Stethoscope Market Gaining from Digital Technology Advancements: FMI

Oct 23,2020 | Healthcare

Stethoscope being an integral part of the modern medical diagnosis sector, has been gaining significant traction. According to a recent study by Future Market Insights, the stethoscope market is forecast to expand at above 5% CAGR between 2020 and 2030.

Stethoscope Market

A recent market study published by Future Market Insights on the stethoscope market includ...

Stethoscope Market

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.

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.

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).

More Valuable Insights on Stethoscope Market

In the current report by Future Market Insights, we offer an in-depth research and unbiased analysis of the global stethoscope market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2020-2030. Tin order to understand the upcoming opportunities in the stethoscope market, the market is segmented on the basis of product (acoustic stethoscope, amplifying stethoscope, digital stethoscope), by end-user (physician office, home care settings, hospitals and others), across six major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).

About the Healthcare Division at Future Market Insights

Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.