Wilmington, Delaware, United States, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global stethoscope market is likely to expand at a CAGR of 5.5% from 2022 to 2032. People today are more willing to opt for physical examinations and undertake diagnoses with the inclination toward health and fitness. The rise in prevalence of multiple chronic diseases necessitates physical examinations at the nearest clinic or hospital. The increase in prevalence of respiratory and cardiovascular diseases, as well as people’s willingness to opt for pre-detection tests, is projected to increase the stethoscope market size during the forecast period.
Digital stethoscopes are becoming increasingly popular as healthcare organizations deploy virtual care and telemedicine technologies for assistance and remote patient monitoring at the time of the COVID-19 pandemic. The rise in cardiovascular and pulmonary disorders worldwide, coupled with the increase in healthcare expenditure and technological innovations are anticipated to help promote the stethoscopes industry growth during the forecast period.
According to TMR report, the global stethoscope market value stood at US$ 522.8 Mn in 2021 and is anticipated to reach US$ 992 Mn by the end of 2032. Rise in number of clinical setups in rural and emerging areas across the world is likely to help increase the overall stethoscope market share during the forecast period. Introduction of new products and significant contributions in research and development activities supported by multiple players in the stethoscope market as well as medical institutions are likely to help create new business opportunities for the global stethoscope market in the long run.
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Key Findings of Study
- Rise in Need for Periodic Medical Checkups for Geriatric Population to Propel Market Demand: The elderly population requires periodic health checkups as they are more prone to falling ill. The use of a stethoscope for checking the heart rate and blood pressure is projected to help promote the growth of this market during the forecast period.
- High Rate of Cardiovascular and Respiratory Diseases Projected to Help Attract Notable Market Revenues: Increase in prevalence of stroke and heart attack cases across the globe is expected to augment the need for therapeutic or surgical solutions. In both cases, a stethoscope is used to measure the patient’s heart rate. Thus, the increase in commonness of the aforementioned diseases is projected to help boost the overall stethoscope market progress in the next few years.
Key Drivers
- Rise in prevalence of cardiovascular diseases is projected to boost the global stethoscope market growth in the near future
- Increase in the number of physical examinations and medical checkups for early detection and prevention of chronic or acute diseases is likely to boost market demand during the forecast period
- Growth in the number of hospital setups is expected to augment the stethoscope market growth
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Regional Growth Dynamics
- North America emerged dominant in 2021. This can be ascribed to the presence of robust healthcare infrastructure and facilities in the region.
- Rise in geriatric population and increase in periodic medical checkups are projected to help the market in North America continue to dominate in the near future
- Increase in prevalence of chronic illnesses in Europe would help this region garner notable shares during the forecast period
Key Players
Key players in the global stethoscope market include Smiths Medical, Cardionics, Rudolf Riester GmbH, Welch Allyn, 3M, Heine Optotechnik GmbH & Co. KG, American Diagnostic Corp., GF Health Products, Inc., and Medline Industries, Inc.
Stethoscope Market Segmentation
Technology
- Electronic/Digital
- Smart Stethoscope
- Traditional Acoustic Stethoscope
Sales Channel
- Distributors
- E-commerce
- Direct purchase
End-use
- Home Healthcare
- Hospitals
- Standalone Clinics
- Nurse Practitioners
- EMT/ First Responders
- Veterinary
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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