Electronic Stethoscopes Landscape Transitioning Towards the Connected Future of Telemedicine
With the advent of next-generation technologies, such as Internet of Things (IoT) and Artificial Intelligence (AI), leading manufacturers are launching advanced electronics stethoscopes. Wireless electronic stethoscopes that can be connected to various devices, such as mobiles and laptops, are becoming the fastest-growing segment as the healthcare industry is advancing towards a smarter future with state-of-the-art telemedicine products.
Electronic Stethoscopes- Key Research Findings
Global electronic stethoscopes market size in 2018 – nearly US$ 210 Mn
The electronic stethoscopes market is projected to record a CAGR of 5.9% during the forecast period (2019–2029).
According to the US Centers for Disease Control and Prevention (CDC), the prevalence of Coronary Heart Disease (CHD) among the US population was more than 43% in 2018.
According to American Heart Association, in 2018, cardiovascular disease accounted for nearly 836,546 deaths in the U.S., which is about 1 of every 3 deaths in the country.
North America and Europe will continue to hold dominant revenue share in electronic stethoscopes market.
Advancements in technology, the adoption of new electronic stethoscopes, and increase in population suffering from cardiac disorders are likely to contribute to the significant growth of the electronic stethoscopes market.
East Asia holds high growth potential for the electronic stethoscopes market due to the rising demand for new medical devices and increase in healthcare spending.
Sales of amplifying stethoscopes accounted for a significant share of the electronic stethoscopes market revenue.
Greater ease of operability, low maintenance cost, and high accuracy in providing amplified sounds has led to the wide use of amplifying electronic stethoscopes.
Top 3 Factors Shaping the Electronic Stethoscopes Market
Advantages over conventional stethoscopes boosting the market
Electronic stethoscopes have overcome the drawbacks of conventional stethoscopes. Conventional stethoscopes are currently outdated, which is boosting the preference for electronic stethoscopes. Electronic stethoscopes have several advantages over conventional stethoscopes, for instance, they can amplify cardiac and lung sounds more appropriately. They can convert the acoustic signals of auscultated sound into digital signals, which are processed further for optimal listening.
In addition, electronic stethoscopes reduce external noise and help medical professionals identify the signals and mentor them properly. Some of the electronic stethoscopes that are currently in the market are the 3M Littmann electronic stethoscope, Cardionics E-scope, eKuore Pro digital stethoscope, Thinklabs One Digital Stethoscope, and AD Instruments MLT209. Owing to the abovementioned factors, electronic stethoscopes are gaining more popularity, which is resulting in market growth.
Increasing availability of technologically advanced electronic stethoscopes
Manufacturers are currently focusing on developing electronic stethoscopes by providing greater ease of operability. Some electronic stethoscopes in the market can record and replay audio signals as well as the sound captured by them.
Electronic stethoscopes have the capability to amplify and adjust the frequencies for listening, which facilitates the diagnostic capacity. In addition, with advancements in technology, manufacturers have developed electronic stethoscope that are fully Android-based, just like smartphones.
For example, in April 2018, Steth IO launched a smartphone-based digital stethoscope that received FDA approval in 2016. Similarly, in August 2016, Eko launched the first Android–connected digital stethoscope. Advancements in technology are resulting in new developments in electronic stethoscopes, and this is another factor that is expected to drive the market in the near future.
The usage of electronic stethoscopes is likely to improve healthcare delivery across the world
Stethoscopes help professionals hear the sounds of the heart and lungs. Technological advancements have resulted in the advent of electronic stethoscopes, which have enabled medical professionals to improve their diagnostic capabilities. Electronic stethoscopes have the ability to convert acoustic sounds into digital sounds, which provides optimal listening. Since they minimize the external noise, doctors find it easy to identify and detect the sound and provide the appropriate treatment for several diseases.
Accuracy is another important factor that has resulted in the growing popularity of electronic stethoscopes among healthcare professionals. Thus, the increasing adoption of electronic stethoscopes is expected to result in better treatment, which will, in turn, be beneficial for healthcare providers as well as patients in the coming years.
