The global Stethoscope Market size is expected to value at USD 522.6 million by 2025. The market is subject to witness a substantial growth due to the increase in the prevalence of cardiovascular and pulmonary disorders, rise in personal healthcare expenditure, and recent technological advancements. Rise in adoption of the latest technologies such as Bluetooth and digital wireless that allows hearing aid wearers with the help of stethoscope and stethoscope android apps on smartphones, thus driving the growth of stethoscope industry in upcoming years. Globally, the stethoscope market is predicted to grow at CAGR of 4.7% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Rise in geriatric population across the globe has led to high-end demand for highly advanced stethoscope technology, particularly to perform detailed diagnosis of severe chronic health disorders. Chronic diseases are more prevalent among people above the age of sixty-five years due to weakened immune system. As per reports presented by World Health Organization (WHO), elderly population is expected to cross two billion by 2050, such factors prove critical for the growth of stethoscope industry in near future.
Additionally, the recent development of innovative technologies and increasing focus towards research & development of stethoscope by prominent industry players are some of the key factors responsible for market expansion, in recent years. Rising competition among market players and numerous governmental initiatives coupled with rise in the healthcare expenditure by developed economies is further strengthening market growth. Recent governmental initiatives undertaken by developing economies such as China and India to provide subsidies in the rural areas with the introduction of schemes like New Cooperative Medical Scheme are predicted to fasten the growth of stethoscope market over the forecast period.
With advent of wireless stethoscope, which is capable of connecting and amplifying sound signal twenty times, alongside removing excess of undesirable noise, are expected to boost sales of stethoscope in upcoming years. Stethoscope is categorized mainly into two types based on their work mechanism such as manual stethoscopes and electronic stethoscopes. Electronic stethoscope is widely popular among the two, due to increasing adoption in developed economies since last decade.
Electronic stethoscopes offer advantages such as superior digital sound broadcast capabilities, audio and video response, and storage capabilities. Additionally, growing adoption of the wireless electronic stethoscopes in tele-medicine is expected to influence demand of electronic stethoscopes, in upcoming years. Some of the additional advantages of the digital stethoscope include improved speed of operation, precision and flexibility, thus allowing easy diagnosis of various heart related conditions by amplifying heart and lung sound signal by forty times and generating & storing the digital files.
The stethoscope is termed as medical equipment that is commonly used for measuring, or listening to the internal sounds of heart and lung of an animal or human being. The stethoscope is commonly consists of a smaller disc shaped resonator, which is pressed around the chest area, with two tubes joined to earpieces. The stethoscope is used to listen to movements in intestines and blood flow in veins and blood vessel. The stethoscope helps to measure blood pressure along with a sphygmomanometer, thus fueling the market growth.
The stethoscope industry is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the adoption of latest technologies and existence of well-established healthcare infrastructure. Asia-Pacific region is predicted to hold major market share in the stethoscope market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with rise in older population in the region, increasing demand of stethoscope, rise in health expenditure, and significant investment by leading industry players considering potential opportunities in the region.
The key players in the stethoscope industry are 3M Company, Medline Industries Incorporations, Welch Allyn Incorporations, GF Health Products Incorporations, Rudolf Riester Co., American Diagnostic Co., Cardionics Incorporations, Heine Optotechnik Corporations, and Smiths Medical.
Type Outlook (Revenue, USD Million, 2014 - 2025)
• Manual Stethoscopes
• Electronic Stethoscopes
Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
Research Support Specialist, USA