The global Stethoscope market size is expected to be worth around US$ 950 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 11.3% during forecast period 2022 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.
The increasing incidences of cardiovascular & pulmonary diseases, along with the growing application of digital stethoscopes in the diagnosis of such chronic conditions, are expected to boost the adoption of these devices significantly during the forecast period.
In addition, the outbreak of the COVID-19 pandemic in the year 2020 significantly boosted the use of stethoscopes globally. Since COVID-19 is extremely infectious and a respiratory ailment, initial diagnosis by listening to the lungs and heart is of the utmost importance in any clinical setting. Thus, the market is expected to witness substantial and continuous growth even after the end of the pandemic.
The launch of several government initiatives, the introduction of new products, and the incorporation of new technologies by market players are expected to propel the market during the projection period. For instance, 3M has launched the ‘Single-Patient Stethoscope’ to overcome the issues faced while using disposable stethoscopes, such as inadequate audibility & discomfort for healthcare professionals. Also, the launch of digital/smart stethoscope that uses Artificial Intelligence (AI) to record and send recordings to physicians virtually allows them to maintain social distancing and reduce exposure to COVID-19.
In 2021, the traditional acoustic stethoscope segment dominated the market with a revenue share of 74.45%. A traditional acoustic stethoscope, in comparison to advanced stethoscopes, is relatively economical, simple to use, and widely available for use by paramedics & nurses.
In developing countries where sophisticated medical imaging penetration in rural areas is limited, this stethoscope plays an important role in the diagnosis of cardiac and pulmonary disorders. Moreover, digital/smart stethoscopes are not within the reach of every small healthcare facility and hospital in regions such as Sub-Saharan Africa. These factors are anticipated to boost the demand for traditional acoustic stethoscopes during the forecast period.
Based on technology, the market is segmented into electronic/digital stethoscopes, smart stethoscopes, and traditional acoustic stethoscopes. The smart stethoscopes segment is expected to expand at the highest CAGR of 6.9% from 2022 to 2030. A high patient volume suffering from cardiac and lung disorders, and the incorporation of smart technologies like AI into stethoscopes will upsurge the espousal of smart stethoscopes during the forecast period.
Moreover, continuous R&D investments to innovate and develop the latest smart stethoscopes are anticipated to boost market growth during the forecast period. For instance, Sonavi Labs, formed by John Hopkins University researchers, has designed an AI-powered creative and cutting-edge stethoscope. This latest stethoscope features smart noise-filtering technology that improves the sound level of chest readings. Such instances are contributing to market growth.
The introduction of new products, ongoing R&D by market players & universities, geographical expansion by key players, and several government initiatives are likely to boost the market during the forecast period. For instance, the Chinese government plans to expand insurance coverage by providing demand subsidies to the rural population through the introduction of a New Cooperative Medical Scheme to raise care costs for improved and rapid treatment.
Eko Devices, Inc., in March 2021, launched a new educational mobile app called Eko Academy for medical students and healthcare providers to strengthen their stethoscope skills and auscultation knowledge from home during the COVID-19 pandemic.
Sales Channel Insights
In 2021, the distributors segment dominated the market with a share of around 54.41%. Hospitals and clinics usually have long-term contracts and tie-ups with distributors & manufacturers. Key manufacturers in the market are adopting long-term contracts with end-users as a strategy to expand their reach and strengthen their foothold in the market. This is anticipated to boost the growth of this segment during the projection period.
Moreover, authorized dealers are backed by local warranties that cover repairs and replacement parts in the event of a defect. By partnering with a distributor, healthcare facilities may receive the product quickly and can also meet minimum order requirements & save on consignment and other delivery costs. This is anticipated to boost the growth of this segment during the assessment period. Based on the sales channel, the market is segmented into distributors, e-commerce, and direct purchase.
The e-commerce segment is expected to expand at the highest CAGR of 6.8% from 2022 to 2030. 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 product 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.
Additionally, these online stores also offer product warranty with product support, access to exclusive deals, and a return policy if any product does not meet the expectations of end-users. Thus, the easy availability of different stethoscopes on online platforms is expected to drive market growth in the coming years.
In 2021, the hospitals segment dominated the market with the largest share of 41% and is expected to advance at the highest CAGR of 6.2% from 2022 to 2030. This is due to the growing number of patient admissions in hospitals for various medical illnesses & treatments, especially recently for COVID-19.
In terms of the sheer volume of stethoscopes, hospitals are observed to be the largest consumers of related products and services. In addition, an increase in the number of chronic illnesses that lead to a high rate of hospitalization contributes to the rising demand for stethoscopes in this segment, which is projected to strengthen growth in the coming years.
Moreover, no other medical device has a longer life or usefulness than the stethoscope. It is used to listen to a patient's cardiac, respiratory, and intestinal sounds during physical examination & assessment. These devices not only simplify treatment procedures but also help provide better, faster, and more accurate results. Thus, such high usage of stethoscopes in hospitals may promote segment growth during the forecast period.
Additionally, the recent outbreak of the COVID- 19 pandemic is anticipated to further catalyze the demand for stethoscopes in hospitals. Thus, the abovementioned factors are expected to drive the hospital end-use segment. Based on end-use, the market is segmented into hospitals, home healthcare, clinics (individual clinics), nurse practitioners, EMT/first responders, and veterinary.
Stethoscopes are one of the most common parts 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 those specializing 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 in at-home settings.
North America dominated the global stethoscopes industry in 2021 with a share of 33%. The surge in chronic diseases, such as cardiovascular and respiratory disorders due to unhealthy lifestyles, coupled with the presence of well-developed healthcare infrastructure, are the key factors intensifying the market growth of stethoscopes.
As per the American Heart Association 2016, Heart Disease and Stroke Statistics—2019 update, almost 121.5 million adults had some form of cardiovascular disease from 2013 to 2016 in North America. Thus, the incidence of cardiovascular diseases is rising in the region, which is likely to boost the demand for stethoscopes. Furthermore, as per the CMS data, the U.S. health care expenditure grew 4.6% in 2019, reaching USD 3.8 trillion.
Moreover, according to the Canadian Institute for Health Information, in 2019, the total healthcare expenditure of Canada was USD 264 billion, representing an overall healthcare spending of 11.6% of the total GDP. Thus, growing healthcare expenditure is contributing further to driving the market growth in the North American region.
The Asia Pacific stethoscope market is anticipated to exhibit a lucrative growth rate of 6.5% during the forecast period. The presence of a large patient base is expected to offer noteworthy growth opportunities for the regional stethoscope segment. Moreover, large-scale R&D investments by key market players owing to their low-cost structure are also high-impact rendering drivers of the market in the Asia Pacific region.
Furthermore, in developing nations like India and China, several companies are trying to capture this opportunity by launching new & affordable products in the market. For instance, in April 2020, Ayu Devices, a start-up based at IIT Bombay's Society for Innovation and Entrepreneurship (SINE), designed AyuSynk, a digital stethoscope that enables doctors to listen to heart and lung sounds while maintaining a safe distance from patients.
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:
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