Global Stethoscope Market - 2023-2030

Global Stethoscope Market - 2023-2030

Market Overview

The global stethoscope market size was valued at US$ YY million in 2022 and is estimated to reach US$ YY million by 2030, growing at a CAGR of 5.6% during the forecast period (2023-2030).

The stethoscope allows the amplification of internal body sounds from the heart, lungs, and bowls. Every internal organ sound has a “standard” frequency range that doctors listen to during patient checkups.

Market Dynamics

The rising geriatric population and related chronic diseases promote the global stethoscope market growth.

The growing geriatric population and age-related chronic diseases worldwide will fuel the market growth.

According to the National Council on Aging, Inc., around 80% of adults 65 and older have at least one condition, while 68% have two or more. A few of the most common conditions among older adults are Chronic obstructive pulmonary disease (COPD), Heart failure, chronic kidney disease (CKD), Ischemic heart disease (or coronary heart disease), Hypertension (high blood pressure), and others. The growing geriatric population and related chronic cases fuel the global stethoscope market growth during the forecast period. For instance, according to the United States Department of Economics and Social Affairs, about 727 million people aged 65 and over in 2020 are estimated to reach 1.5 billion by 2050. share of the population 65 and above globally is expected to be 16% by 2050. According to NIH, by 2030, the population of people aged 85 and over will rise rapidly.

Moreover, according to the American Lung Association, in 2020, 12.5 million people, or 5.0% of adults, reported a diagnosis of COPD (chronic obstructive pulmonary disease, chronic bronchitis, or emphysema. Rates were higher among those 65 and older compared to younger age groups. According to the 2022 heart disease and Stroke Statistics Update Fact Sheet from American Heart Association, Inc., CVD accounted for approximately 19.05 million global deaths in 2020. Thus, the above data indicate that the growing geriatric population and related chronic diseases will drive the growth of the worldwide stethoscope market during the forecasted period.

The high cost and dearth of skilled healthcare professionals will hamper the global Stethoscope market growth.

However, the high cost of some variants and the dearth of skilled healthcare professionals will be a market-restraining aspect. Some of the cutting-edge technology variants are costly, and a few healthcare professionals cannot afford them. Likewise, the shortage of professional healthcare providers and inadequate understanding of high-end products will hinder the industry's growth.

COVID-19 Impact Analysis

Because of the COVID-19 pandemic, the need for healthcare assistance is raised and since COVID-19 is a respiratory disease, expanding attention to the lungs and heart in therapeutic circumstances is vital. Again, tech-enabled healthcare answers are being pursued when this unique situation leads to different outcomes that are challenging to treat with existent practices. Wireless stethoscopes are essential to the worldwide technology boom for treating this unusual disease with minimal risk of transmission. Therefore, the increased need for healthcare assistance and pandemic-driven innovations in stethoscopes has positively impacted the global market.

Segment Analysis

The electronic stethoscope is predicted to grow at the fastest CAGR during the forecast period (2022-2029)

An electronic stethoscope electronically amplifies body sounds. Since the sound signals are transmitted electronically, they can be wireless, provide noise reduction and interfaced with computers, thereby can be further investigated and stored for future usefulness. Electronic stethoscopes are anticipated to boost at a high CAGR during the projection years owing to the new product developments and introductions into the market. According to For instance, in August 2021, Eko Devices, Inc. launched its DUO ECG + Digital Stethoscope. This two-in-one electronic stethoscope tracks electrical activity and can be integrated with hospital electronic health records. Similarly, in 2020, Thinklabs One introduced Safe Distance AuscultationTM, a technologically sophisticated digital stethoscope that allows healthcare experts to be safe during COVID-19. Likewise, in April 2020, Polish telemedicine innovations company StethoMe launched its artificial intelligence wireless stethoscope after its current collaborations with MaQuestionMedicale and HomeDoctor, prominent European telemedicine providers.

Similarly, in April 2022, the Centre for Development of Advanced Computing (C-DAC) based in Mohali designed a wireless electronic stethoscope that allows doctors from remote locations to diagnose patients' heartbeats. Again, in April 2022, Israeli startup Sanolla Ltd. received the United States Food and Drug Administration 510(k) clearance for its smart-infrasound stethoscope Vox. Thus, the abovementioned data indicates that the increasing product developments and introductions contribute to the growth of the electronic stethoscope segment in the forecasted period.

Geographical Analysis

The North American region dominates the global Stethoscope market.

The initiatives by various government and non-government organizations to raise awareness & understanding of cardiac and pulmonary diseases are fueling the North American stethoscope market growth at a high CAGR. For example, a national initiative called ""Million Hearts 2022"" is being followed to avert 1 million heart attacks within five years. It is a joint endeavor of the Centers for Disease Control and Prevention and the Centers for Medicare & Medicaid Services. Likewise, the National Heart, Lung, and Blood Institute has started a national campaign: Learn More, Breathe Better, to expand awareness & understanding of COPD and its risk factors. Additionally, this campaign supports earlier detection and treatment in slowing the disease and enhancing the quality of life.

Furthermore, different market developments in this region also contribute to the North American stethoscope market growth. For instance, in November 2021, eMurmur, a global healthcare technology partner, released the world's first open software platform for advanced digital auscultation (stethoscope technology), presently available in the United States. Similarly, in April 2022, Sanolla introduced the AI-ready VoqX infrasound stethoscope for clinical use in the United States. Again, in June 2021, HD Medical made its flagship product, HD Steth, available online through Stethoscope.com, one of the leading online stethoscope and medical product distributors in the United States.

Additionally, the growing number of hospital visits in North America ensures the hold of North America over the global stethoscope market. According to the CDC, about 83.4% of adults visited a healthcare professional in the U.S. in 2020. The number of visits in the U.S. was 860.4 million, and the percentage of visits made to primary care physicians was 51.2%. Therefore, the above data indicate that North America will dominate the global stethoscope market throughout the forecast period.

Competitive Landscape

The Stethoscope market is moderately competitive due to the presence of key local and global players. Some key players are Welch Allyn, 3M, American Diagnostic Corporation, EKuore, Dongjin Medical Co. Ltd, Cardionics, Eko Devices, Medline Industries Inc., Smiths Medical and GF Health Products Inc. The key players keep the majority of their market share to themselves through innovations, product launches, collaborations, acquisitions, and alliances. For instance, in October 2020, 3M and Eko formed a partnership to combine 3M’s Littmann stethoscope with Eko’s digital innovations.

3M

Overview:

3M is a leading manufacturer all over the world. It has a global presence and is headquartered in Saint Paul, Minnesota, the United States, which was founded on June 13, 1902. 3M deals with 60,000 various products under many brands; the product categories are adhesives, abrasives, laminates, passive fire protection, personal protective equipment, window films, paint protection films, dental and orthodontic products, electrical and electronic connecting and insulating materials, medical products, car-care products, electronic circuits, healthcare software and optical films.

Product Portfolio

The 3M product portfolio of Stethoscope has 3M Littmann CORE Digital Stethoscope: The 3M Littmann CORE Digital Stethoscope delivers up to 40x amplification (at peak frequency versus analog mode), active noise cancellation, in-app sound wave visualization and other powerful features developed to give a clearer picture of patient health.

The global stethoscope market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.