Noise Cancellation, Dearth of Skilled Professionals, and High Cost Create ChallengesThe electronic stethoscope market is witnessing steady growth, however manufacturers are struggling to push profitable sales and trigger adoption across various healthcare organizations. Low penetration in developing countries is one of the primary factors to restrict market growth, which is mainly attributed to the lack of skilled healthcare professionals and high cost of electronic stethoscopes. Manufacturers are integrating noise canceling modules with electronic stethoscopes to ensure accurate results, however failing to achieve reduction in production costs.
North America to Lead the Market with High Healthcare Spending
The North American healthcare industry is undergoing digitalization with the increasing per capita spending on healthcare services. A mounting number of healthcare organizations are shifting to digital medical devices to boost medical outcomes, which is providing an impetus to the sales of electronics stethoscopes in the region. While North America maintains the lead with the largest revenue share of the market, the healthcare industry in the Asia Pacific region has witnessed a quantum leap with a significant rise in medical tourism across the region. Manufacturers are likely to expand their footprint in South-East Asian countries along with the North American region in the upcoming years.
* This data is only a representation. Actual data may vary and will be available in report.
The Broader Perspective
Constant developments in connected technologies will continue to influence future trends in the electronic stethoscopes market. Frontrunners are expected to invest heavily in technologies to introduce tech-based innovative features of electronic stethoscopes and gain a competitive edge in the market. With an increasing number of new entrants and small businesses in the market, leading players are diversifying their product portfolio with the adoption of next-generation technologies to maintain an upper hand in the market.
Amplifying electronic stethoscopes are the top-selling product in the market.
The demand for digitizing electronic stethoscopes will grow steadily in the coming years.
Wireless transmission system (Bluetooth) will remain the most commonly used technology in the manufacturing of electronic stethoscopes.
Integrated chest-piece system is expected to account for nearly one-fourth revenue share of the market in the coming years.
Increasing demand for electronic stethoscopes in medical institutes will create lucrative opportunities for manufacturers.
Hospitals will account for the largest revenue share of the market.
Demand for electronic stethoscopes in homecare settings, medical camps, and catheterization laboratories will decline in the upcoming years.
How Growth will Unfold
The global demand for amplifying electronic stethoscopes will only increase with time and intensifying competitive in the market will boost manufacturers to adopt new technologies to launch innovative products in the market to gain an edge. Leading manufacturers are introducing unique features of amplifying electronic stethoscopes to cater to healthcare professionals with specialized needs, such as professionals with hearing loss, to remain ahead of the curve. Innovation will become inevitable in the cut-throat competition in the electronic stethoscopes market in the foreseeable future.
Amplifying Stethoscopes | Digitizing Stethoscopes
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Electronic Stethoscopes Market: Global Industry Analysis 2014–2018 and Forecast 2019–2029
A recent market study published by FMI “Electronic Stethoscopes Market: Global Industry Analysis 2014–2018 and Forecast 2019–2029” offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historic as well as current growth parameters of the Electronic Stethoscopes Market, the growth prospects of the market are obtained with maximum precision.
Electronic Stethoscope Market Taxonomy
The global Electronic Stethoscopes Market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
By Product Type
- Amplifying Stethoscopes
- Digitizing Stethoscopes
- Integrated Chest-Piece System
- Wireless Transmission System (Bluetooth)
- Integrated Receiver Head-Piece System
By End User
- Medical Institutes
- Ambulatory Surgical Centers
- Homecare Settings
- Medical Camps
- Catheterization Laboratories
- North America
- Latin America
- South Asia
- East Asia
The report commences with an executive summary which consists of a summary of the key findings and statistics related to the Electronic Stethoscopes s market.
Readers can find detailed taxonomy and definitions in this chapter, which will help them to better understand the basic information about Electronic Stethoscopes market. Moreover market dynamics, pricing analysis and list of key manufacturers have also been included in this section of the report.
