Stethoscope Market Forecast 2023 - 2030

Report ID : CBI_1267 |  Category : Medical Devices   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Type Electronic Stethoscope, Acoustic Stethoscopes
By Design Single Head, Double Head
By Tube Type Single Tube, Double Tube
By End User Hospitals and Clinics, Ambulatory Surgical Centers, Diagnostic Centers, Others
By Sales Channel Online, Offline
By Region North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 5.9%
Forecast Year: 2023 - 2030
Revenue 2022: $583.05 Mn
Revenue 2030: $916.33 Mn

Stethoscope Market Forecast 2023 - 2030

Market Overview :

Consegic Business Intelligence analyzes that the Stethoscope market is growing with a healthy CAGR of 5.9% during the forecast period (2023-2030), and the market is projected to be valued at USD 916.33 Million by 2030 from USD 583.05 Million in 2022.

Market Definition :

The Stethoscope is a medical device used by healthcare professionals to listen to internal sounds of the human body, especially the heart, lungs, and other organs. It consists of a chest piece, which contains one or two acoustic sensors (diaphragm and bell) connected to the hollow tube that transmits sound to doctors. A stethoscope is an essential tool for auscultation, allowing healthcare professionals to access and diagnose various medical conditions, including cardiovascular and respiratory disorders. They are widely used in hospitals, clinics, ambulatory care, and home healthcare. Moreover, stethoscopes are commercilized in various types such as acoustic and electronic, each offering different features and capabilities.

Stethoscope Market :

Stethoscope Market

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Market Dynamics :

Stethoscope Market Dynamics

Drivers :

  • The increasing incidence of cardiovascular and respiratory diseases is accelerating the demand for stethoscopes.

    Stethoscopes play a crucial role in the diagnosis and monitoring of cardiovascular conditions. Cardiovascular diseases including heart attacks, heart failures, and arrhythmias are leading causes of morbidity and mortality worldwide. Healthcare professionals use stethoscopes to auscultate heart sounds, detect abnormalities such as murmurs or irregular rhythms, and access overall cardiac functions. Accurate and timely diagnosis is essential for effective management and treatment of cardiovascular disease. For instance, according to the American Heart Association (AHA), the proportion of worldwide deaths from cardiovascular disease is projected to increase from 28.9% in 1990 to 36.3% in 2020.

    Hence, the increasing prevalence of cardiovascular diseases is boosting the demand for stethoscopes to ensure accurate clinical examination of treatment. This prominent factor is boosting the market growth.

  • Growing preference for electronic stethoscopes driving the market growth.

    Most disorders require early and accurate detection for further treatment. Modern electrical or electronic stethoscopes have become the preferred choice among healthcare providers. A physician needs to appreciate cardiac and pulmonary sounds in patients to accurately formulate a diagnosis. A stethoscope provides clinical information that can assist in diagnosing, altering, and directing patient care.

    An electronic stethoscope can convert an acoustic sound to electronic signals, which can be further amplified for optimal listening. These electronic signals can be further processed and digitalized to transmit to a personal computer or a laptop. The diagnostic power provided by an electronic stethoscope auscultation to a physician can assist in altering management in patient care. The physician can now hear heart and lung sounds with more accuracy and precision. Through this advancement, there is now potential to auscultate for obstructive coronary artery disease, other bruits, and obstructive vascular diseases such as carotid artery stenosis and examine multiple frequencies that may comprise pulmonary auscultation.

    Furthermore, the adoption of electrical stethoscopes in clinical examinations has drastically impacted patient care by appreciating disease processes earlier and preventing fatal outcomes. This, in turn, is driving the market growth.

Restraint :

  • The high cost of advanced stethoscope models restraining the market growth.

    The high cost of these advanced stethoscope models is likely to act as a restraint, particularly in regions with limited healthcare budgets or in a cost-sensitive market. Furthermore, electronic stethoscopes are expensive with prices greater than USD 350, which limits their use in low-resource settings. Hence, the high cost of technologically advanced stethoscopes is posing a major bottleneck for market growth.

Opportunities :

  • Technological advancement in stethoscopes will create significant opportunities in the coming year.

