Temperature Monitoring System Market size is expected to reach US$ 6.85 billion by 2028
The temperature monitoring system market is expected to grow from US$ 5.15 billion in 2021 to US$ 6.85 billion by 2028; it is estimated to grow at a CAGR 4.8% during 2021 to 2028.
According to our new research study on “Temperature
Monitoring System Market Forecast to 2028 – COVID-19 Impact and Global
Analysis – by Application, Type and Industries,” the market is expected to grow
from US$ 5.15 billion in 2021 to US$ 6.85 billion by 2028; it is estimated to
grow at a CAGR 4.8% during 2021–2028. Factors driving the market's growth are
technological advancements and rising manufacturing activities across various
type of industries. Healthcare facilities primarily depend upon
temperature-sensitive assets to provide patients with high-quality care. Maintaining
proper temperature conditions of vaccines and medications related to diagnostic
lab and blood samples is an important factor for the pharma sector to prevent
any kind of product loss.
3M and ABB Ltd -
Notable Market Players in Temperature Monitoring Systems Market
A temperature monitoring system has become an essential part
of hospitals, clinics, food businesses, and other industries in recent years.
With a temperature monitoring system, a person can easily track, control, and
regulate the products’ temperature in a specific environment. A temperature
monitoring system makes sure that temperature-dependent products stay safe when
they are being transported from one place to another.
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Temperature-related issues have a direct impact on pharma
sector. Maintaining the potency of medications and vaccines is more difficult
due to compliance, legal regulations, and environmental conditions. According
to National Center for Biotechnology Information (NCBI), a shipment of
Intralipid % IV fat emulsion, 100 mL bags (Baxter International, Inc.) was
inappropriately exposed to subfreezing temperatures—outside the declared
permitted storage range—on its route to a distribution site in August 2017.
About two months later, the manufacturer voluntarily recalled this parenteral
nutrition product and advised patients to discard their supply. An effective
temperature monitoring system that indicates system inconsistencies is required
to avoid such instances.
pharmaceuticals pass through numerous stages and inspections before arriving at
their final destinations, making them vulnerable to various environmental
conditions such as temperature, light, humidity, and cleanliness while in
storage and transit. As a result, it is critical to get appropriate equipment
and procedures to monitor their temperature frequently to ensure that product
quality is not affected. As temperature is one of the critical factors in
pharmaceutical companies, it is important to monitor the same. This drives the
demand for temperature monitoring systems in pharmaceutical companies.
Vaisala, Monnit Corporation, SensoScientific Inc., E-control
System Inc., CenTrak, 3M, ABB, Deltatrak, Emerson Electric Co., and Honeywell
International Inc. are among the leading companies operating in the temperature
monitoring system market.
The companies have been implementing various strategies that
have helped the growth of the company and in turn have brought about various
changes in the market. The companies have adopted several inorganic and organic
strategies to accelerate their growth and improve their market position.
Based on industries, the temperature monitoring system
market is segmented into healthcare and life science facilities, medical device
manufacturing companies, pharmaceutical and biotechnology companies, food and
beverage product manufacturers, and others. Geographically, the temperature
monitoring system market is segmented into North America (the US, Canada, and
Mexico), Europe (the UK, Germany, France, Italy, Spain, and Rest of Europe),
Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia
Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and Rest
of Middle East & Africa), and South and Central America (Brazil, Argentina,
and Rest of South and Central America).
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