New York:, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Persistence Market Research, a market research and competitive intelligence provider, analyses the demand for Smart Stethoscopes Market is anticipated to increase at a CAGR of 7.5% over the period of 2023 to 2033. The global Smart Stethoscope Market is worth more than US$ 57.6 Million at present. The Global Smart Stethoscope Market is expected to reach valuation of a US$ 118 Million over the coming ten years.
Hospitals commanded significant revenue as well as a CAGR of nearly 8%, during the forecast period. The market through the hospital sector is predicted to grow at a swift pace as doctors can simply monitor or record a patient's lung and heart sounds using the smart stethoscope and then integrate them into the hospital's electronic health record systems if required.
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Traditional stethoscopes are being replaced with smart stethoscopes/electronic stethoscopes. Sound waves are converted into electronic impulses and amplified by smart stethoscopes for clear hearing. It is a simple, low-cost device that allows clinicians to get consistent clinical results. Smart stethoscopes are also becoming a popular option for home healthcare. These stethoscopes are used in the diagnosis of heart and lung disorders.
Smart stethoscopes, on the other hand, are more cost-effective, easy to use, and widely available for use by physicians and paramedical workers. This is a key aspect driving the worldwide smart stethoscope market forward.
Cardiovascular diseases are the leading cause of mortality worldwide, and early detection is critical for lifesaving. Stethoscopes, including smart stethoscopes, play an important role in the treatment of cardiac and pulmonary problems in emerging countries like India, where the use of contemporary medical imaging technology is restricted, especially in rural regions. This is another driver for market expansion.
In 2022, North America held a significant share of the global Smart Stethoscope Market. Government support for the healthcare sector's development, a high level of awareness about cardio as well as respiratory disorders prevalent in the region are the key drivers for market growth.
The market in Asia Pacific is projected to gain vast growth throughout the projection period due to the rising geriatric population, growing health awareness as well as increasing government initiatives in the healthcare sector.
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Competitive Analysis
Some of the key players in the Smart Stethoscope market are
- 3M
- Thinklabs
- HD Medical, Inc.
- Eko Devices, Inc.
- eKuore
- M3DICINE Pty Ltd.
- Sonavi Labs
- Steth IO
In October 2020, 3M and Eko partnered to integrate 3M's Littmann stethoscope with Eko's digital technologies.
More Valuable Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Smart Stethoscope market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
Smart Stethoscope Market Segmentations-
The study reveals essential insights -
- Smart Stethoscope Market by Application (Cardiovascular, Neonatal, Paediatric, Foetal, Teaching, and others),
- Smart Stethoscope Market by End-Use (Hospitals, Clinics and Ambulatory Surgical Centers)
- Smart Stethoscope Market by across key regions (North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa).
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