In the past decade the global digitization has brought major changes in the stethoscope market. The increase in population, increase in health concerns, and willingness to spend on advanced healthcare has been enabling growth in the stethoscope market. According to Future Market Insights (FMI), the market is forecast to rise at 5.2% CAGR during the forecast period (2020-2030).
Recently, the unprecedented outbreak of COVID-19 has augmented growth in the market. The rising incidence of cardio-vascular and respiratory diseases has made early detection of ailments necessary. This is further expected to fuel the demand for digitized stethoscopes.
As the rising demand for the medical diagnosis tools persists, the market will witness launch of newer models. Also, the improving ecommerce and online availability of stethoscope in semi-regulated markets such as Africa, China, and will aid the expansion. For instance, South Africa based physician can fulfil the requirement of Littman® stethoscope by ordering from U. S.
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Stethoscopes are often considered a physician’s third hand and the current digital advancements have ensured better performance.
The key market players such as American Diagnostic Corporation, 3M Company, Eco Devices Inc. and others are investing heavily to offer digitization of various medical tools. They are focusing on technological advancements also gain competitive advantage in the global market. The leading companies have started developing electronic stethoscopes in order to detect critical cardiovascular conditions much earlier than the normal stethoscopes can.
The FMI report offers in-depth research and analysis of the global stethoscope market, its potential and growth scopes during the forecast period (2020-2030).
Some of the key takeaways from the report are as given below-
- The global stethoscope market is set to grow by 5.2% CAGR during the forecast period (2020-2030).
- Cardiovascular (CVS) disease being the main area of focus for the application of stethoscope in the medical sector, is to remain in the top factors for the increase in market demand
- By product acoustic stethoscope will keep leading the global market throughout the forecast period (2020-2030)
- Physician office, home care settings, hospitals and others to remain the top end-users catering to the market growth throughout the forecast period. Of these, demand from hospitals is set to be higher
- Region-wise North America and Latin America to lead the global market. Europe, South & East Asia, Oceania and MEA to sustain as other region-wise key players.
“Development of modern digitized and innovative stethoscopes and rising healthcare practices due to the recent COVID-19 pandemic are anticipated to further catalyse the global stethoscope market growth in the upcoming years” says an FMI analyst.
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Rising Focus on Health and Wellbeing Boosting Growth
As people are getting more conscious about their health and well-being, the digitized sectors like stethoscope market is anticipated to expand further during the forecast period, reaching US$ ~ 914 Mn by the end of the year 2030. The recent COVID-19 pandemic has even accelerated the growth of medical diagnosis which is resulting in the steady market growth over the years in future.
Currently the global stethoscope market holds unlimited opportunities for the global market players and so, the dominant market holders have already started adopting various digitized tools and procedure to remain in the top places. For instance, the digital Eko CORE has brought their advanced algorithms which can automatically screen patients and is capable of providing up to 40x amplification of acoustic sound along with advanced noise elimination technology, as well as the modern flexible feature of switching between digital and acoustic modes.
COVID-19 Impact Analysis
Due the outbreak of novel coronavirus during the recent time, the demand of modern digitized stethoscopes has increased across the countries. The pandemic has created more awareness among the people as well as there is surge in the need of getting diagnosed earlier than the other times.
These altogether have increased the global stethoscope market demand among the top end-users, starting from physicians to hospitals or home care providers. As the increased concern regarding health, especially heart and lungs related issues tends to sustain, the COVID-19 impact on the global stethoscope market will be long-lasting, opening endless opportunities to the market players during the forecast period.
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Who is winning?
The global stethoscope market being emerged as a highly potential domain for the market dominating companies, the key market holders are evolving by adoption of various modern technologies. The leading Companies like, Think Labs Medical LLC, Rudolf Riester GmbH, Meditech Equipment Co., Ltd. and others have started their research and release of various brand-new products to expand further throughout the forecast period (2020-2030).