According to the latest industry report by Future Market Insights (FMI), the Global Stethoscope Hygiene Devices Industry is poised for substantial growth, with an estimated worth of approximately US$ 47.4 million in 2022. FMI Insights predicts a robust Compound Annual Growth Rate (CAGR) of 6.9% over the projected period, reaching an impressive valuation of US$ 91.4 million by 2032.
The surge in the market is attributed to the escalating demand for stethoscope hygiene equipment, primarily fueled by the increasing healthcare needs of the aging population. As the elderly seek primary diagnosis for a spectrum of chronic diseases, the demand for sophisticated stethoscopes has witnessed a significant upswing.
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According to the Centres for Disease Control and Prevention, people over the age of 65 are more likely to acquire serious health problems such as heart disease, the flu, chronic obstructive pulmonary disease, asthma, and other ailments.
According to the World Ageing 2019 report, there were around 703 million adults aged 65 years or older worldwide in 2019, with this figure anticipated to quadruple to 1.5 billion by 2050. This demographic transition is anticipated to increase stethoscope usage, which may raise the requirement for good stethoscope hygiene maintenance. This increase in demand may benefit the market for Stethoscope Hygiene Devices.
However, the market is now hampered by a lack of knowledge and experience in stethoscope disinfection. Increasing knowledge of good stethoscope hygiene could be a crucial area for development, as it can help maintain hygiene standards.
As the use of stethoscopes grows, so will the need for and production of Stethoscope Hygiene Devices, creating a profitable growth opportunity for the market.
Key Takeaways from Global Stethoscope Hygiene Devices Industry Study
- Desk-top Stethoscope Hygiene Device is the leading product segment, accounting for approximately 6% of the market value in 2021, owing to their broad availability and the restricted availability of wearable Stethoscope Hygiene Devices.
- Because UV is widely used for disinfection of all different kinds of things like surface disinfection, etc., as these rays are known for killing the microorganisms present on the contaminated object, the UV segment is set to lead in terms of technology of Stethoscope Hygiene Devices, with a market value share of around 3% in 2021.
- Hospitals will have the highest market share value of 6% in 2021. Because of the market’s number and diversity of healthcare experts, this segment has emerged as a market leader.
- South Asia is considered the one most lucrative region with growth at a CAGR of 6% at the end of the forecast period, owing to the presence of market-specific products from India that have been launched recently.
“Rising demand for stethoscope use due to increasing geriatric population, and rising rates of nosocomial infection proliferation, are set to propel the sales of Stethoscope Hygiene Devices across the globe,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Market Competition
There are only a few new and existing players operating in the Global Stethoscope Hygiene Devices Industry, which is highly concentrated. To capture that market, businesses are launching new products in various geographical locations.
- In 2020, Vioguard launched the Cubby Plus UV-C disinfecting chamber with applications at home as well as in healthcare facilities.
- On February 15, 2021, the Indian business Xech introduced the first stethoscope steriliser in the country, the Xech Sterostet, which sterilises stethoscope diaphragms of all sizes using specialised UV-C GI technology.
Key Companies Profiled
- LightProgress/egoHealth
- Xech
- Your First Services Inc.
- Vioguard
- Edmund Optics
- Parsons
- UV Smart
- Tangshan UMG Medical Instrument Co., Ltd.
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Key Market Segments Covered in Global Stethoscope Hygiene Devices Industry Research
By Product:
- Wearable
- Desk-Top
By Usage:
- UV
- Glass Plasma
By End User:
- Hospitals
- Clinics
- Academic & Research Institutions
- Ambulatory Care Centres
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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