Global Thermometer Market, By Product (Mercury-Based Thermometers, Mercury-Free Thermometers), By Application (Medical, Industrial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Global Thermometer Market size is expected to be worth around USD 3.14 Billion by 2032 from USD 1.39 Billion in 2022, growing at a CAGR of 8.7% during the forecast period from 2022 to 2032.

The main factors anticipated to drive the market are an increase in the incidence of infectious diseases, including dengue and malaria, as well as increasing public knowledge of the significance of body temperature monitoring. A few additional factors influencing market expansion include the growing uses of such devices in temperature monitoring for industrial, medicinal, laboratory, and imaging purposes.

One of the main factors driving the market growth is the increasing number of illnesses including swine flu, dengue fever, and malaria that require accurate body temperature measurements to decide the best type of treatment.

Additionally, increased patient awareness and rising health consciousness are two other key drivers of market expansion. Companies like Terumo Corporation and Nexcare produced portable solutions that are user-friendly and can be easily adopted by any patient due to the rising demand for self-healthcare.

Additionally, a growing reliance on thermometers by medical professionals to assess patients’ health will contribute to market growth. The chemical, food, and pharma sectors, as well as other end users, become more aware. In these businesses, it is crucial that certain temperatures are maintained at different phases of product development. These elements are anticipated to accelerate market expansion during the forecast time.

Key Takeaways

• The Thermometer Market is expected to reach US$ 3.14 Billion by 2032.
• In 2022, the size of the worldwide Thermometer Market was USD 1.39 Billion.
• The thermometer market is expected to grow at a CAGR of 8.7% from 2023 to 2032.
• Mercury-free thermometers accounted for 65% of the global revenue share in 2022.
• In 2022, the medical application segment of the thermometer market represented 29% of total revenue.
• North America dominated the market in 2022 with a revenue share of 34.4%.
• The thermometer market in Asia Pacific is expected to grow at the highest CAGR of 9.1%.
• The mercury-free thermometer market is expected to grow at a CAGR of 11.3% by 2030.
• According to WHO, nearly half of the world’s population is at risk of dengue.
• Each year, between 100 million and 4 billion people are estimated to contract dengue.
• The medical application segment accounted for 29% of the total market revenue in 2022.
• The Radius T Continuous Thermometer was launched by Masimo Corporation in October 2020.
• The Instant Read Digital Ear Thermometer by A&D Company can store up to 10 readings in its memory.

Product Analysis

By product type, the Global Thermometer Market is segmented into mercury-free thermometers and mercury-based thermometers. From that, the mercury-free thermometers sector has led the market and accounted for 65% of the total revenue in 2022, Due to its wide adoption and easy use. Since they give more accurate readings and avoid any environmental risks related to mercury, mercury-free thermometers like digital thermometers and IR radiation thermometers are expected to obtain a major share of the market.

Mercury-free thermometer revenues are also anticipated to expand rapidly by 2030, with a CAGR of 11.3%. Infrared radiation thermometers, Digital thermometers, and other types are further divided into this category. While mercury-based thermometers, such as liquid-in-glass thermometers, are simple to use and are often used in labs.

Application Analysis

By application, the global thermometer market is segmented into medical, industrial, food, laboratory, and other applications. In 2022, the medical application led the market and contributed 29% of total revenue. Hospitals, clinics, and basic healthcare facilities are included in the segment.

This is explained by the existence of a well-established healthcare infrastructure and the high prevalence of illnesses necessitating the measurement of body temperature. The development of thermometer technology is a key factor in this market’s expansion.

For instance, A&D Company, Limited’s Instant Read Digital Ear Thermometer offers a thermometer with a one-button interface and 10 memory remembers. It includes an LCD that makes measurements quickly and easily within one second. The industrial application segment is anticipated to have profitable expansion during the forecast period. While the chemical, pharmaceutical, and biotechnology industries need accurate temperature regulation during various phases of product development.

Key Market Segments

Based on Product

• Mercury-Free Thermometer
• Digital Thermometer
• Infrared Radiation Thermometer
• Others
• Mercury-Based Thermometer

Based on Application

• Medical
• Industrial
• Food
• Laboratory
• Other Applications

Drivers

The most important factors that are expected to drive the market are the increase in the prevalence of infectious diseases, the inclusion of new medical problems like dengue and malaria, and growing public awareness of the significance of measuring one’s body temperature. Due to the growing usage of these devices in industry, imaging, research, and medicine, the market for thermometers is also growing.

