Disposable Thermometers Market size to exceed $312 Mn by 2026
Published Date: April 13, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Disposable Thermometers Market size is expected to surpass USD 312 million by 2026; according to a new research report by Global Market Insights, Inc. In terms of volume, the market was estimated to be around 32 million units in 2019 and is expected to register a CAGR of 6.6% during 2020 to 2026.
The rise in disposable income is highly correlated with healthcare spending and the recent growth in disposable income is expected to affect healthcare spending growth over the next few years. For instance, in 2015 and 2016 individuals experienced a drop in their disposable income. The effects of this drop were experienced in 2019 on healthcare spending. Expanding geriatric population across low- & middle-income economies, susceptible to chronic diseases such as diabetes, cardiovascular diseases, chronic obstructive pulmonary disease and several other conditions has contributed to the significantly increasing uptake of disposable thermometers market growth.
Preference of digital thermometers over mercury thermometers
Digital thermometer market is expected to grow with a significant CAGR of 6.4% during through 2026 due to the various benefits of digital thermometers over mercury thermometers. Digital thermometers provide accurate readings in limited time period and offers temperature readings in decimal points. Additionally, the cost of digital thermometers is similarly priced to the mercury thermometers. Companies are launching digital thermometers with prices that are at par with mercury thermometers, further bridging the price gap between disposable and traditional thermometers.
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Browse key industry insights spread across 180 pages with 278 market data tables & 26 figures & charts from the report, “Disposable Thermometers Market Size By Type (Digital Thermometer, Mercury Thermometer, Strip Thermometer), By Target Area (Oral, Axilla, Rectal), By End-use (Hospitals, Homecare Settings, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020– 2026” in detail along with the table of contents:
Axillary target area especially in children acts as a primary source for measuring temperature
Axilla target area segment is expected to show over a CAGR of 7.1 % during 2020 to 2026. The growth is driven by the increased use for measuring the body temperature of children below 3 months to 5-year old. Axillary target area is non-invasive and offers maximum comfort to the patient.
Rise in trend of self-care in home settings is expected to create lucrative opportunities for key players
Disposable thermometers market demand from homecare settings was valued around USD 17.6 million in 2019 and is expected to show similar growth over the coming years. Increasing newborn population as compared with the geriatric population will also be a key factor for the market growth of single use thermometers. Parents regularly utilize disposable thermometers for checking body temperatures of their newborns at home settings. This has driven the major industry players to develop and provide cost-effective thermometers for homecare settings.
Adoption of disposable thermometer is expected to increase in the North America region due to the presence of various illnesses
North America disposable thermometer market is anticipated to surpass USD 118 million by 2026. U.S. accounted for the highest market share in the North America region, due to the self-care trend and increased adoption of disposable thermometers across healthcare settings. Also, the increase in cases of various bacterial infections and viral diseases such as meningitis and COVID-19 will drive the market growth.
For instance, till 6th April 2020, approximately 3,30,891 patients were suffering from COVID-19 in the U.S., which increases the outpatient visits to hospitals and diagnostic centers, thus, leading to high demand for disposable thermometers. Also, approximately 2,600 cases of meningitis are reported each year in the U.S. alone. Therefore, availability of health-conscious consumers and presence of developed healthcare infrastructure are expected to boost the market growth in North America.
Market leaders are focusing on manufacturing essential products for COVID-19 outbreak
Some of the key market players in the global disposable thermometers market share are GF Health products, Medline Industries, 3M, GH Zeal Ltd, Hopkins Medical products, Medical Indicators, First Aid Only (Acme United Corporation) and Tempagenix, LLC among others. The market players are focused on increasing the production of single use thermometers to meet the rising demand from various parts of the globe. Also, major players have started distributing its products to other geographies, thereby increasing its revenue sale.
For instance, in March 2020, 3M India, a subsidiary of 3M Corporation, had a steady growth demand for critical care tools. The company is currently focusing on supporting front-line workers and healthcare professionals by manufacturing products including disposable thermometers that are essential during COVID-19 outbreak. This strategy will help the company in increasing its revenue as well as its outreach in untapped economies.