Global Weight Monitoring And Body Temperature Monitoring Devices And Equipment Market Research Report 2021 Analysis and Forecast 2030
Research Reports
Jan 10, 2021
Weight Monitoring And Body Temperature Monitoring Devices And Equipment Market:
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Executive Summary
The weight monitoring and body temperature monitoring devices and equipment market consists of sales of weight monitoring and body temperature monitoring devices and related services. Weight monitoring and body temperature monitoring devices and equipment are the most widely used patient monitoring devices.
The global weight monitoring and body temperature monitoring devices and equipment market is expected to grow from $2.6 billion in 2019 to $2.9 billion in 2020 at a compound annual growth rate (CAGR) of 14.7%. The growth can be contributed to the expanded use of certain remote monitoring devices such as temperature monitoring devices for patient monitoring during COVID-19 pandemic. FDA has given clearance to some of the noninvasive remote monitoring devices (including body temperature monitors, continuous glucose monitors) that are used to support patient monitoring, considering public health emergency, without prior submission of a premarket notification. The quick approvals and the use of temperature monitoring devices at hospitals, home and different locations where there is mass gathering, is certain to contribute to rapid growth of this market. The market is then expected to grow at a CAGR of 5.7% from 2021 and reach $3.6 billion in 2023.
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North America was the largest region in the weight monitoring and body temperature monitoring devices and equipment market in 2018.
The rising prevalence of obesity is one of the major drivers of the weight monitoring devices and equipment market. In 2016, according to the World Health Organization (WHO), 1.9 billion adults around the globe were diagnosed, over weight and also over 340 million children of 5 to 19 years across the globe were overweight. In order to curb the increase of obesity, weight monitoring devices can play a vital role by reminding the user to follow a certain diet or monitor the exercising habits of the individual. Thereby driving the demand for weight monitoring devices, thus driving the market growth.
Product recall acts as a restraint on the weight monitoring and body temperature monitoring devices and equipment market. For instance, in 2016, US Food and Drug Administration (FDA) has recalled many digital thermometers due to wrong calibration and incorrect display of body temperature. Also, thermometers manufactured by 3M company were recalled by FDA after a prolonged investigation due to incorrect display of body temperature. Similarly, in 2015, Bestmed LLC, a US-based company has called for a nationwide recall of a specific model of digital thermometer resulting in financial and reputation loss. Such high number of product recall hampers the market growth.
Use of wearables is a trend that is prevalent in the weight monitoring and body temperature monitoring devices and equipment market. Many companies such as Apple, Google and Samsung are investing in the research and development of wearables. The wearables have high end sensors attached to it which measures and monitors body temperature and weight. Various new products are being launched in the wearable’s category. For example, Blue Spark’s, Temp Traq is a wearable temperature monitor. Also, Fitbit’s wearable, tracks and monitors weight.
Stringent FDA regulations need to be followed in the weight monitoring and body temperature monitoring devices and equipment market. FDA has a set of good manufacturing practices designed for the monitoring of body temperature and weight monitoring devices. FDA monitors the safety and effectiveness of these devices. Part 880 of the FDA regulations pertains to general hospital and personal use devices; subpart C relates to personal use monitoring devices. Weight monitoring devices are classified by FDA as class I devices. The manufacturers are tasked with the thorough inspection, measuring and testing efficiency, and ensuring it meets the intended purposes. Once this is finished the manufacturer must calibrate the device according to a set of rules or limits to improve the precision and accuracy to the readings. After all this is completed the FDA will take their final call regarding the certification of the device.
Major players in the market are Philips Healthcare, Medtronic, GE healthcare, Abbott Laboratories and 3M.
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