Infrared thermometers are non-contact thermometers that allow for quick and easy temperature checks of objects or people from a safe distance. Some key advantages of infrared thermometers include contactless and hygienic measurement, fast reading times, easy operation with no need for direct contact. They have become essential medical devices during the ongoing COVID-19 pandemic for screening people with symptoms like fever.

The global Infrared Thermometer Market is estimated to be valued at US$ 16.13 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing demand for infrared thermometers due to the ongoing COVID-19 pandemic presents a major market opportunity for players in the infrared thermometer market. Symptoms of COVID-19 like fever are typically screened through temperature checks at airports, offices, schools and other public places using infrared thermometers for their non-contact mechanism. As the pandemic continues to impact public health globally, the demand for infrared thermometers is expected to remain high for mass temperature screening and improving safety protocols. Manufacturers can leverage this increased demand by ramping up production capacities and product varieties of Global Infrared Thermometer Market Size applicable for both healthcare as well as non-healthcare sectors in light of the pandemic situation. They can also focus on partnerships with organizations for bulk supply contracts to meet growing demand stemming from the pandemic.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as infrared thermometer market requires significant investments in R&D and manufacturing of products. The established brands have significant brand value, distribution channels and economies of scale. Bargaining power of buyers: The bargaining power of buyers is moderate as the products are commoditized with availability of substitutes. However, buyers prefer reputed brands for quality products at affordable prices. Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of multiple component suppliers and lower switching costs. Threat of new substitutes: The threat of substitutes is low as infrared thermometers have benefits over conventional thermometers. Competitive rivalry: The competitive rivalry is high among the key players to increase their market share through product differentiation, digital innovations and expansion into new regions.

SWOT Analysis

Strengths: Growing demand for remote monitoring of temperature, high accuracy and speed of results, growing acceptance in healthcare facilities.

Weaknesses: Higher costs compared to mercury thermometers, requires line of sight for measurement.

Opportunities: Scope for expanding applications in industries such as food, construction and manufacturing, growing adoption in developing countries.

Threats: Competition from mercury-free thermometers.

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