Stethoscope Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Stethoscope Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

During the time frame of the forecast, the stethoscope market is expected to grow at a CAGR of 4.5%.

The impact of the COVID-19 outbreak on the market was substantial owing to growing infections and direct contact with the patients. However, the advantages of the stethoscope must be logically weighed against the risks, as COVID-19 sparked an era of enhanced infection control awareness. The use of the stethoscope was extensive among various medical specialists, such as nurses and respiratory therapists. For instance, an article published in Elsevier Public Health Emergency Collection in February 2021 reported that numerous studies have raised concerns regarding stethoscopes as potential infection vectors. The contamination of the stethoscope was significant even after a single physical exam of the patient. On the other hand, a touch-free stethoscope diaphragm dispenser might be a good fit for this requirement. Therefore, the launch of smart stethoscopes propelled market growth in the later phase of the pandemic. During the forecast period, the market is expected to grow because more people are getting chronic diseases and more technologically advanced products are coming out.

The growth of the studied market is also being affected by the increasing number of people with heart and lung diseases and the average number of visits to doctors.

According to the WHO's July 2022 update, cardiovascular diseases are the leading cause of death around the world. Some of these include diseases such as coronary heart disease, cerebrovascular disease, rheumatic heart disease, congenital heart disease, and others. The preliminary testing done by professionals in hospitals and diagnostic centers is increasing due to the increasing incidence of cardiovascular diseases. The high number of people with cardiovascular diseases and the complications that come with them are likely to increase the demand for stethoscopes. This will increase the market's size and growth over the next few years.

Furthermore, according to the Australian Institute of Health and Welfare's 2022 update, approximately 1.2 million Australians have one or more heart or vascular diseases in the current year.In September 2021, a national strategic action plan for heart disease and stroke prevention was created by the Heart Foundation and the Stroke Foundation with support from the Australian government. Heart disease and stroke research are supported by the Medical Research Future Fund and the National Health and Medical Research Council, which have provided USD 220 million over the next few years for the cardiovascular health mission. Such efforts are expected to lead to more heart checks and more people using stethoscopes to find any problems with the heart.

Additionally, the geriatric population is expected to have a significant impact on the market studied, as people over 65 are more susceptible to chronic diseases that will drive the demand for regular check-ups. According to the World Population Prospect, 2022, globally in 2022, there were 771 million people aged 65 or over, and the number is projected to reach 994 million by 2030 and 1.6 billion by 2050. Moreover, according to the CDC's February 2022 update, the percentage of adults who had a visit with a doctor or other health care professional in the United States was 83.4% in 2020. The number of visits in the United States was 860.4 million, and the percentage of visits made to primary care physicians was 51.2%. During the forecast period, the market is also expected to be driven by the rise in the average number of visits to doctors.

Furthermore, various strategies adopted by the key market players are anticipated to drive market growth over the forecast period. For instance, in June 2021, 3M and Eko collaborated to launch a stethoscope that combines 3M Littmann technology with advanced Eko digital innovations. The collaboration is expected to expand the offerings to various markets, which will augment market growth during the forecast period.

Therefore, owing to the aforementioned factors, such as the rising burden of cardiovascular and pulmonary diseases and new product launches, the studied market is anticipated to witness growth over the analysis period. However, the growing adoption of advanced preliminary testing devices may hamper the growth of the market.

Electronic stethoscopes convert the acoustic sound waves obtained through the chest piece into electrical signals, which can then be amplified for optimal listening. The converted electrical signals can also be digitalized for further processing and transmission. 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.

The strategic initiatives by key players, such as technological advancement, product launches, and approvals, are propelling the growth of the segment. Apart from it, various companies are awarded global awards for their innovative products. For instance, in May 2022, 3M Littmann reported that its CORE Digital stethoscope received honorable recognition in the health category of the global awards of the 2022 Fast Company World Changing Ideas. The award is expected to propel the demand for the stethoscope among medical professionals, thereby adding growth to the market.

Furthermore, in April 2022, the Centre for Development of Advanced Computing (C-DAC) based in Mohali developed a wireless electronic stethoscope that can be used by doctors from remote locations to diagnose the heartbeat of patients. Such launches of technologically advanced stethoscopes are expected to propel their utility and boost the segment's growth.

Thus, owing to the abovementioned factors, the market segment is expected to project growth over the forecast period.

North America is expected to have a big share of the stethoscope market because its population is getting older, the number of people with chronic diseases is going up, and there are more and more hospitals there.

The growing geriatric population in the region is also propelling the growth of the market. For instance, as per the Statistics Canada 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males and 3,796,750 were females. Since older people are more likely to get sick, health checks are now required. This has increased the need for stethoscopes in all healthcare settings.

Furthermore, various key strategies by the key market players, such as partnerships, mergers, and acquisitions, are expected to boost the market in the region. For instance, in April 2022, Sanolla launched the AI-ready VoqX infrasound stethoscope with the Food and Drug Administration (FDA) for clinical usage in the United States. In June 2021, HD Medical said that its best-selling product, HD Steth, can now be bought online through Stethoscope.com, which is one of the biggest online stores for stethoscopes and other medical products.HD Medical recently introduced Stethoscope.com as a key online distribution partner in the United States. The launches and easy availability of stethoscopes, along with the presence of well-established healthcare infrastructure, are also fueling the growth of the overall regional market to a large extent.

Thus, owing to the abovementioned factors, the growth of the studied market is anticipated in the North American region.

The Stethoscope Market is fragmented in nature due to the presence of many companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold market shares and are well known. Some key players are 3M, Baxter International (Hill-Rom), GF Health Products Inc., Medline Industries Inc., American Diagnostic Corporation, Rudolf Riester GmbH, Cardionics Inc., ICU Medical, Heine Optotechnik GmbH & Co. KG, Eko Devices, Meditech Equipment Co., Ltd., and Contec Medical Systems, among others.

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