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Stethoscopes Market

Stethoscopes Market

Stethoscopes Market Analysis By Product (Manual Stethoscopes, Mechanical Stethoscopes, Electronic Stethoscopes, Esophageal Stethoscopes, Fetal Stethoscopes, Fetal Heart Rate Detectors & Others) By End-Use – Global Market Insights 2022 to 2026

Stethoscopes Market
FACT7623MR
  • Aug-2022
  • List of Tables : 25
  • List of Figures : 132
  • 170 Pages
  • Healthcare

Stethoscopes Market Outlook (2022-2026)

Global stethoscope sales are currently valued at around US$ 431 million and are anticipated to increase at a CAGR of 4% to reach US$ 504 million by 2026.

Currently, the stethoscopes market holds around 22% share of the global cardiovascular monitoring and diagnostic equipment market.

Report Attributes

Details

Stethoscopes Market Size (2022E)

US$ 431 Million

Forecasted Market Value (2026F)

US$ 504 Million

Global Market Growth Rate (2022-2026)

4% CAGR

U.S. Market Value (2022)

US$ 115 Million

China Market Value (2026)

US$ 103 Million

Key Companies Profiled

  • 3M Company
  • American Diagnostic Corporation
  • Eko Devices Inc.
  • Welch Allyn, Inc.
  • Think Labs Medical LLC
  • Meditech Equipment Co., Ltd.
  • Contec Medical Systems
  • Cardionics, Inc. (3B Scientific GmbH)
  • A&D Medical
  • GF Health Products, Inc.
  • Rudolf Riester GmbH
  • Rijuven Corporation
  • eKuore

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Stethoscopes Statistics Analysis (2017-2021) Vs. Market Forecasts (2022-2026)

An open-source medical device used for auscultation that is created via 3D printing is a stethoscope. Nowadays, stethoscopes are available in both forms - wired stethoscopes and wireless stethoscopes.

An acoustic medical tool called an acoustic stethoscope is used for auscultation, or for hearing an animal's or individual’s internal sounds. Stethoscopes can be employed to listen to blood flow in arteries and veins as well as heart, lung, and gastrointestinal noises. It is often used in conjunction with a manual sphygmomanometer to monitor blood pressure.

The symbol of medical personnel is the stethoscope. Healthcare workers are frequently depicted or seen wearing stethoscopes around their necks. Acoustic stethoscopes operate by sending sound from the chest piece through hollow tubes filled with air to the listener's ears.

Also, the global smart stethoscopes market has dramatically expanded after the COVID-19 pandemic in 2020. The novelty and appeal of digital stethoscopes significantly increased during the pandemic. To reduce the risk of cross-contamination, several healthcare facilities have implemented and started using wearable gadgets as well as telemedicine and telehealth platforms as part of current standards of care.

  • For instance, an electronic stethoscope by Thinklabs One was recently introduced to protect medical personnel during the pandemic. To identify whether the lungs are infected with the COVID-19 virus or not, auscultation of the lungs is typically the initial procedure.

As a result, there has been an increase in demand for stethoscopes among end users, including physicians, hospitals, and home care providers. Stethoscope sales have suddenly increased as a result, offering market participants a variety of opportunities.

Furthermore, it is anticipated that the market would expand during the forecast period due to the rising number of initiatives and programs being implemented by respective governments of various countries to increase public awareness and treatment related to chronic illnesses.

  • For instance, the goal of the 'Million Hearts 2022' national campaign is observed to stop 1 million heart attacks in the next five years. It is a joint endeavor between the Centers for Disease Control and Prevention (CDC) and Medicare & Medicaid Services (CMS).

Expanding at a CAGR of 4%, the global stethoscopes market is projected to reach US$ 504 million by 2026, says Fact.MR, a market research and competitive intelligence provider.

Stethoscopes market forecast by Fact.MR

Which Market Trends are Positively Influencing Sales of Stethoscopes?

“Rising Cases of Cardiovascular & Pulmonary Disorders Driving Stethoscope Demand”

The number of people with various cardiovascular and pulmonary problems is increasing, which will have a big impact on the quick growth of the stethoscopes market in the coming years. The type of sound the heart makes is related to the majority of cardiovascular illnesses.