This chapter explains the key macro-economic factors that are expected to influence the growth of the Electronic Stethoscopes market over the forecast period. Along with macroeconomic factors, this section also highlights the opportunity analysis for the Electronic Stethoscopes market. This chapter also highlights the key market dynamics of the Electronic Stethoscopes market, which include the drivers, restraints and trends. Moreover, readers will understand the key trends followed by the leading manufacturers in Electronic Stethoscopes market.
This section explain the global market volume analysis and forecast for the Electronic Stethoscopes market between the forecast periods of 2018–2028 is highlights in this section.
This section highlights the average price of Amplifying Stethoscopes and Digitizing Stethoscopes in the different region throughout the globe. The pricing benchmark for manufacturer level pricing and distributor level pricing is analyzed in this section.
On the basis of product type, the Electronic Stethoscopes market has been segmented into amplifying stethoscope and digitising stethoscope.
Based on application, the Electronic Stethoscopes market has been segmented into integrated chest-piece system, wireless transmission system (bluetooth), integrated receiver head-piece system and other.
By end user, the Electronic Stethoscopes market has been segmented into hospitals, clinics, medical institutes, ambulatory surgical centers, homecare settings, medical camps, catheterisation laboratories.
This chapter explains how the Electronic Stethoscopes market is expected to grow across various geographic regions, such as North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa.
This chapter includes a detailed analysis of the growth of the Electronic Stethoscopes market, along with a country-wise assessment for the U.S. and Canada. Readers can also find information on market growth on the basis of product type, application and end users in North America.
Readers can find detailed information about pricing analysis and regional trends impacting the growth of the Latin American Electronic Stethoscopes market. This chapter also discusses growth prospects for the Electronic Stethoscopes market in leading LATAM countries, such as Brazil, Mexico and the Rest of the Latin America.
Readers can find detailed information about the important growth parameters in Electronic Stethoscopes market in several European countries, such as Germany, the U.K., France, Italy, Spain, BENELUX, Russia and the rest of Europe
Readers can find detailed information about the important growth parameters in the Electronic Stethoscopes market for several South Asian countries, such as the India, Thailand, Indonesia, Malaysia, and Rest of South Asia.
Readers can find information about the various parameters expected to impact the East Asia market, specifically China, Japan and South Korea Electronic Stethoscopes markets, during the forecast period.
Readers can find information on the important factors expected to make a significant impact on the growth of the Electronic Stethoscopes market in Oceania countries including Australia and New Zealand during the forecast period 2019 – 2029
Readers can find detailed information on how the Electronic Stethoscopes market is expected to grow in major countries/regions of the MEA region, such as GCC Countries, Turkey, Northern Africa, South Africa, and the Rest of MEA during the period 2019 – 2029.
In this chapter, readers can find a detailed information about the tier analysis and market concentration of the key players in the Electronic Stethoscopes Market along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the leading stakeholders in the Electronic Stethoscopes Market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Eko Devices, eKuore, GlobalMed, 3M, Welch Allyn, Ambisea Technology Corp., Meditech Equipment Co.,Ltd, HD Medical, Thinklabs, ADInstruments, Cardionics Inc.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the mucus clearance devices market report.
This chapter helps readers understand the research methodology followed to obtain the various conclusions as well as important qualitative and quantitative information about the Electronic Stethoscopes Market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Portfolio Managers
- Purchasing Managers
- Medical Officers
- Device Development Heads
- Strategy Advisors
- R&D Managers
- Product Manufacturers
- Component Suppliers / OEMs
- Hospital Purchasing Departments
- Physicians / Nursing Managers
- Industry Experts
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Product Adoption, Installed Base, Replacement Cycles, Refurbishment
- Regulatory Landscape
- Products in Pipeline and Clinical Development
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
- Industry Magazines
- Company Press Releases
- Annual Reports and Investor Presentations
- Peer-reviewed Journals
- Government Websites and Publications
- Trade Websites
- Clinical Trial Registries
- Country-specific Regulatory Authorities
World Bank, WHO, IMF, OECD
Primary Interview Splits
Electronic Stethoscope Market Reports - Table of Contents
20. Assumptions and Acronyms Used
21. Research Methodology