The global Stethoscope market size is expected to be worth around US$ 693.3 million by 2030, according to a new report by Vision Research Reports.
The global Stethoscope market size was valued at US$ 500.7 million in 2020 and is anticipated to grow at a CAGR of 10.8% during forecast period 2020 to 2030.
Increasing cardiovascular and stethoscope market pulmonary diseases, as well as a surge in the aging population, are the major factors expected to drive the market. In addition, the adoption of technologically advanced medical devices such as Bluetooth integrated stethoscopes and various government initiatives are few more factors contributing to the growth of the market.
Growing prevalence of cardiovascular and respiratory disorders, and increasing geriatric population are driving the market. Increase in incidence of numerous cardiovascular and pulmonary diseases in several countries is anticipated to impact market growth over the forecast period. Stethoscope is widely used for heart auscultation (listening to the heart sound) during diagnosis of cardiac illness. It is also used to primarily examine the condition of phlegm in the respiratory tract.
In addition, the world population aged 60 years and above is expected to increase from 900 million in 2015 to 2 billion in 2050 from. This is expected to boost the market.
The traditional acoustic stethoscope segment dominated the market in 2020 with a revenue share of over 74.2%. On the basis of technology, the stethoscope market is segmented into electronic/digital stethoscopes, smart stethoscopes, and traditional acoustic stethoscopes. The smart stethoscopes segment is expected to grow at the highest CAGR of 6.8% during the forecast period. Electronic stethoscopes are likely to exhibit the fastest growth over the forecast period due to their enhanced digital sound transmission capabilities, visual & audio output as well as recording, and increasing usage of wireless electronic stethoscopes in telemedicine.
Sales Channel Insights
The three different channels analyzed in the study include distributors, e-commerce, and direct purchase. The distributors segment held the largest market share of 54.5% in 2020. Hospitals and clinics, usually, have long-term contracts and tie-ups with distributors & manufacturers.
Rising online and e-commerce accessibility of stethoscopes is likely to aid in market expansion. eHealth is a fast-growing part of e-commerce. Medical products sale through online networks is rapidly increasing, as it allows the end-users to compare and select suitable products based on their type, brand, price, and point of sales. For instance, Amazon, Walmart, Walgreens, CVS, and Stethoscope.com are some of the leading online providers that supply institutions, healthcare facilities, and other end-users with stethoscopes from a variety of suppliers.
The hospitals segment dominated the market with a revenue share of 40% in 2020 and is expected to grow at the highest CAGR during the forecast period. Stethoscopes are one of the most common part of medical equipment in every healthcare facility. Depending on the work, some physicians only need a basic stethoscope that can pick up heart, lung, and bowel sounds. Others, such as specialized in cardiology, require catching a greater range of frequencies, which is only audible with a more advanced device. Stethoscopes are widely used both in the medical field and at-home settings.
An increase in the cases of chronic illnesses that lead to a high rate of admissions in the urgent care and sudden outbreaks of life-threatening infectious diseases, including COVID-19, contribute to the high demand for stethoscopes for the urgent care unit segment. For instance, as per the CDC 2018 report, every year 130 million people visit the emergency department/urgent care unit in the U.S. Thus, the use of stethoscopes in the urgent care center segment is expected to increase over the forecast period.
North America dominated the global market in 2020 with a revenue share of over 33.3%. This can be attributed to the high adoption of new technology, presence of major players, and availability & introduction of technologically advanced products in this region. Asia Pacific is expected to be the fastest-growing regional market during the forecast period owing to the rising aging population, high product demand in emerging countries, increase in healthcare expenditure, and investments by market players in the region.
Europe accounted for the second-largest market share in 2020 and is expected to exhibit a significant growth rate over the forecast period. Europe is one of the most advanced regions globally with novel technologies and developed infrastructure, resulting in sophisticated healthcare facilities and patient care. The increasing prevalence of chronic disorders due to sedentary life styles and the introduction of technologically advanced products in the region have contributed to the market growth.
Sales Channel Outlook
The Stethoscope market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Stethoscope market for the base year 2020 and the forecast between 2020 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Stethoscope market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Stethoscope market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Stethoscope market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Stethoscope capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Stethoscope by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Stethoscope market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Stethoscope market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Stethoscope market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Stethoscope industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Stethoscope market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Stethoscope market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Stethoscope market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Stethoscope market. These factors have benefited the growth of the global market for Stethoscope. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Stethoscope. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Stethoscope are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Optical Imaging Systems Market (By Technology: Photoacoustic Tomography, Optical Coherence Tomography, Hyperspectral Imaging, Near-infrared Spectroscopy; By Product: Imaging Systems, Optical Imaging Software, Illumination Systems, Others; By Application: Pathological, Intraoperative; By End-use Outlook; By Therapeutic Area) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022 – 2030Read more...
U.S. Medical Device Outsourcing Market (By Service (Product Upgrade Services, Product Design & Development Services, Quality Assurance, Contract Manufacturing) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022 – 2030Read more...
Environmental Biotechnology Market (By Product: Microbial Blends, Nutrients, Enzymes, Microbes; By Application: Wastewater Treatment, Bioremediation, Other) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022 – 2030Read more...
Fitness Platforms For Disabled Market (By Type: Exercise & Weight Loss, Diet & Nutrition, Activity Tracking; By Platform: Android, iOS; By Device: Smartphones, Tablets, Wearable Devices) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Wound Care Market (By Product: Advanced Wound Dressing, Surgical Wound Care, Traditional Wound Care, Wound Therapy Device; By Active Wound Care: Biomaterials, Skin-substitutes; By Application: Chronic Wounds, Acute Wounds; By End-use: Hospitals, Specialty Clinics, Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...