Selbyville, Delaware, Feb. 13, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on stethoscope market which estimates the global market valuation for stethoscope will cross US$ 520 million by 2026. Increase in number of people suffering from cardiac and pulmonary ailments along with technological advancements and growing healthcare expenditure. Also, growing old age population susceptible to chronic conditions will act as major driver for industry expansion.
The double head stethoscope segment held majority market share and was valued at around USD 220 million in 2019. The double head stethoscopes are known to be durable and efficient models. Also, they are cost-effective and often used in emergency situations by the medical professionals owing to quick and efficient diagnostic results. Thus, aforementioned characteristics of double head stethoscopes will augment the demand and adoption rate, thereby enhancing the market growth.
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Some of the stethoscopes market growth drivers are:
- Increase in number of cardiovascular and pulmonary diseases.
- Rise in adoption of stethoscope in telemedicine technology.
- Growing preference for electronic stethoscope.
- Recent technological advancements.
- Increase in average patient visits to physicians.
The electronic stethoscope segment is projected to grow at around 5.5% over the estimation period. The growth of the market is attributed to several advantages such as amplified sound output, ambient noise reduction, enhanced frequency range, record and replay capabilities, reduced time to get accurate reading and visual display.
The market demand for disposable or single use stethoscopes is projected to expand at a CAGR of 6% over the projection period. Increase in awareness among the medical professionals regarding prevention of disease transmission and cross contamination has resulted in growing adoption and demand for disposable stethoscopes. Some of the healthcare facilities issue patients with single use stethoscope and ban the staff from using their own. Hence, in order to avoid cross contamination and risk of disease transmission, the disposable stethoscopes will show rapid growth in the future.
The double tube stethoscopes market was valued at around USD 59 million in 2019. These types of stethoscopes help in measuring heart sounds and heartbeat irregularities with high frequencies, and lung sounds with low frequencies. Also, the medical professionals find the use of double tube stethoscope quite effective and ideal for listening irregularities in breathing. Hence, the above-mentioned applications of double stethoscope will augment the product demand, fueling the market growth.
Browse key industry insights spread across 930 pages with 2,214 market data tables & 22 figures & charts from the report, “Stethoscope Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/stethoscope-market
The stainless-steel stethoscopes segment is projected to grow at more than 4.5% over the estimation period. These types of stethoscopes are known to be highly durable along with good sound conductors. Also, stainless steel stethoscopes provide good sound quality and amplification as compared to other stethoscope materials.
The use of stethoscopes in ambulatory surgical centers was valued at around USD 78 million in 2019. According to the National Health Statistics, in U.S., annually around 47% of the surgical procedures are conducted in the ambulatory surgical centers. Increase in preference of patients towards outpatient procedures will result in augmenting the use of stethoscopes in ambulatory surgical centers.
Germany dominated the Europe stethoscope market share and was valued at around USD 26 million in 2019. Increase in number of physicians, healthcare facilities along with recent technological advancements in development of novel products will augment the industry growth in the country. Also, cardiovascular diseases are the leading cause of death, accounting for over 40% of the total deaths in the country annually. Hence, growing need and demand for proper and accurate early diagnosis will spur the market growth.
Some major findings of the stethoscope market report include:
- Rise in geriatric population prone to chronic disorders across the globe will positively impact the market growth.
- Technological advancement in manufacturing novel products will boost the market demand.
- A few notable companies operating in stethoscope market share include 3M, Eko Devices, American Diagnostic Company, Cardionics, GF Health Products, Invacare Supply Group, McCoy, and HEINE Optotechnik among others.
- Competitors are focusing on several strategic initiatives such as new product development, product innovations and new product launches in a bid to capture significant market share and strengthen their market position.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Stethoscope industry 360⁰ synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Design trends
2.1.4. Usability trends
2.1.5. Tube type trends
2.1.6. Material trends
2.1.7. End-use trends
2.1.8. Regional trends
Chapter 3. Stethoscope Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.3.2.1. High product cost
3.3.2.2. Lack of skilled healthcare professionals
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By design
3.4.3. By usability
3.4.4. By tube type
3.4.5. By material
3.4.6. By end-use
3.5. Regulatory landscape
3.5.1. U.S.
3.5.2. Europe
3.6. Porter’s analysis
3.7. Competitive landscape, 2018
3.7.1. Company matrix analysis, 2018
3.8. PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.