Stethoscope Market Size was valued at USD 0.5 billion in 2022. The Stethoscope market industry is projected to grow from USD0.521 Billion in 2023 to USD 0.724068201 billion by 2032, exhibitinga compound annual growth rate (CAGR) of 4.20% during the forecast period (2023 - 2032). An increasing number of patients experiencing various cardiac and increased spending on healthcare ongoing research and development arethe key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
A growing number of people suffering from several cardiovascular and pulmonary diseases will play a significant role in augmenting the stethoscope industry's growth in the future. Most cardiovascular diseases are associated with the type of sound the heart produces. Heart auscultation is a very important technique for the early diagnosis of cardiac dysfunction. The traditional auscultation method requires significant clinical experience and good listening skills. The advent of technologically advanced products has paved the way for accurate and immediate diagnosis. Hence, the factors mentioned above will augment the stethoscope market CAGR growth.
Additionally, an increase in the number of healthcare professionals and facilities across the globe will further augment the demand and adoption rate, propelling the market growth. The average number of physician visits by patients over 45 has grown significantly in the last few decades. Hence, increasing the number of patient visits to physicians ly will positively impact the market growth.
However, the high cost of some variants and the need for more skilled healthcare professionals will be one of the major market-impeding factors. Some of the technologically advanced variants are expensive and cannot be afforded by a few healthcare professionals. Also, a lack of skilled healthcare providers and insufficient knowledge about the high-end products will hamper the Stethoscope market revenue.
Based on type, the Stethoscope market segmentation includes manual and electronic stethoscopes. The electronic stethoscope segment dominated the market;the growth of this segment is attributed to the growing burden of chronic diseases, advancements in technology, and the launch of new products in the market.
Based on end users, the Stethoscope market segmentation includes hospitals and clinics. The hospital's segment dominated the market due to the growing number of patient admissions in hospitals for various medical illnesses & treatments, especially recently for COVID-19. In terms of the sheer volume of stethoscopes, hospitals are observed to be the largest consumers of related products and services. In addition, an increase in chronic illnesses that lead to a high hospitalization rate contributes to the rising demand for stethoscopes in this segment, which is projected to strengthen growth in the coming years.
Figure1 Stethoscope Market, by End User, 2022 & 2032 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Stethoscope market will dominate this market due to the surge in chronic diseases, such as cardiovascular and respiratory disorders, due to unhealthy lifestyles. A well-developed healthcare infrastructure will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2 STETHOSCOPE MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Stethoscope market accounts for the second-largest market share due to the rising incidence of cardiovascular diseases. Growing healthcare expenditure is further driving the market growth in this Region. Further, the German Stethoscope market held the largest market share, and the UK Stethoscope market was the fastest-growing market in the European Region.
The Asia-Pacific Stethoscope Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to their low-cost structure being high-impact rendering drivers of the market in this Region. Moreover, China’s Stethoscope market held the largest market share, and the Indian Stethoscope market was the fastest-growing market in the Asia-Pacific region.
Stethoscope ProductsKeyMarket Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Stethoscope market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Stethoscope industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Stethoscope industry to benefit clients and increase the market sector. In recent years, the Stethoscope industry has offered some of the most significant advantages to medicine. Major players in the Stethoscope market, including 3M, A&D Medical, American Diagnostic Corporation, Cardionics, GF Health Products, Heine Optotechnik, McCoy Medical, Medline Industries, Omron Corporation, Rudolf Riester, Smith's Medical, Welch Allyn, others, are attempting to increase market demand by investing in research and development operations.
Caregility is dedicated to connecting patients and clinicians everywhere with its Caregility Cloud™ virtual care platform. Designated as 2021, 2022, and 2023 Best in KLAS Virtual Care Platform (non-EMR), Caregility Cloud™ powers a purpose-built ecosystem of enterprise telehealth solutions across the care continuum. Caregiving provides secure, reliable, HIPAA-compliant audio and video communication for any device and clinical workflow in acute and ambulatory settings. Caregiving supports over 1,300 hospitals across dozens of health systems, with millions of virtual care sessions hosted annually. Caregility, a telehealth platform company, and Eko, the developer of stethoscopes for telehealth, signed an integration partnership. Caregility's cloud platform can connect with Eko's smart stethoscopes and software. This lets Caregility'siConsult app users perform high-quality auscultation (listening for heart, lung, and other body sounds) on patients during a virtual physical exam.
Sanolla presents a revolution in diagnostic medicine. Immediate diagnosis has never been this vital. Sanolla’s technology platform enables artificial intelligent powered detection and interpretation of previously inaccessible body infra-sounds, enhancing smart diagnosis at clinics, hospitals, POCs, and self-assessment and monitoring at home. Israeli startup Sanolla Ltd. received the United States Food and Drug Administration's 510(k) clearance for its smart-infrasound stethoscope Voqx. An artificial intelligence (AI)-based device is the first stethoscope cleared by the United States Food and Drug Administration to detect infrasound and audible information to identify clinical conditions.
Key Companies in the Stethoscope market include
Stethoscope Industry Developments
August 2022Â Caregility, a telehealth platform company, and Eko, the developer of stethoscopes for telehealth, signed an integration partnership. Caregility's cloud platform can connect with Eko's smart stethoscopes and software. This lets Caregility'siConsult app users perform high-quality auscultation (listening for heart, lung, and other body sounds) on patients during a virtual physical exam.
April 2022Â Israeli startup Sanolla Ltd. received the United States Food and Drug Administration's 510(k) clearance for its smart-infrasound stethoscope Voqx. An artificial intelligence (AI)-based device is the first stethoscope cleared by the United States Food and Drug Administration to detect infrasound and audible information to identify clinical conditions.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 0.5billion |
| Market Size 2023 | USD 0.521billion |
| Market Size2032 | USD 0.724068billion |
| Compound Annual Growth Rate (CAGR) | 4.20%(2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End User, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â 3M, A&D Medical, American Diagnostic Corporation, Cardionics, GF Health Products, Heine Optotechnik, McCoy Medical, Medline Industries, Omron Corporation, Rudolf Riester, Smith's Medical, and Welch Allyn |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | Rise in product innovation The heavy adoption of new technology increases the incidence rate of life-threatening diseases—increased spending on healthcare spending—ongoing research and development. |
Stethoscope Market Highlights:
Frequently Asked Questions (FAQ) :
The Stethoscope market size was valued at USD 0.5 Billion in 2022.
The market is projected to grow at a CAGR of 4.20%during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the market are3M, A&D Medical, American Diagnostic Corporation, Cardionics, GF Health Products, Heine Optotechnik, McCoy Medical, Medline Industries, Omron Corporation, and Rudolf Riester.
The Electronic Stethoscope category dominated the market in 2022.
Hospitals had the largest share of the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
