APAC to be seen expanding its infrared thermometer market at the fastest rate in coming years
Infrared thermometer market is expanding at a broader scale in the regions demanding expert healthcare services. The temperature related issues are prevalent in the geriatric population. Japan has one of the fast-growing aging populations in the world, which makes it an attractive market for infrared thermometers. Whereas, U.S. is another important region for the market, as it stands leading in terms of healthcare spending. In the U.S., home care solutions comprise 10% of the national health expenditure and is expected to increase in the coming years.
The regional analysis of infrared thermometer market is depicted in the research report by Persistence Market Research, which includes North America, Latin America, Europe, Asia Pacific (APAC) and Middle East and Africa (MEA) as the key regional segments. Among these regions, North America is expected to hold the highest market value of over US$ 400 Mn by the end of 2026. However, APAC is expected to register fastest growth rate of 9.2% during the forecast period. Australia and New Zealand collectively holds the maximum share in Asia Pacific infrared thermometer. The demand is majorly driven by the growing awareness among people about the infrared thermometers and also a rise in number of veterinary infrared thermometer manufacturers.
North America’s infrared thermometer market to witness steady growth owing to increasing awareness
The ease of use and affordability are the main driving factors which are pulling the demand of infrared thermometers. Since, the training is easier and the thermometers are easier to use and do not need as much work to set them correctly, the demand of infrared thermometer is witnessed globally. Moreover, the demand for quick and safer test results is also a driving factor allied with increase in adoption rate of infrared thermometer. The region has also witnessed an increase in awareness regarding infrared thermometer, which is due to the rise in infectious diseases. Rise in prevalence of infectious diseases as there is chance of spreading disease from contact thermometer and also demand for the newborns as children cannot hold the contact thermometer is increasing demand of Infrared Thermometers.
The virus epidemic of the swine flu disease created a worldwide demand of suitable screening techniques allowing a fast non-contact detection of travelers with possible fever. The infectious diseases spread is also a trend witnessed in the European countries. According to European Centre for Disease Prevention and Control. Annual Epidemiological Report 2016 – Infectious disease surveillance summary, diseases such as chlamydia infection, campylobacteriosis, salmonellosis, gonorrhoea and tuberculosis, are among notifiable diseases under comprehensive case-based surveillance
MEA struggles due to less exposure to advanced technologies like infrared thermometers
The adoption rate of infrared thermometer in Middle East and Africa is less due to less reach of prominent players, and high cost of device. Moreover, less disposable income and less awareness is also playing a key role which hampers the growth of this market. Most of the countries in this region are still inclined towards digital thermometers, rather technologically advanced infrared thermometer. However, the increasing number of patient pool may come up as an opportunity for key players in infrared thermometer market to expand their reach in the region. It can also be termed as an untapped region for market players, which they can make use of in the upcoming years.
Global Healthcare Sector Outlook
Despite the economic and political uncertainty in the recent past, the global healthcare industry has been receiving positive nudges from reformative and technological disruptions in medical devices, pharmaceuticals and biotech, in-vitro diagnostics, and medical imaging. Key markets across the world are facing a massive rise in demand for critical care services that are pushing global healthcare spending levels to unimaginable limits.
A rapidly multiplying geriatric population; increasing prevalence of chronic ailments such as cancer and cardiac disease; growing awareness among patients; and heavy investments in clinical innovation are just some of the factors that are impacting the performance of the global healthcare industry. Proactive measures such as healthcare cost containment, primary care delivery, innovation in medical procedures (3-D printing, blockchain, and robotic surgery to name a few), safe and effective drug delivery, and well-defined healthcare regulatory compliance models are targeted at placing the sector on a high growth trajectory across key regional markets.
PMR utilizes a triangulation methodology that is primarily based on experimental techniques such as patient-level data, number of procedures and capital equipment install base to obtain precise market estimations and insights on various medical devices and medical technology. Bottom-up approach is always used to obtain insightful data for the specific country/regions. The country specific data is again analysed to derive data at a global level. This methodology ensures high quality and accuracy of information.
Secondary research is used at the initial phase to identify the feasibility of the target products/technology categories and its respective segments, product offerings, usage pattern as per disease indications, product installed base in target healthcare facilities, life span of a device, reimbursement scenario, adoption rate and future impact of new technologies.
Each piece of information is eventually analysed during the entire research project which builds a strong base for the primary research information.
Primary research participants include demand-side users such as key opinion leaders, physicians, surgeons, and supply-side providers of medical devices who provide valuable insights on trends, key treatment patterns, adoption rate, and purchasing pattern, technological development of medical devices, patient education, effectiveness of manufacturers and important strategies, pricing and competitive dynamics.
Quantitative and qualitative assessment of basic factors driving demand, economic factors/cycles and growth rates and strategies utilized by key players in the market is analysed in detail while forecasting, in order to project Year-on-Year growth rates. These Y-o-Y growth projections are checked and aligned as per industry/product lifecycle and further utilized to develop market numbers at a holistic level.
On the other hand, we also analyse various companies annual reports_bk_01_01_2020, investor presentations, SEC filings, 10k reports_bk_01_01_2020 and press release operating in this market segment to fetch substantial information about the market size, trends, opportunity, drivers, restraints and to analyse key players and their market shares. Key companies are segmented at tier level based on their revenues, product portfolio and presence.
Please note that these are the partial steps that are being followed while developing the market size. Besides this, forecasting will be done based on our internal proprietary model which also uses different macro-economic factors such as per capita healthcare expenditure, disposable income, industry based demand driving factors impacting the market and its forecast trends apart from disease related factors.
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