    Technological advancement presents a significant opportunity for the stethoscope market in the coming year. As technology continues to evolve, there is immense potential for further innovation and improvement in stethoscope design and functionality. Advanced features such as digital sound amplification, wireless connectivity, and integration with digital health platforms can enhance the diagnostic capabilities and usability of the stethoscope. Such advanced feature based stethoscope allows for more accurate and efficient diagnosis of cardiovascular conditions. Furthermore, with the increasing demand for advanced diagnostic tools, the stethoscope market is poised to benefit from these technological opportunities.

    The key players dealing in medical device products are substantially investing in the technological innovations of advanced stethoscopes, which provide healthcare professionals with more efficient, accurate, and connected solutions for auscultation and patient care. Henceforth, the launch of new products with upgraded technology will create a potential opportunity for the expansion of the stethoscope market in the upcoming years. For instance, In May 2021, Eko's smart stethoscope with an AI algorithm for detecting heart murmurs was approved as accurate and dependable, with performance comparable to that of a cardiologist. For this reason, technological advancement in stethoscopes will boost the market demand in the forecast year.

 

Stethoscope Market Report Coverage :

Report Attributes Report Details
Study Timeline 2017-2030
Market Size in 2030 USD 916.33 Million
CAGR (2023-2030) 5.9%
By Type Electronic Stethoscope, Acoustic Stethoscopes
By Design Single Head, Double Head
By Tube Type Single Tube, Double Tube
By End User Hospitals and Clinics, Ambulatory Surgical Centers, Diagnostic Centers, Others
By Sales Channel Online, Offline
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players 3M, Baxter International (Hill-Rom), GF Health Products Inc., Medline Industries Inc., American Diagnostic Corporation, Rudolf Riester GmbH, Cardionics Inc., ICU Medical, Heine Optotechnik GmbH & Co. KG, Eko Devices, Meditech Equipment Co., Ltd., and Contec Medical Systems

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Market Segmentation :

By Type :

The type of segment is categorized into electronic stethoscope and acoustic stethoscopes. In 2022, the acoustic stethoscope segment accounted for the highest market share in the stethoscope market. acoustic stethoscope is a traditional and most common type of stethoscope. This type of stethoscope consists of chest pieces with a diaphragm and a bell connected to a hollow tube that transmits sounds to healthcare professional's ears. Acoustic stethoscopes rely on the user's hearing to interpret the sounds they amplify. Due to the above benefits, the autistic stethoscope is widely used in specialties such as medicine, emergency medical services, and surgical fields, which in turn drives the market growth.

Furthermore, the electronic stethoscope segment is expected to grow at the fastest CAGR in the market during the forecast period. The factors attributed to the growth are advanced features such as volume control, sound filtering, and ambient noise reduction making it easier for healthcare professionals to detect subtle abnormalities. This prime factor has increased the use of electronic stethoscopes in clinical examination, thereby driving segmental growth.

By design :

The design segment is categorized as single head and double head. In 2022, the single head segment accounted for the highest market share in the overall stethoscope market. single-head stethoscopes have chest pieces with single a diaphragm or bell. This type of stethoscope is commonly used by general physicians for general clinical examination and auscultation. However, single head stethoscopes are lightweight and easy to use, providing an efficient and cost-effective option for routine examination. Additionally, this type of stethoscope enables users to adjust the diaphragm to listen to the different sounds of the lungs, stomach, and heart. The above benefits associated with the single head stethoscope make it a suitable option for detecting normal and high-frequency sounds. The above-mentioned factors are contributing to the increasing demand for single head stethoscopes for cardiovascular and respiratory diseases, this in turn, drives the market growth.

Furthermore, the double head segment is expected to grow at the fastest CAGR in the market during the forecast period. Factors attributing to the growth include its flexibility to use in adult and pediatric patients to be examined with the same tool, and its ability to listen to different types of sounds such as the carotid arteries and abdomen. The above prime factors are contributing to the market growth in the forecasted period.

By Tube Type :

The tube type segment is categorized into single tube and double tube. In 2022, the single-tube segment accounted for the highest market share in the overall stethoscope market. single tube stethoscope has a single, flexible tube that connects the chest piece to the earpieces. This design allows for the transmission of sound from the chest piece to the ear. Single tube stethoscopes are commonly used use to their simplicity and ease of use, lightweight, portable, and often preferred for their convenience and cost-effectiveness. Therefore, the above-mentioned factors are contributing to the segment growth.

