It is estimated that the global stethoscope market is expected to register a CAGR ~ 4.6% with an estimated market value of USD 332.1 million during the forecast period of 2019 to 2024.
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 Center, 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.
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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 Stethee, the world’s first AI-enabled stethoscope system. Also, in September 2015, eKuore launched the first wireless stethoscope in Düsseldorf, Germany.
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 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. The market growth in this region owes to the low disposable income in the region.
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 centers, 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.
Some of the key players in the global stethoscope market 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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