Cooperation is also expanding amongst different end users, including the chemical, pharmaceutical, and food sectors. Maintaining accurate temperatures across numerous product development cycles is an essential requirement in many industries. These elements are anticipated to speed up the market’s expansion throughout the duration of the forecast year. The necessity for thermal screening in common areas, workplaces, and hospitals has boosted the demand for infrared thermometers.

Restraints

Adverse effects of high ambient temperatures- The demands of vibration and high temperatures in the surroundings can be difficult for thermometers. It’s possible for either of them to change the dial’s reading. It is important to practice avoiding areas where one of these two factors has a significant impact on the thermometer setting.

Even yet, it’s not always feasible to prevent incidents like these from occurring in a work environment. So, this element can slow down the market’s anticipated growth rate.

Opportunity

Increase in diseases like dengue

Dengue fever has significantly grown in prevalence worldwide during the previous ten years, according to the WHO. Approximately half of the world’s population is now in peril. Every year, between 100 and 4 billion individuals are estimated to have the disease.

As the prevalence of infectious diseases rises, it is expected that there will be an increase in the need for thermometers. It is anticipated that this feature will make it easier for this market to continue expanding.

Trends

Digital thermometers

Due to their accuracy, simplicity, speed, and use, digital thermometers have replaced traditional mercury thermometers. They are frequently used in hospitals and clinics. It comes in a variety of formats, including oral, rectal, and ear thermometers.

Multi-functional thermometers

As people’s concern about indoor air quality and its effects on health and well-being, multi-functional thermometers that monitor temperature, humidity, and air quality are becoming more prevalent in both personal and professional environments.

Wireless thermometers

Due to their capacity to wirelessly send data to a computer or other device and monitor temperature remotely, wireless thermometers are becoming increasingly prevalent in industrial and scientific applications. Among other sectors, they are utilized in manufacturing, food processing, and research labs.

Regional Analysis

In 2022, North America held a 34.4% revenue share, dominating the thermometer market. Its highest market share is mostly driven by the aging population’s growth and rising healthcare costs. The market is expected to be further boosted by healthcare camps and programs launched by government organizations, such as WHO and NIH, to promote infectious disease awareness and support enhanced health conditions. As an illustration, body temperature monitoring has become standard practice for coronavirus infection screening up until a vaccine is available.

The over-the-counter revenues of thermometers in the consumer market are increasing as community spread starts in the majority of nations globally, including the U.S. From 2022 to 2030, the market in Asia Pacific is anticipated to determine the greatest compound annual growth rate at 9.1%. High unmet medical requirements, rising rates of target illnesses including malaria, dengue fever, and swine flu, and rising patient awareness of these issues in the area are some of the main drivers of this industry’s lucrative expansion.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

The market for thermometers is very competitive, with many major companies competing for market share. Manufacturers are investing a significant focus on product development and innovation to stand out from the competition and satisfy changing customer demands. With a market share of over 20%, Omron Healthcare is a major participant in the global thermometer market. The company provides a wide selection of thermometers, including digital, ear, and contactless thermometers.

Market Key Players

• Medline Industries, Inc.
• 3M
• Welch Allyn
• America Diagnostics Corporation
• A&D Medical
• Exergen Corporation
• Omron Healthcare
• Microlife Corporation
• RG Medical Diagnostics
• Medtronic
• Terumo Corporation
• Actherm Inc.
• Briggs Healthcare
• OMRON Healthcare Inc.
• Fairhaven Health
• Other Key Players

Recent Developments

• September 2022: Medline invested an additional $500 million in its medical supply inventory to enhance product availability and support healthcare providers amid ongoing global supply chain challenges.
• July 2022: 3M announced its intention to spin off its healthcare business into a separate publicly traded company. The new entity will focus on driving innovation in various healthcare segments including wound care, oral care, and healthcare IT, with the transaction expected to complete by the end of 2023.
• June 2021: Medline Industries secured a majority investment from a partnership led by private equity firms Blackstone, Carlyle, and Hellman & Friedman. This strategic move is aimed at accelerating Medline’s international expansion and product diversification.
• In October 2020: Masimo Corporation announced the introduction of the consumer-focused Radius T Continuous Thermometer in October 2020.

Report Scope