According to Stratistics MRC, the Global Biomedical Temperature Sensors Market is accounted for $7.59 billion in 2023 and is expected to reach $12.34 billion by 2030 growing at a CAGR of 7.18% during the forecast period. With the inclusion of sensor technologies, external temperature measuring has evolved technologically, boosting patient comfort, enhancing accuracy, and producing better monitoring tools. Its information may be essential to patients with a range of illnesses, including infections and hypothermia. Body or skin temperature sensors can be used to monitor the temperature of the body's surface. NTC thermistors, thermopiles, and digital temperature sensors are produced by TE Connectivity (TE) to satisfy the wide variety of accuracy, packaging, and performance requirements among the many applications.

According to World Economic Forum, the healthcare industry globally has witnessed huge investment and innovation. Thus, the demand for biomedical temperature sensors is increasing over the forecast period.



Market Dynamics:

Driver:

Increasing penetration of temperature sensors in advanced & portable healthcare equipment

The Temperature Sensor Market is being driven by the rising demand for cutting-edge, portable medical equipment. The need for temperature sensors is growing as a result of new technologies such sophisticated patient monitoring systems and portable health monitoring systems. The aging population, declining lifestyle, and increased viral illnesses are all predicted to contribute to an increase in demand for portable medical equipment. In order to provide continuous patient health monitoring, wearable healthcare gadgets employ temperature sensors. The market for temperature sensors is growing significantly due to the rising demand for portable and wearable healthcare devices.

Restraint:

Initially expensive for sophisticated sensors

Cobalt, nickel, manganese, iron alloy, and copper are among the raw materials used by manufacturers in the biomedical temperature sensor market. To get these resources, many firms rely on outside vendors. The profitability of manufacturers of temperature sensors is significantly impacted by the high price volatility of these raw materials and the intermittent supply. The fluctuating global economy, the availability of raw materials, trade barriers, wars, other political events, the rise in global demand, natural catastrophes, and the erratic nature of currency exchange rates are all blamed for fluctuations in raw material costs. Additionally, a globally competitive market shows the high cost of quality inspection thus hampering the growth of the market.

Opportunity:

Increasing use of wearable technology

Numerous biometric indicators, such as heartbeat and body temperature, are tracked using wearable technology. A rising number of end users are adopting wearable technology at a quick rate because they want to utilize it to increase their physical fitness and general health. One in six individuals already own and use a wearable gadget, and this adoption trend is anticipated to increase over the next few years. The companies in the temperature sensor market may anticipate benefiting from the increased demand and rising health consciousness among consumers.

Threat:

Intense competition among manufacturers

Manufacturers of biomedical temperature sensors are taking advantage of cheap prices in order to gain a foothold in rising countries like China and India. Part of this might be attributed to the fierce rivalry between the increasing number of sensor manufacturers, which has sped up the development of new temperature sensors. The already-fragmented Temperature Sensor Market is put under even more strain due to the readily available technology, which also fuels fierce rivalry among producers.

Covid-19 Impact

The industrial and electronics sectors were severely impacted by COVID-19. Due to the closure of manufacturing and processing facilities and the disruption of the worldwide supply chains of raw material suppliers, nations in North America, the Middle East, and Asia suffered significant losses. The post-shutdown demand led to a rise in market income. Temperature sensors and portable health monitoring equipment are now in more demand thanks to COVID-19. For instance, to expedite COVID-19 screening, these sensors were combined with IOT connection.

The fiber optic sensors (FoS) segment is expected to be the largest during the forecast period

The fiber optic sensors (FoS) segment is estimated to have a lucrative growth, due to Future biomedical applications that include the simultaneous collection and analysis of samples for drug safety assessment may benefit from the use of fiber optic probes that undergo total internal reflection. Additionally, it aids in the detection of drug molecules, monitoring of effluent, and general pharmaceutical quality control of the final product. Physical, imaging, chemical, and biological kinds are the four basic subtypes of biomedical FOS. Imaging sensors include cutting-edge procedures like optical coherence tomography (OCT) and photoacoustic imaging, while physical sensors monitor a number of physiological factors including body temperature, blood pressure, and muscle displacement thus enhancing the growth of the market.

The resistance temperature detectors (RTDs) segment is expected to have the highest CAGR during the forecast period

The resistance temperature detectors (RTDs) segment is anticipated to witness the highest CAGR growth during the forecast period as RTD sensors provide several benefits such as high reproducibility, consistency, and accuracy that provides accurate measurement even in harsh settings Most reliable throughout time and steady over the long term A sensor called an RTD (Resistance Temperature Detector) varies in resistance as a function of temperature. As the sensor's temperature rises, the resistance rises as well. A passive device is an RTD. A platinum thin film device called the resistance temperature detector (RTD) is used to measure temperature. It is extremely repeatable, accurate, and stable thus propelling the growth of the market.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the increased demand for medical services in the United States. Medical sensor providers are concentrating on producing high-value equipment to meet the expanding demands. On the other hand, strict government regulations across the region and the expanding healthcare industry are anticipated to promote market expansion in this area. Additionally, the region's healthcare sector uses temperature sensors often for thermal dilution catheters, continuous biological cardiac output monitoring, etc. The market for temperature sensors is anticipated to expand at a healthy rate as a result of such developments in the region's healthcare sector and the inclusion of different types of temperature sensors in more goods.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to its technological leadership in the development of HVAC systems, wearable technology, and small systems with standalone sensors. Furthermore, the market is expected to rise moderately over the long term because to increasing awareness of the benefits of these sensors across a variety of industries, such as healthcare, oil & gas, and automotive. Additionally, the region's healthcare sector uses temperature sensors often for thermal dilution catheters, continuous biological cardiac output monitoring, etc. are driving the market.



Key players in the market

Some of the key players profiled in the Biomedical Temperature Sensors Market include Amphenol Advanced Sensors, TE Connectivity Ltd, Smiths Medical Inc., Minco Products Inc., Weed Instrument Co., Analog Devices Inc., Dwyer Instruments Inc., LumaSense Technologies Inc., Pyromation Inc., Texas Instruments Incorporated, NXP Semiconductors N.V., Medtronic, GE Healthcare, Analog Devices, Inc., Pinnacle Technology Inc., STMicroelectronics and Honeywell International

Key Developments:

In August 2023, TSMC, Bosch, Infineon, and NXP Establish Joint Venture to Bring Advanced Semiconductor Manufacturing to Europe. The planned joint venture will be 70% owned by TSMC, with Bosch, Infineon, and NXP each holding 10% equity stake, subject to regulatory approvals and other conditions.

In May 2023, NIO and NXP Collaborate on 4D Imaging Radar Deployment, The cars will be able to detect and classify objects such as other vehicles and vulnerable road users in high-way and complex urban scenarios and at distances of up to 300m, bringing more safety to the roads and driving comfort for end users.

In May 2023, Medtronic to acquire wearable insulin patch maker EOFlow, The addition of EOFlow, together with Medtronic's Meal Detection Technology™ algorithm and next-generation continuous glucose monitor (CGM), is expected to expand the company's ability to address the needs of more individuals with diabetes.

Types Covered:
• Fibre Optic Sensors
• Infrared Sensors
• Liquid Crystal Temperature Sensors
• Resistance Temperature Detectors (RTDs)
• Thermistors
• Thermocouples
• Other Types

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances