The global temperature monitoring systems market size is expected to reach USD 6.6 billion by 2028 at a CAGR of 4.2%, according to a new report by Reports and Data. The steadily growing demand for advanced temperature monitoring systems across the food & beverage, pharmaceutical, life sciences, manufacturing, e-commerce, and chemical industries is one of the most fundamental factors driving this market’s growth. The rapidly growing manufacturing sector, rising government focus on maintaining the quality and safety of foods and medicinal drugs, stringent regulatory norms product quality and storage, and the increasing e-commerce and logistics activities around the world are the crucial parameters contributing to the global market growth.
Temperature monitoring systems control and regulate the temperature of a product while preserving its freshness and quality and extending its shelf life. The standard features of temperature monitoring devices include temperature tracking, customized indicators, and automatic notifications or warnings on excessively low or high temperatures. Therefore, the extensive applications of these devices across the pharmaceutical, food & beverage, cold chain logistics, retail & e-commerce, and chemical industries have accelerated the global temperature monitoring systems market growth. The recent COVID-19 outbreak, increasing demand for temperature monitoring systems across hospitals and other healthcare settings, and the surging demand for non-contact-based temperature monitoring systems to mitigate the spread of the infection have further propelled the market growth. However, the escalating costs of wireless temperature monitoring systems and their longer installation time are specific factors predicted to impede the global market growth in the near future.
Top Companies Profiled in the Report Include: Abb Ltd., Honeywell International Inc., Testo AG, 3M Company, Siemens AG, Koninklijke Phillip, Emerson Electric Company, Briggs Healthcare, Omron Healthcare, Terumo Corporation, Rees Scientific, Monnit Corporation, Omega Engineering, DeltaTrak, Inc, SensoScientific, Inc., Isensix, Inc., and Cooper-Atkins Corporation.
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
Additionally, the report consists a detailed analysis of the segmentation of the Temperature Monitoring Systems market based on product types and end-use/application offered in the Temperature Monitoring Systems market.