The Infrared Thermometer Market is estimated to be valued at US$ 14 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Infrared thermometers are medical devices used for remote, non-contact temperature measurements. They utilize infrared radiation and advanced algorithms to measure temperature from different parts of the body like forehead, eardrum etc. without physical contact. Infrared thermometers provide accurate temperature readings in 1 to 2 seconds, which is quick as compared to oral thermometers. They are suitable for different age groups including infants, kids and adults.
Market key trends:
One of the key trends driving the infrared thermometer market is rising adoption of telemedicine and telehealth practices amid the COVID-19 pandemic. Infectious disease outbreaks require social distancing norms, which increase demand for contactless medical devices. Infrared thermometers play a key role in screening patients remotely for fever and other symptoms before physical examination or admitting them to hospitals. They minimize risks of infection transmission and help prioritize treatment for severe cases. Moreover, ongoing technological advancements are leading to development of smarter infrared thermometers with enhanced features like wireless data sharing capabilities and integration with mobile apps and healthcare records. This enables remote real-time monitoring of patients in home care settings.
Porter's Analysis
Threat of new entrants: New players find it difficult to enter the infrared thermometer market due to strong brand loyalty of existing players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. Bargaining power of suppliers: Suppliers have low bargaining power due to presence of many raw material suppliers. Threat of new substitutes: Threat of new substitutes is low as infrared thermometers have many advantages over traditional thermometers. Competitive rivalry: Market is dominated by few global players increasing competition.
SWOT Analysis
Strengths: Growing demand for non-contact temperature measurement devices from healthcare and industrial sectors. Wide applications in fever detection and temperature measurement.
Weaknesses: High dependency on semiconductor and sensor manufacturing technologies. Require skilled professionals for operation.
Opportunities: Rising awareness about temperature monitoring during pandemic. Growing geriatric population boosting demand.
Threats: Safety issues related to excessive infrared radiation exposure. Stiff competition from local players offering low cost alternatives.
Key Takeaways
The Global Infrared Thermometer Market Shareis expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing healthcare spending and growing prevalence of fever cases globally. Asia Pacific dominated the global market in 2023 and is projected to maintain its leading position during the forecast period, owing to rising medical tourism and growing disposable incomes in countries like India and China.
Key players operating in the infrared thermometer market are Thermo Fisher Scientific Inc., Exergen Corporation, Ra Lifecare Pvt Ltd, OMRON Corporation, OMEGA Engineering inc., Morepen laboratories Limited, CP PLUS International, MGL Euman, Fluke Corporation, SG Corporate Mobility Pvt Ltd., BPL Medical Technologies, Lifeline Medical Inc., Contec Medical Systems, Paul Hartmann AG, Welch Allyn, Microlife Corporation, Geratherm Medical AG. The major players are focusing on new product launches and strategic collaborations to increase their market share.
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COVID-19 Impact Analysis on Infrared Skin Thermometer Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the infrared skin thermometer market include Honeywell, SEASTAR Corporation, 3M, Omron, Braun, Microlife, Radiant, Jinxinbao, Easywell Biomedicals, Shenzhen Dongdixin Technology.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Infrared Skin Thermometer Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/infrared-skin-thermometer-market/download-sampleMarket Dynamicshe growing spread of infectious diseases is driving the demand for infrared skin thermometers.
Since the use of infrared skin thermometers does not involve anybody's surface contact, the risk of cross-infection is negligible, and neither disinfection nor disposable probe covers are needed.
A growing increase in awareness regarding infrared thermometer and the need for safe and quick test results is also a driving adoption rate of infrared skin thermometer.
Global Infrared Thermometer Market: Snapshot The global infrared thermometer market is foreseen to experience the greatest effect of rise in investment in healthcare sector and furthermore the different innovations that are occurring.
This has given birth to the infrared thermometer gadget and its market, which is taken ahead by the abilities of the gadget.
Infrared thermometers are said to give more precise outcomes than the traditional thermometers.
It has discovered its application in zones like veterinary and healthcare sector, among which the healthcare division is estimated to lead the global infrared thermometer market.
Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=49629Global Infrared Thermometer Market: Trends and Opportunities The affordability and simplicity of usage are the major driving factors which are surging the demand of infrared thermometers.
Additionally, the gowning demand for speedy and more secure results is yet another driving factor aligned with increase in adoption rate of infrared thermometer.
According to a research report "Infrared Thermometer Market by Type (Fixed, Portable), Component (Optical, Display & Interface Units), Application (Medical, Non-Medical), End-Use (Residential, Commercial, Industrial), and Geography - Global Forecast to 2025", published by MarketsandMarkets, the infrared thermometer market is projected to reach USD 3.6 billion by 2025 from USD 2.3 billion in 2020; it is expected to grow at a CAGR of 9.2% from 2020 to 2025.Browse 90 market data Tables and 53 Figures spread through 180 Pages and in-depth TOC on "Infrared Thermometer Market - Global Forecast to 2025"Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=191167475The major factors driving the market growth include the increasing number of COVID-19 patients and the rising adoption of infrared thermometers across the manufacturing sector and construction applications drive the growth of the infrared thermometer market.
Opportunities for 2nd generation of infrared thermometers, rising R investmets by companies, and capital firms, to develop innovative thermal scanning solutions and infrared thermometers, rising adoption of infrared thermometers in HVAC and refrigeration applications provide significant opportunities for the infrared thermometer market.Based on types, the portable segment of the infrared thermometers market is projected to grow at the highest CAGR from 2020 and 2025.Based on types, the portable segment is expected to grow at the fastest rate in the infrared thermometer market.
Handheld infrared thermometers are noncontact, inexpensive, easy to use devices that help in rapid temperature measurement.
Optical components, including detectors, are used to detect the reflected infrared energy, focus the radiation energy onto the IR detector, and filter out radiation outside the desired wavelength band.Based on application, the medical segment of the infrared thermometers market is projected to grow at the highest CAGR from 2020 and 2025.By application, the medical segment is expected to grow at the highest rate in the infrared thermometer market.
On the other hand, non-medical infrared thermometers are mainly used in the industrial end use segment.Based on end-use, the commercial segment of the infrared thermometers market is projected to grow at the highest CAGR from 2020 and 2025.
The commercial segment is expected to grow primarily due to the significant adoption in commercial segments such as hospitals and healthcare facilities, banks and financial institutions, retail, government, and hospitality sectors.
