Wilmington, Delaware, United States, April 19, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, the global Stethoscope Market is anticipated to grow at a 6% CAGR from 2023 to 2033. A market valuation of US$ 991.6 million is anticipated by end of the forecast period.
The increasing cases of respiratory & cardiovascular diseases and rising elderly population are expected to drive market growth. The rising adoption of technologically superior products featuring Bluetooth connectivity with wireless hearing aids and stethoscope apps on smartphones is further fueling product sales.
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Moreover, the outbreak of COVID-19 has tremendously propelled the demand for modern digitized stethoscopes across the globe. Digital stethoscopes experienced a major upsurge in popularity during this period. In addition, the implementation and use of telemedicine & telehealth platforms, as well as wearable devices was on reaching new heights.
‘Thinklabs One’ is an electronic stethoscope that was recently developed to keep healthcare professionals safe during the pandemic. In the post-pandemic period as well, the demand for stethoscopes among the end-users is high among physicians, hospitals, and home care providers. This after-shock effect has triggered a sudden demand for stethoscopes. This is creating numerous opportunities for market expansion.
On the other hand, a rise in a number of initiatives and programs being carried out by governments of many countries to increase public awareness and treatment related to chronic disorders is further anticipated to fuel product demand.
Key Takeaways from the Market Report
- The global Stethoscope Market is expected to be worth US$ 587.4 million as of 2023.
- From 2023 to 2033, the market is expected to grow with a CAGR of 6%.
- By technology, the traditional acoustic stethoscope is projected to lead the market, exhibiting a 5.6% value CAGR during the forecast period.
- By end-use, the hospital segment is expected to hold a maximum share of 42.4% in 2023.
- As per TMR projections, the demand for stethoscopes in the United Kingdom is expected to grow at a 7% CAGR throughout the forecast period.
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Stethoscope Market: Growth Drivers & Trends
- A surge in geriatric population is fueling the demand and sales for advanced stethoscopes for the primary identification of various chronic health ailments. As per the Center for disease control (CDC), it has been noted that people above 65 years of age are at a higher risk of developing severe health problems like heart diseases, asthma, common cold & flu, chronic obstructive pulmonary disease, and other ailments.
- According to the World Ageing 2019 report, it was estimated that there were over 703 million people aged above 65 years of age, globally in 2019. This number is expected to double to around 1.5 billion by 2050. This is expected to be one of the most important growth-driving factors for the overall market.
- The growing prevalence of heart-related diseases and numerous respiratory illnesses like acute bronchitis, asthma, cystic fibrosis, and emphysema is further expected to fuel product sales. According to the World Health Organization, heart disease is one of the major causes of mortality in most countries, with over 17.9 million people dying each year due to cardiovascular diseases. Such a massive patient pool is expected to fuel the demand for stethoscopes in the coming years.
Stethoscope Market: Regional Analysis
- North America is expected to dominate the stethoscopes market by accumulating over 43.6% market share by end of the forecast period. Rise in chronic diseases, such as respiratory and cardiovascular disorders due to sedentary lifestyles is driving growth in this region. Furthermore, the presence of robust healthcare infrastructure is another key factor shaping product demand across the region.
- The United States dominated the regional market with the highest revenue share of 82.4% in 2022. It is anticipated to retain this trend in the forecast period as well.
- The market in Asia Pacific is expected to grow with a CAGR of 5.9% during the forecast period. Rising number of patients is expected to augment growth in the region. Moreover, large-scale research and development investments by key market players due to their low-cost structure are also expected to fuel growth in the region.
Stethoscope Market: Prominent Players
The global Stethoscope Market is characterized by the presence of numerous regional as well as global entities. Some key Stethoscope providers profiled by TMR include:
- 3M
- Medline Industries
- Welch Allyn
- GF Health Products, Inc.
- Rudolf Riester GmbH
- American Diagnostic Corp.
- Cardionics
- Heine Optotechnik GmbH & Co. KG
- Smith Medical
Prominent developments in the Stethoscope domain by key players are as follows:
- In August 2022, Caregility, a telehealth platform company, and Eko, the developer of stethoscopes for telehealth, reached to a collaborative partnership. The cloud platform will work by being connected with Eko's smart stethoscopes and software. This allows users of Caregility's iConsult app to perform high-quality auscultation (listening for lung, heart, and other body sounds) on patients during a digital physical exam.
- The 3M Littman CORE Digital Stethoscope won an honorable mention in the 2022 Fast company world changing ideas global awards competition’s health category.
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Stethoscope Market- Key Segments
By Technology
- Electronic/Digital
- Smart Stethoscope
- Traditional Acoustic Stethoscope
By Sales Channel
- Distributors
- E- Commerce
- Direct Purchase
By End-use
- Home healthcare
- Hospitals
- Standalone Clinics
- Nurse Practitioners
- EMT/First Responders
- Veterinary
By Region
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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