Global Stethoscope Market to be dominated by Digital Stethoscope through 2027
Increasing prevalence of different diseases is expected to
drive Global Stethoscope Market in the forecast period, 2023-2027.
According to TechSci Research report, “Stethoscope Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”,
the global stethoscope market is
anticipated to grow at a steady rate in the forecast period, 2023-2027. This
can be ascribed to the growing adoption of digital stethoscopes. Digital
stethoscopes not just allow for sound amplification that leads to better
diagnosis but also transfers recorded data to computer systems which can
further be used to make a bigger picture of the apparent disease process.
Besides, flourishing healthcare industry along with innovations in healthcare
industry which aid in better diagnosis and treatment is expected to drive the
market growth through 2027.
Besides, sudden outbreak and spread of
pandemic COVID-19 has increased the demand for stethoscopes. COVID-19 is a
respiratory illness, listening to the lungs and heart attains paramount
importance in any clinical setting.
However, high
cost of modern stethoscope and unavailability of skilled medical workers who
can use them may hamper the global stethoscope market in the forecast period.
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The global stethoscope market can be segmented by type, by
distribution channel, by end user and by region.
Based on Distribution Channel, the global stethoscope
market can be segmented into Direct Sales, Distributors/Suppliers, online. The distributors/suppliers segment dominated
the market in 2021 on account of availability of wide range of products with
distributors. Also, healthcare service providers such as hospitals &
clinics, ambulatory care centers, etc. have long-term contracts and tie-ups
with distributors & manufacturers. While the online segment is expected to register
the highest growth in the forecast period. The
increasing easy availability of different stethoscope in online and e-commerce
site is expected to support segmental growth.
Based on end user, the global stethoscope market can be segmented into hospital &
clinics, ambulatory care centers, and others.
The hospital & clinics segment is dominated the market in 2022 and will maintain
its dominance throughout the forecast period. This can be attributed to the
growing number of patient admissions and outpatient visits in these facilities
suffering from various diseases and injuries.
Major companies operating in global stethoscope market are:
- 3M Company
- Heine Optotechnik GmbH &
Co. KG.
- Hill-Rom Holdings, Inc.
- Medline Industries Inc
- Eko Devices Inc.
- GF Health Products, Inc.
- Rudolf Riester GmbH (Halma
Plc)
- American Diagnostics
Corporation
- Contec Medical Systems Co.,
Ltd.
- Think Labs Medical LLC
Companies operating in the market are following
strategies such as mergers & acquisitions, new product launches, collaborations,
etc. in order to stay competitive and have an edge over other players operating
in the industry. For instance, in March 2021, Eko Devices, Inc. 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.
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“North America is
expected to dominate in the global stethoscope market during the forecast
period on account due to the increasing prevalence of chronic diseases like
cardiovascular diseases and respiratory disorder in the region. Besides,
increasing healthcare expenditure and flourishing healthcare industry in the
region is further expected to support the market growth in the region” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Stethoscope
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027 Segmented By Type (Electronic/Digital,
Smart, Traditional Acoustic, Others), By Distribution Channel (Direct Sales,
Distributors/Suppliers, Online), By End
User (Hospital & Clinics, Ambulatory Care Centers, Others) and
By Region”, has evaluated
the future growth potential of global stethoscope market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global stethoscope market.
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