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 non-contact thermometers that measure body temperature from a distance using infrared technology. The most common applications of infrared thermometers are in the healthcare industry for checking patients’ temperature. They provide quick, easy and hygienic measurements without direct contact. Infrared thermometers offer several advantages over traditional oral thermometers such as fast readings within 1-2 seconds, no risk of cross-contamination and suitable for people of all ages including infants and the elderly.
Market key trends:
One of the key trends in the infrared thermometer market is the growing demand from hospitals and clinics for temperature screening amid the COVID-19 pandemic. Infrared thermometers help detect fever which is one of the common symptoms of COVID-19 infection, enabling early isolation and treatment. Furthermore, rising awareness about hygiene and importance of monitoring body temperature is boosting the adoption of infrared thermometers across various end-use settings like emergency rooms, outpatient facilities and long-term care centers. Manufacturers are also launching new product variants with advanced features like increased accuracy, extended measurement range and portable design to cater to evolving industry and customer requirements.
Porter’s Analysis
Threat of new entrants: Low barrier to enter the infrared thermometer due to availability of advanced and cost-effective infrared thermometer technology.
Bargaining power of buyers: High bargaining power of buyers due to availability of various alternatives in the market along with price sensitivity of products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and intensity of competition in the infrared thermometer market.
Threat of new substitutes: Threat of new substitutes is moderate as manufacturers focus on developing innovative and accurate products.
Competitive rivalry: High competitive rivalry due to presence of large number of players offering similar products.
Key Takeaways
The Global Infrared Thermometer Market Share is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing prevalence of fever monitoring and growing awareness regarding infrared thermometers. Regional analysis The North America region is expected to dominate the infrared thermometer market during the forecast period. This is attributed to increasing demand for infrared thermometers from various end-use industries like healthcare and rising adoption of advanced infrared thermometers for temperature screening in the region.
The Asia Pacific region is anticipated to exhibit the fastest growth in the global infrared thermometer market over the forecast period. This is due to rising medical tourism, increasing healthcare expenditure, growing geriatric population, and expanding manufacturing sector in emerging economies like China and India.
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. Key players focus on new product launches and adoption of inorganic growth strategies like acquisitions, collaborations & partnerships to expand their global footprints.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
