The sales of the global infrared thermometer market exploded due to the emergence of deadly coronavirus.
According to the latest Arizton's market research report, the global infrared thermometer market size to cross USD 915 million by 2025, growing at a CAGR of around 15% during the forecast period.
Global Infrared Thermometer Market Growth
Owing to partial and full lockdown across several countries, the online sales of infrared thermometers are expected to witness the fastest growth during the forecast period. The growing demand and rising sales for multifunction thermometers are expected to generate enormous growth opportunities in the global infrared thermometer market in the coming years. Healthcare organizations are implementing non-invasive technologies such as infrared thermometers to eliminate the chances of contamination during this pandemic. The ban on the use of a mercury-based thermometer and the growing awareness of its potential health impact has paved opportunities for the growth of various digital and non-contact thermometers.
Impact of COVID-19
In efforts to contain the highly contagious virus causing COVID-19, temperature monitoring has become a mandatory aspect across all public places including shopping malls, airports, offices, schools, and all other institutes, resulting in a rapid increase in demand in the global infrared thermometer market. The sales of the global infrared thermometer market exploded due to the emergence of deadly coronavirus. With the disruption of the supply chain, increase in prices for raw materials and components, higher cost of shipment, margins for companies are getting squeezed, which can temporarily impact the profitability. Companies that import finished products from China are expected to be the worst hit, and those who assemble after importing the components are also expected to witness challenges in the market.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, application, and geography
- Competitive Landscape – 4 Key Company Profiles and 22 Other Prominent Vendors
Global Infrared Thermometer Market – Geographic Analysis
In 2019, the infrared thermometer market in the APAC region accounted for a share of around 20%. The market players have tremendous growth opportunities as hospitals across the region are demanding highly advanced equipment and supplies for treating a diverse range of diseases. The region has unique characteristics in terms of demographics and socio-economic aspects. Non-contact infrared thermometers also provide the most convenient method of measuring the body temperature in animals, for which it is largely popular among veterinarians. Europe is a major hub for the global medical devices market. The overall medical devices market in Europe accounted for about one-third of the global medical devices market revenue in 2018.
The competition among the global infrared thermometer market players is intense and is likely to further increase with the entry of many start-ups and emerging players. With the increasing competition and recent entry of many start-ups, large players are becoming more proactive and are focused on developing innovative products and solutions as per the end-user requirements and rapidly changing the needs. Many large global players are willing to enter the emerging markets to increase their sales volume and profit margins as the industry consolidates domestically in developed economies. The global infrared thermometer market is flourishing due to constant innovations and technological advancements. However, the market is witnessing intense competition among players because of the rapid technological changes.
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