(MENAFN- GlobeNewsWire - Nasdaq) Growth in demand for wearable health technology, rise in technological advancements, and rise in prevalence of chronic diseases are the major factors which drive the global market growth.Wilmington, Delaware, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Curved Temperature Monitor Patch Market by Product Type (Disposable and Reusable), by End User (Hospitals and Diagnostic Clinic, Ambulatory Surgical Centers, fitness and Sports Centers and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the curved temperature monitor patch market was valued at $0.5 billion in 2023, and is estimated to reach $0.9 billion by 2033, growing at a CAGR of 5.5% from 2024 to 2033.
Prime determinants of growth
Growing demand for wearable health technology, rise in technological advancements, and rise in prevalence of chronic diseases are the major factors that drive the growth of the curved temperature monitor patch market growth. However, the high cost of advanced technologies may restrict market growth. Moreover, high growth potential in developing economies offer remunerative opportunities for the expansion of the global curved temperature monitor patch market.
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Report coverage & details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.5 billion |
| Market Size in 2033 | $0.9 billion |
| CAGR | 5.5% |
| No. of Pages in Report | 233 |
| Segments Covered | Product Type, End User, and Region. |
| Drivers | Growth in demand for wearable health technology Rise in technological advancement Increase in prevalence of chronic diseases |
| Opportunity | High growth potential in developing economies |
| Restraint | Side effects associated with curved temperature monitor patch |
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Segment Highlights
Rise in adoption of disposable curved temperature monitor patch
By product type, the disposable segment plays a pivotal role in the market. This is attributed to the emphasis on infection control and hygiene in healthcare settings driving the demand for single-use devices, as disposable patches significantly reduce the risk of cross-contamination and infections compared to reusable ones. This is particularly crucial in hospitals and clinics where patient turnover is high, and strict hygiene standards are maintained.
Hospital and diagnostic clinics segment to maintain its lead during the forecast period.
By end user, the hospital and diagnostic clinics segment has a significant share in market. This is attributed to high demand for accurate, continuous temperature monitoring in critical care and surgical environments where patient safety and infection control is important. In addition, hospitals and diagnostic clinics require reliable temperature monitoring solutions for various applications, including perioperative care, intensive care units, and post-operative recovery, ensuring optimal patient outcomes thereby supporting the segment growth.
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Regional Outlook
North America to Dominate by 2033
North America has a significant share in the curved temperature monitor patch market and is expected to retain its dominance throughout the forecast period. This is primarily attributed to advanced healthcare infrastructure, high adoption rate of innovative medical technologies, and the presence of major market players. In addition, increasing awareness about the benefits of continuous temperature monitoring for disease management and preventive healthcare drives market growth. Moreover, strong regulatory support and substantial investment in healthcare research and development contribute to the market's expansion in North America.
Key Players
Blue Spark Technologies, Inc.
The report provides a detailed analysis of these key players in the global curved temperature monitor patch market. These players have adopted different strategies such as agreement, clinical trials, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development in Curved Temperature Monitor Patch Industry
In May 2020, Identiv, Inc. announced the development of Identiv's Body Temperature Measurement Patch. The near field communication (NFC) -enabled transponder supports the reopening of public spaces, including theme parks and stadiums, and helps operators keep attendees and employees comfortable, confident, and safe.
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