An effective method for identifying cardiac dysfunction earlier is heart auscultation. The traditional auscultation technique demands a high level of listening skills in addition to years of clinical experience.

The introduction of goods with increased technology has opened the door for accurate and quick diagnoses. Therefore, the aforementioned elements will support the growth of the stethoscopes market.

“Latest Innovation in Stethoscopes Pushing Revenue Share of Stethoscope Suppliers”

Because a majority of illnesses require early identification to provide prompt treatment, modern electrical or digital stethoscopes have emerged as the preferred option among healthcare professionals. The digitization of the medical sector is having a huge impact on the medical stethoscopes market.

To deliver top-notch diagnosis services, the key end users, including hospitals, home care providers, and doctors, have simultaneously opted for more cutting-edge equipment over conventional ones.

  • Major stethoscope industry participants such as 3M and Welch Allyn have made a lot of improvements and launched new kinds of stethoscopes.

“Advanced Digitization & Rising Cases of Chronic Diseases Driving (Electronic) Digital Stethoscope Market Growth”

The electronic stethoscopes segment currently holds around 16% share of the global stethoscope market.

The use of an electronic (digital) stethoscope in the diagnosis of several severe chronic illnesses is anticipated to stimulate electronic stethoscope market expansion.

One of the most prevalent chronic disorders that can be accurately diagnosed with stethoscopes is cardiovascular disease (CVD). Cardiovascular disease is the major cause of death in several nations throughout the world.

Early illness identification and fast medical attention will hence increase demand for stethoscopes.

“Rising Health Issues in Senior Population Driving Demand for Digital Diagnosis Tools”

As the elderly (senior) population rate is increasing rapidly, the need for improved medical facilities and health concerns is rising; the stethoscope market growth is expected to rise likewise. The elderly require earlier screening and treatment since they are more prone to cardiovascular and respiratory conditions.

People over the age of 45 now visit doctors on average more frequently than they did just a few years ago. As a result, an increase in patient visits to doctors across the globe will spur market expansion.

In the care of the elderly, the use of digital diagnostic instruments, such as electrical and digital stethoscopes, is rising. Because of this, market demand from the primary end customers is rapidly growing.

An Adaptive Approach to Modern-day Research Needs

What Challenges are Expected to Impede Revenue Growth of Manufacturers of Stethoscopes?

“High Cost of Advanced Stethoscopes & Lack of Skilled Medical Workers May Hinder Sales of Stethoscopes”

A few significant obstacles prevent market expansion. Stethoscopes, for instance, could cost more due to the costs of their cutting-edge features. Costs for healthcare could go up as a result of this.

Sales of digital stethoscopes may be hindered since a sizable percentage of the world's healthcare sector (especially developing nations) is still unable to buy significantly enhanced diagnostic tools because of their expensive price.

Simultaneously, a deterrent to the market is a lack of knowledge regarding how to use digital diagnostic tools. Therefore, a shortage of qualified healthcare personnel could also slow the expansion of the market.

Which Regional Markets are Lucrative for Manufacturers of Stethoscopes?

“North America to Exhibit High Demand for Traditional Acoustic Stethoscopes & Amplifying Stethoscopes”

The market for stethoscopes is dominated by North America due to the region's high availability of cutting-edge products, a big producer base, and advancements in technology. Demand for acoustic and amplifying stethoscopes in the North American region is anticipated to remain high.

In addition, the availability of cutting-edge healthcare infrastructure will support North America market growth. The North America stethoscopes market is predicted to expand at a robust CAGR over the next 4 years, according to the study by Fact.MR.

Due to the introduction of innovative technologies and progressive government regulations in the Europe region, the market is expected to expand at a faster pace between 2022 and 2026. The number of medical professionals has significantly increased over the past few years, and this trend is anticipated to continue over the projection period, leading to a large growth in stethoscope sales.

The healthcare sector in East Asia has been expanding quickly. The sales of stethoscopes in this region have been facilitated by numerous government programs aimed at enhancing healthcare.

According to Fact.MR, the East Asia market is anticipated to expand steadily during the forecast period. Demand for stethoscopes from Japan, China, and South Korea will give the market significant impetus over the next years.

