Digital thermometer business

Overview

Digital thermometer business

Overview

Our country has come far from making use of plant based remedies for skin to adapting to the modern face washes, from using incense sticks to adding air fresheners to their grocery list etc Not like these traditional practices weren’t effective but just not accurate

Which is what made the consumers get themselves rid of the habit of checking the body temperature with their hands and switch to those digital thermometers, just to be extra cautious when its comes to taking care of their close ones.

The use of these thermometers have been increasing now specifically because of the growing rate of chronic diseases, medical conditions, high prevalence of flus like malaria, dengue etc.

The global market for thermometers have been expected to reach $1.5 billion by the end of 2025.

In fact, these thermometers are required now more than ever because of the ongoing  COVID-19 pandemic, people strongly adhere to the phrase “ precaution is better than cure” by keeping their body temperatures in check and containing the spread of this virus

So, this is the best time to take up this business opportunity and here are the hows and whys of it

digital thermometer business

    I.        Market potential and uses

digital thermometer are temperature sensing instruments that are easily portable and show accurate results of the human body temperature with a digital display.

The sensors involves in this thermometer are RTD, thermocouple and thermistor.

The market potential for digital thermometers have been rising ever since its requirement has been of an immense volume in the healthcare, medical, household, hospitality sectors due to the increasing spread of diseases, flus and viruses so as to ensure a hygienic and safe work environment.

Further, the market potential of a digital thermometer business can be defined and elaborated on the following basis

On the basis of the uses of digital thermometer

·        To avoid the contamination and degradation of Food & beverages in the F&B industry

·        To be used for routine checkup among the older and infant population of households

·        To be used in hospitals, clinics, medical labs etc

·        To be used for a temperature check as to the outdoor environment

·        To be used by offices, manufacturing facilities to ensure a safe working environment

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On the basis of type of digital thermometers

·        Stem thermometers-                    used in cooking

·        Infrared thermometer-                HVAC, automotive, research and quality control

·        Dual laser thermometer-             HVAC, automotive, research and quality control

·        RTD thermometer-                        Food testing

·        Thermocouple thermometer-     Offices

·        Psychrometers-                             Saunas, spas, greenhouse

On the basis of product type

·        Fore hand

·        In-ear

·        Multipurpose

  II.        Licenses required

The licenses required to run this business are

·        Certification of DCGI

·        BIS certificate

·        ISI Mark

·        Trade license

·        GST registration

·        MSME registration

III.        Investment required

The investment required to run this digital thermometer business is

Content Amount  
·        Fixed capital investment  ₹ 6 lakhs  
·        Working capital investment  ₹ 4 lakhs  


IV.        
Profits made

One is likely to earn a profit of ₹ 3 lakhs per month for this digital thermometer business

 V.        Target consumers

The target consumers for this business are as follows

·        Restaurants, catering and cooking: The digital thermometers are used to check that the temperature of the food that it is cooked through, the temperature of boiling oil and or to ensure if the meal is cooked

·        Automotive industry: The infrared digital thermometers are used to monitor the vehicle heating and ventilation systems of the automobiles so that they meet the regulatory standards

·        Airports: The airports alone make use of these digital thermometers for the purpose of keeping the temperature of passengers and cabin crew in check on board because for oxygen level concerns

·        Commercial spaces: Like the organisations, offices, institutions etc also require digital thermometer for safeguarding the health of their employees and staff through regulatory health checkup

·        Manufacturing spaces: Like those of the factories, warehouses, storage etc also require digital thermometers for routine checkup of the workers, labours etc to ensure a healthy work environment

·        Healthcare facilities: The hospitals, clinics etc require digital thermometers to check on their patient’s temperature before coming to a diagnosis

·        Spas: These requires digital thermometers to monitor the humidity, air temperatures in a sauna so as to meet the moisture standards and maintain a constant temperature

·        Laboratories: The require digital thermometers for the purpose of monitoring the temperature of their samples

·        Greenhouses, horticulture: These make use of digital thermometers to monitor the air temperature, moisture level in order to go ahead with the cultivation, plantation processes

VI.        Area required

The area required to set up this Business is 300 sqft

VII.        Raw materials required

The raw materials required to run this digital thermometer making business are :

·        Glass

·        Scale

·        Black ink

·        Wax solution

·        Spirit filled liquid

·        Packing material

VIII.        Machinery required

The machinery required to set up this business is

·        Glass tube making machine

·        Hydrocarbon fluid/mercury dispenser machine

·        Bulb reservoir making machine

·        Room temperature setting machine

·        Packaging machine

IX.        Manpower required

The manpower required to set up this business is

·        3- skilled workers

·        2-unskilled workers

Moreover, ample training to these workers in terms of the following must also be provided with

·        Machine handling

·        Equipment usage

·        Safety and precautions

 X.        Business model and growth

The business model of a digital thermometer business can be defined using these four variants

     i.        Value proposition: The value which this business is likely to get to you is:

·        Wider target customer base

·        Consistent demand from healthcare sectors

   ii.        Target consumers: The target consumers for this business are

·        Greenhouses and horticulture

·        Automotive

·        Airports

·        Restaurants and catering

·        Manufacturing units

·        Commercial spaces

 iii.        Competitor review: The fe key competitors to you in the business are as follows

·        Omron thermometers

·        Dr. Morepen digiflex

·        Agaro digital thermometers

·        Hicks thermometers

 iv.        Marketing strategy: The marketing strategy that can be implemented by your digital thermometer business could be

·        Tie ups with first aid kits manufactures

·        Sample promotion to healthcare facilities

·        Articles, blogs etc justifying the accuracy and safety claim of your thermometers

·        Advertising on the online pharmacies like 1mg, pharmeasy etc

Growth

The digital thermometer business has the potential and has witnessed the following growth prospects

·        Firstly, the global digital thermometer market is expected to reach to a CAGR of 7.9% by 2025

·        With the ongoing pandemic the infrared, no-contact, digital thermometer market size is expected to increase by a CAGR of 15% by 2024

XI.        Profit margin

The profit margin which this digital thermometer business is likely to yield to you is

Content Amount  
·        Rate of return 27%  
·        Net profit ratio 14%  
·        Break even point 65%  


XII.        
Suggestions

We hope you are safe and sound, now let’s check the temperature of this business opportunity in your favour

·        Firstly, because of the increasing spread of chronic diseases and medical issues the demand for digital thermometers in healthcare and household sectors have been up and rising for a need of routine check up.

So, there’s one massive demand for this product

·        Secondly, the investment involved in this business is minimal but there are some quality and safety standards in manufacturing that are simple to be met with

·        Lastly, the sales turnover and profits from this business are huge.

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