Furthermore, the double tube segment is expected to grow at the fastest CAGR in the market during the forecast period double tube stethoscope is widely used by healthcare professionals who require precise auscultation and the ability to hear subtle sounds, such as cardiologists and respiratory specialists.

By End-user :

The end-user segment is categorized into hospitals and clinics, ambulatory surgical centers, diagnostic centers, and others. In 2022, the hospitals and clinics segment accounted for the highest market share 33.05% in the overall stethoscope market. Healthcare professionals including doctors, nurses, and medical students use stethoscopes for routine patient examination, diagnosis, and examination. These facilities often require a large number of stethoscopes to cater to their patient population and healthcare staff. Due to the above factors the demand for stethoscope has increased from hospitals and clinics, which in turn, driving the market growth.

However, the ambulatory surgical centers segment is expected to grow at the fastest CAGR in the market during the forecast period. The factors boosting the market growth include the wide use of healthcare professionals such as surgeons, and anesthesiologists for pre-operative assessments, which in turn, drives the market growth.

Global Stethoscope Market, By End-user, 2022

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By Sales Channel :

The sales channel segment is categorized into online and offline. In 2022, the offline sales channel segment accounted for the highest market share in the overall stethoscope market. The offline sales channel refers to retail stores, medical supply stores, and hospital supply departments where stethoscopes are purchased in person. This channel allows customers to physically examine and try out different stethoscope models before making a purchase. Additionally, offline channels provide immediate access to products, and personalized customer services. The above-mentioned factors have increased the offline preference of healthcare professionals, which in turn drives the growth of the market.

Furthermore, the online segment is expected to grow at the fastest CAGR in the market during the forecast period. The factors attributed to the growth of the market include ease of ordering, fast delivery options, and a surge of e-commerce platforms. therefore, driving the market growth.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

 
North America Stethoscope Market, 2022 (USD Million)

Regional Growth Insights

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In 2022, North America accounted for the highest market share at 37.60% and was valued at USD 219.23 million and is expected to reach USD 346.92 million in 2030. In North America, the U.S. accounted for the highest market share of 68.30% during the base year of 2022. The increased demand in the region is attributed to factors such as well-established healthcare infrastructure and high demand for advanced medical devices. The region has a strong presence of key market players and is characterized by technological advancement and product innovation.

For instance, according to the Centers of Disease Control and Prevention (CDC), One person dies every 33 seconds in the United States from cardiovascular disease. About 695,000 people in the United States died from heart disease in 2021. Hence, increasing healthcare expenditure, the rising cases of cardiovascular diseases, and a growing emphasis on telemedicine and remote patient monitoring are further contributing to the growth of the stethoscope market.

Furthermore, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 6.4% during 2023-20230. This is due to the increasing healthcare expenditure, a rising awareness of early disease detection, and others.

North America Stethoscope Market, By Countries (2022)

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Stethoscope Market Competitive Landscape:

The stethoscope market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-

Recent Developments :

  • In August 2022, Caregility, a telehealth platform company, and Eko, the developer of stethoscopes for telehealth, signed an integration partnership. Caregility's cloud platform can connect with Eko's smart stethoscopes and software.
 

Frequently Asked Question

What was the market size of the stethoscope industry in 2022?+

In 2022, the market size of stethoscope was USD 583.05 million.

What will be the potential market valuation for the Stethoscope industry by 2030?+

In 2030, the market size of stethoscope will be expected to reach USD 916.33 million.

What are the key factors driving the growth of the stethoscope market?+

The increasing incidence of cardiovascular and respiratory diseases is accelerating the demand for stethoscopes is fueling market growth at the global level.

What is the dominating segment in the stethoscope market by end-user?+

In 2022, the hospital and clinics segment accounted for the highest market share of 33.05% in the overall Stethoscope market.

Based on current market trends and future predictions, which geographical region is the dominating region in the stethoscope market?+

North America accounted for the highest market share in the overall Stethoscope market.