Healthcare Industry Updates Temperature Monitoring Systems Market Growth

Temperature Monitoring Systems Market - An Emerging Market with
Attractive Growth Opportunities
What are the Global Growth Factors?
The growth of Temperature Monitoring System Market is driven by rising manufacturing activity across
a range of industries, as well as stringent regulations to ensure product quality (particularly in the food
& beverage and pharmaceutical sectors). Technological advancements have introduced systems that are
more efficient and capable of meeting a greater variety of needs than their predecessors did, which has
stimulated their overall adoption. In healthcare, the growing patient population and increasing disease
prevalence are direct drivers of market growth. Rising R&D activity is also expected to contribute to
market prospects in the coming years.
What The Experts Says about the Market Growth?
The global Temperature Monitoring Systems Market is projected to reach $5.4 billion by 2024 from $4.5
billion in 2019, at a CAGR of 3.9%
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Based on type, the contact-based Temperature Monitoring Systems Market is further segmented into
conventional temperature monitors, temperature measuring strips and labels, and wireless temperature
monitoring systems. Conventional temperature monitors are estimated to account for the largest share
of the contact-based Temperature Monitoring Systems Market.
Based on application, the Temperature Monitoring Systems Market is segmented into cold storage
temperature monitoring, greenhouse temperature monitoring, server room temperature monitoring,
hospital room and patient temperature monitoring, home care temperature monitoring, laboratory
temperature monitoring, and manufacturing area temperature monitoring. The manufacturing area
temperature monitoring segment is estimated to grow at the highest CAGR during the forecast period.
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Geographical Analysis:
Geographically, the Temperature Monitoring Systems Market is segmented into North America (US
and Canada), Europe(Germany, France, the UK, and the Rest of Europe), Asia Pacific (China, Japan, India,
and the Rest of Asia Pacific), and the Rest of the World (RoW). North America accounted for the largest
share of the overall Temperature Monitoring Systems Market in 2018 followed by Europe.