Stethoscope Market Size, Share, Demand, Key Players, Trends, Competitive and Regional Forecast To 2028
Stethoscope Market Highlights
The
stethoscope market is projected to reach USD 520 million by 2028 at CAGR of
5.2% during the forecast timeframe of 2021 to 2028.
The global Stethoscope market is currently dominated by
many market players. The key players in the market are involved in new product
launches and strategic partnerships to strengthen its market position. For
instance, in January 2018, M3DICINE Inc, announced the launch of Settee, the
world’s first AI-enabled stethoscope system. Also, in September 2015, kore
launched the first wireless stethoscope in Düsseldorf, Germany.
Numerous factors such as increasing incidence rate
of life-threatening diseases, increased spending on healthcare, and continuous
research and development in the diagnostic field are anticipated to fuel the
growth of the market. The technological improvements such as Bluetooth
connectivity with digital wireless hearing aids is expected to fuel the market
growth. Also, increasing research activities carried out by institutes, and
private organizations will push for the growth of the market. For instance, in
October 2018, researchers from Rochester Institute of Technology and University
of Rochester Medical Centre, US developed a new electronic stethoscope that
combines precision sensors, electrocardiogram technology, and machine learning
applications into one piece of equipment to better detect heart ailments and
problems that might occur with an implanted heart pump. However, poor
healthcare system and less access to health services in certain economies are
projected to curb the growth of stethoscope market.
Regional Analysis
The market in
the Americas is expected to dominate the global stethoscope market during the forecast
period owing to the increasing per capita
healthcare expenditure, heavy implementation of new technology in the region,
and increase in product innovation. The US is expected to hold the major share
in the market owing to increased technology adoption. For instance, in
March 2018, Neurologists from Stanford University, California, developed brain stethoscope target
that can translate the brain’s activity into sounds so that silent seizures can
be detected. Europe is expected to hold the second largest position in the
global stethoscope market. The market growth in this region is because of the
presence of a well-established healthcare system. The growth in the number of
medical personnel is also contributing to the growth in the region. Asia-Pacific
is estimated to be the fastest growing region in the market due to the rise in
the number of awareness programs. The market in the Middle East & Africa is
likely to account for the smallest share of the global stethoscope market report. The market growth in this
region owes to the low disposable income in the region.
Segmentation
The global
stethoscope market has been segmented into type, and end user. The market,
based on type, has been segmented into manual stethoscope and electronic
stethoscope. The market, by manual stethoscope, has been further segmented into
a Fetal stethoscope, and others. The market, by electronic stethoscope, has
been sub-segmented into Esophageal stethoscopes, Fetal heart rate detectors,
and others. The market, by end user, has been segmented into hospitals,
clinics, ambulatory surgical centres, and others. Hospitals are expected to
hold a major share in the end user segment owing to the increased incidences of
chronic diseases, as well as the rise in the patient visits. Clinics are
projected to be the fastest growing segment due to the ease of accessibility it
provides to the patients.
Stethoscope Market Players
the global
stethoscope market players are McCoy Medical, 3M, A&D Medical, Rudolf
Riester, American Diagnostic Corporation, Cardionics, Omron Corporation, GF
Health Products, Heine Optotechnik, Medline Industries, Smith’s Medical, and
Welch Allyn.
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