Country-wise Analysis

What is Supporting Stethoscopes Market Growth in the United States?

“Adoption of Digital Stethoscopes Rising in U.S. On Back of Rapid Digital Revolution”

Demand for digital stethoscopes in the United States is probably going to expand due to the quick adoption of technologically advanced medical equipment and rising investments in the healthcare industry.

The market will expand as a result of the increased use of digital medical devices in the U.S. and rising per capita healthcare spending. To take advantage of the rising demand for digitized electronic stethoscopes, major market participants are providing distinctive goods.

  • For instance, the world’s first open software platform for improved digital auscultation (stethoscope technology) was made available in the United States in November 2021 by eMurmur, a worldwide healthcare technology partner.

Hardware and telehealth providers across the United States now have access to more heart, lung, and bowel health exams because of this product.

What Makes India a Lucrative Market for Electronic Stethoscopes?

“Improved Healthcare Infrastructure Driving Sales of Electronic Stethoscopes”

Supported by government funding and technology developments, the Indian healthcare sector is expected to prosper through 2022 and beyond. To combat the illness, the Indian government has upgraded its healthcare system in response to the onset of the rare COVID-19 pandemic.

These developments in medical technology have increased the demand for electronic stethoscopes. Furthermore, the use of wireless technology in these stethoscopes is providing India with enormous business potential.

As a result of increasing urbanization and increased health awareness, the use of electronic stethoscopes has increased in many Indian states. Healthcare professionals are embracing electronic stethoscopes despite their high cost to increase productivity and deliver better care. Thus, the market for stethoscopes in India is anticipated to expand at a significant pace.

Category-wise Analysis

Which End User Will Account for Higher Sales of Stethoscopes Going Forward?

“Rapidly Rising Demand for Stethoscopes from Physicians’”

Based on end users, physicians' offices and hospitals, among other segments, hold the largest market share. During the forecast period, it is projected that physicians' offices would hold a sizable share of the global stethoscopes market. This is due to the high number of patient visits.

Stethoscopes are one of the most often found items of medical equipment in any healthcare facility. Depending on their role, some medical professionals only need a manual stethoscope that can pick up bowel, lung, and heart sounds.

Others, such as cardiologists, require the ability to hear a wider spectrum of frequencies, which can only be achieved with a more advanced stethoscope. Stethoscopes are widely used in the healthcare profession and in-home care settings.

Stethoscope demand is rising in the home care settings segment as a result of an increase in chronic conditions that lead to a high rate of emergency room admissions and unexpected outbreaks of infectious diseases with a high mortality rate, such as COVID-19.

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Competitive Landscape

Manufacturers of stethoscopes are being compelled by the widespread usage of telemedicine to create cutting-edge products to increase sales. However, due to high production costs, key market corporations are unable to participate in developing economies.

Small and medium-sized businesses in the stethoscopes industry are taking advantage of this development by utilizing their cost-effective product portfolios. To diversify their product lines, some of the top companies in the stethoscopes industry are concentrating on creating cutting-edge digital stethoscopes.

  • New instructional mobile software named Eko Academy was introduced by Eko Devices, Inc. in March 2021 for medical students and healthcare professionals to improve their stethoscope proficiency and auscultation knowledge at home during the COVID-19 pandemic.
  • Eko Devices, Inc. announced in May 2021 that the AI system in its smart stethoscope for detecting heart murmurs is accurate and dependable, performing on par with a cardiologist.

Key Segments in Stethoscopes Industry Research

  • By Product :

    • Manual Stethoscopes
    • Mechanical Stethoscopes
    • Electronic Stethoscopes
    • Esophageal Stethoscopes
    • Fetal Stethoscopes
    • Fetal Heart Rate Detectors
    • Others
  • By End Use :

    • Physicians' Offices
    • Home Care Settings
    • Hospitals
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

North America continues to be the most profitable market for stethoscope producers.
Among the end users, physicians' offices provide a profitable outlook for stethoscope manufacturers.
Worldwide sales of stethoscopes are estimated to increase at 4% CAGR from 2022-2026.
The global stethoscopes market is currently valued at US$ 431 million.
By 2026, global stethoscope demand is anticipated to reach US$ 504 million.

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