Infrared Thermometer Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product (Fixed Infrared Thermometer and Portable Infrared Thermometer); By Application (Non-medical and Medical); Region/Country.
The infrared thermometer market is expected to witness a CAGR of around 10% during the forecast period (2021–2027). An infrared thermometer is a sensor device that measures the temperature of any object. thermometers are used for screening instead of diagnostic purposes. It is expected that with the increased number of COVID-19 cases, there will be a significant rise in the use of infrared thermometers in public areas, such as airports, stadiums, malls, and banking and financial institutions. Moreover, the rising prevalence of infectious diseases, industries, and food manufacturing units are also the major factors for the growth of this market. Because of the imposed lockdown restrictions, a shortage of labor hampered the infrared thermometer market’s production. For instance, according to the Office of National Statistics, U.K., there were a total of 123,395 restaurants, cafes, and bakeries in the U.K. alone.
Some of the major companies operating in the infrared thermometer market include Fluke Corporation, FLIR Systems, Testo SE & Co. KGaA, Omron Corporation, Microlife Corporation, Hill-Rom Holdings Inc., OMEGA Engineering, PCE Instruments, Chino Corporation Pvt Ltd., Land Instruments International
Insights Presented in the Report
“Amongst Product, the portable infrared thermometers category accounted for the majority share in the market in 2020”
Based on product, the infrared thermometer market is segmented into fixed infrared thermometers and portable infrared thermometers. The portable infrared thermometers category is anticipated to witness a significant growth rate during the forecast period. Contactless IR thermometers, measure temperature without contacting an individual’s body and reduce the risk of cross-contamination substantially. infrared thermometers can do this from a distance with similar accuracy, and this is what makes them preferable to any other digital thermometer. Furthermore, during the COVID-19 pandemic, the demand of thermometers increased rapidly that’s why companies launching new, portable, easy-to-use, and advanced products in the market. These factors are contributing to the growth of this market. For instance, In June 2020, Cole-Parmer, a leading name in the healthcare industry, announced the launch of its new non-contact thermometer, which has an FDA clearance. The thermometer can log 32 internal readings and is capable of taking temperatures of various surfaces of objects
“Amongst Application, the medical category is expected to witness the highest CAGR during the forecast period”
Based on application, the infrared thermometer market is segmented into non-medical and medical. The medical category is anticipated to witness a significant growth rate during the forecast period. Due to its lower cost, higher accuracy, and rising adoption of infrared thermometers for temperature screening due to COVID-19. Additionally, increasing the predominance of contagious ailments. Infrared thermometers reduce cross-contamination risk and minimize the risk of spreading infectious diseases such as typhoid, and acute fever from one person to another, which are the major factors for the growth of this segment during the forecast period. For instance, according to the World Health Organization (WHO), each year, typhoid fever is estimated to affect 21 million people worldwide.
“North America to witness significant growth during the forecast period”
For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share during the forecast period. This is mainly due to the growth of the healthcare, hospitality, manufacturing, automobile industries, and airports across the U.S. are already testing and adopting IR cameras and handheld IR thermometers are some key factors for the growth of this market during the forecast period. Moreover, the presence of major pharmaceutical companies and government initiatives such as mercury pollution prevention programs. For instance, the United States Environmental Protection Agency (USEPA) has been spreading awareness about the harmful effects of mercury. Currently, infrared thermometers are being widely used for screening body temperature in public places, given their non-contact benefit.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Infrared thermometer market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the infrared thermometer market were the three major steps undertaken to create and analyze the adoption of the infrared thermometer market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the infrared thermometer market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the infrared thermometer market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the infrared thermometer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the infrared thermometer market. Further, we conducted factor analysis using dependent and independent variables such as various product and application of the infrared thermometer market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, and business expansion, in the infrared thermometer market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the infrared thermometer market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the infrared thermometer market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the infrared thermometer market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the infrared thermometer market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product and application in the infrared thermometer market.
The main objective of the infrared thermometer market Study
The current & future market trends of the infrared thermometer market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the infrared thermometer market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product and application.
- Define and analysis of the regulatory framework for the infrared thermometer market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the infrared thermometer market for the major region.
- Major regions and countries studied in the report include North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific) and Rest of World.
- Company profiles of the infrared thermometer market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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