccine Temperature Crucial for Timely Availability
In developing and developed markets, the demand for remote temperature monitoring systems to meet FDA compliance is rising in vaccine storage and food service segments. In recent years, considerably lucrative avenues have come from the application of temperature monitoring devices for storage and shipment of vaccines across the supply chains. The need for regulating vaccine temperature for the desired potency has spurred the demand in the global temperature monitoring devices market. The availability of vaccines is crucial concern for public health systems, and various temperature monitoring devices now form an integral part for maintaining cold chains for vaccines, thereby opening a vast avenue in the temperature monitoring devices market.
- Stringent Regulations to drive specialized technologies in Temperature Monitoring Devices Market
Over the years, regulations by organizations such as by Centers for Disease Control and Prevention (CDC) for proper storage and handling vaccines have become more stringent. This has stimulated product innovations in the temperature monitoring devices market. Leading manufacturers are expending their energy and efforts to develop specialized technologies to overcome the limitations of temperature monitoring in these conditions. The integration of digital data logger (DDL) with cold chain facilities is a significant case in point here.
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Most markers of temperature monitoring devices are engaged in expanding product functionalities in their automated models to meet diversity of needs of end-use industries. Going forward, they are likely to make safety and flexibility as key attributes of product advancement initiatives, in order to differentiate their products in the temperature monitoring devices market. Transparency Market Research (TMR) notes that several manufacturers in the temperature monitoring devices market are offering devices that are easy to install and offer numerous cloud-based monitoring and reporting capabilities, to consolidate their positions. Numerous players in the global temperature monitoring devices market are focusing on meeting the regulatory compliance needs of temperature-sensitive products in the life science industries, observes TMR.
The names of well-entrenched players in the global temperature monitoring devices market include Omron Healthcare, C.R. Bard, Terumo Corporation, Koninklijke Philips N.V., 3M, and Drägerwerk AG.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Temperature Monitoring Devices Market (Product Type - Table Top Temperature Monitoring Devices (Non-invasive Vital Signs Monitoring Devices and Continuous Core Body Temperature Monitoring Devices), Hand Held Temperature Monitoring Devices (Digital Thermometers and Infra-red Aural Thermometers), Wearable Continuous Monitoring Thermometers, and Temperature Monitoring Sensors & Smart Temperature Patches; Technique - Invasive and Non-invasive; Application - Clinical and Wellness; Distribution Channel - Institutional Sales (Hospitals, Clinics, Skilled Nursing Facilities, Long Term Care Centers, and Ambulatory Care Centers), Retail Sales (Retail Pharmacies, Drug Stores, and Online Sales)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025"
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