Stethoscope Market by Product Type (Acoustic Stethoscope, Amplifying Stethoscope, Digital Stethoscope), End-user (Physician Office, Home Care Settings, Hospitals) & Region - Forecast to 2020-2030

Introduction

In the past decade the global digitization has brought major changes in the stethoscope market. The increase in population, increase in health concerns, and willingness to spend on advanced healthcare has been enabling growth in the stethoscope market. According to Future Market Insights (FMI), the market is forecast to rise at 5.2% CAGR during the forecast period (2020-2030).

Recently, the unprecedented outbreak of COVID-19 has augmented growth in the market. The rising incidence of cardio-vascular and respiratory diseases has made early detection of ailments necessary. This is further expected to fuel the demand for digitized stethoscopes.

As the rising demand for the medical diagnosis tools persists, the market will witness launch of newer models. Also, the improving ecommerce and online availability of stethoscope in semi-regulated markets such as Africa, China, and will aid the expansion. For instance, South Africa based physician can fulfil the requirement of Littman® stethoscope by ordering from U. S.

Surge in Demand for Technically Advanced Stethoscope

With the rise in concern about heart diseases, people are getting more inclined towards the physical check-up and diagnosis and often not ready to take any risk or compromise with health. As most of these diseases need earliest detection in order to provide earliest treatment, the modern electrical or digitized stethoscopes have become the first preference among the healthcare providers.

The digitization of medical industry has majorly impacted the stethoscope market. At the same time, the main end-users such as hospitals, home health care providers or physicians have adopted the more advanced tools instead of the conventional ones to provide with the world-class diagnosis facilities.

Improving Access to Modern Healthcare

Improving access to modern healthcare facilities has been helping in expansion of the market. As there is greater scope to have an earlier detection of various diseases, especially related to heart and lungs, more people are following the trend of routine check-ups to avoid further complications.

Medical industry being major end-user of the global stethoscope market has adapted with the ultra-modern diagnosis tools as that is the first and most important step of providing the required health care.

The digitized stethoscope being much more advanced and faster in operating than the conventional one, is aiding to the rapid growth of the market.

Increase in Geriatric Population

With the increase in population, especially, the aged population (geriatric population), as a result of increased health concern and advanced medical facilities, is further catering to the stethoscope market growth.

As the elderly people are more prone to the cardio-vascular and respiratory diseases, getting earlier diagnosis and treatment is a necessity for them. The introduction to the digital diagnosis equipment like digital and electrical stethoscopes are an integral part of the treatment for the aged people. Due to this reason, the market demand is rapidly increasing among the key end-users.

Impact of COVID-19 Pandemic

Due to the COVID-19 pandemic the Stethoscope market is likely to experience a sudden surge in the demand of stethoscopes across the country. Being highly infectious and in the need of immediate attention, earliest detection is very crucial in this case and modern improvised stethoscopes are always first choice for proper diagnosis in this case.

The strategic market leaders are leveraging this opportunity to excel in the global market in order to remain in the top. For instance, the Spanish developer of stethoscopes eKuore Mobile Health Devices has launched their brand new digital stethoscope with the features of wireless auscultation, in order to minimize the threat of COVID-19 infection among the frontline workers.

Key Challenges

There are a few key challenges impeding growth of the market. For instance, additional cost for the ultramodern features incorporated in stethoscopes might increase their price.  This may indirectly increase the cost of healthcare.

Since a significantly large section over the world are still not able to afford the highly improved diagnostic tools due to high cost, it could hamper the sales of digital stethoscopes.

At the same time, the lack of knowledge for using the digitized diagnostic tools is another negative factor affecting the market.

Region-wise Analysis

North America Stethoscope Market

North America being a highly lucrative market, has exhibited steady growth over the years. As per the research of FMI, the North America stethoscope market is set to grow by 4.5% CAGR during the forecast period.

The demand for acoustic stethoscope and amplifying stethoscope is expected to remain significantly high in the region. Also growth witnessed in North America will be backed by the presence of sophisticated health care infrastructure.  

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Europe Stethoscope Market

Region-wise, Europe is the third largest market after North America and Latin America. As per the thorough research by the FMI analysts, the Europe stethoscope market will grow at above 5% CAGR by the end of the forecast period (2020-2030).

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Germany, U.K, France, Italy and other countries will lead the Europe market throughout the forecast period. The region is expected to witness rising demand from hospitals Also the popularity of home care settings will create lucrative opportunities for growth of the market in Europe.

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East-Asia Stethoscope Market

Healthcare sector in East Asia has been developing at a fast pace. Healthcare improvement policies adopted by governments have been aiding expansion of the stethoscope market in the region. FMI has forecast the East Asia market to rise at a steady pace through the course of the forecast period. Demand from China, Japan, and South Korea will give significant impetus to the market in the coming years.

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Category-wise Insights

Acoustic Stethoscopes Gaining Traction

The science of amplifying acoustic sound and their digital conversion are applied to develop the acoustic stethoscopes, making those the first choice of the diagnostic centers or physicians. 

As per our research based on analyzed history and real-time parameters, the global acoustic stethoscope segment is anticipated to expand significantly during the forecast period.

Physician Office to Remain Dominant

Physician office being the most popular segment for diagnosis, will emerge as the most dominant end-user across the countries.

In the past decade, this segment has been accounted for major growth in the global stethoscope market, which has further escalated due to the rapid digitization.

Competitive Landscape

With the highly advanced innovations, the market is witnessing rapid expansion in terms of both market value and market volume.

Approximately 15+ top stethoscope players with advanced digital technologies, and various strategic product launches and applications are focusing on targeted growth by catering to changing requirements of the end-users. For instance, American Diagnostic Corporation has released their digitized stethoscopes for early detection of breast cancer.

The medical equipment manufacturer of China Meditech Equipment Co. Ltd. have invented their advanced diagnostic ECG kit which enables the physicians to detect the underlying heart conditions at the earliest.

The American giant company Eko Devices Inc. has launched their Eko DUO ECG + Digital stethoscope, a highly advanced version of stethoscope to diagnose the more in-depth insights of the cardiac functions.

Other leading market players are-

Americas (North America & Latin America)

• Welch Allyn, Inc.
• Think Labs Medical LLC
• GF Health Products, Inc.
• Rijuven Corporation
• The 3M Company
• American Diagnostic Corporation
• Eko Devices Inc.
• A&D Medical

Europe

• Rudolf Riester GmbH
• eKuore
• Cardionics, Inc. (3B Scientific GmbH)

Asia Pacific

• Contec Medical Systems
• Meditech Equipment Co., Ltd.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report

Stethoscope Market Report: Scope

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Key Segments

Product Type

• Acoustic Stethoscope
• Amplifying Stethoscope
• Digital Stethoscope

End-user

• Physician Office
• Home Care Settings
• Hospitals
• Other end-users

Regional Outlook

• North America (U.S., Canada)
• Latin America (Mexico, Brazil, Rest of LATAM)
• Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
• East Asia (China, Japan, South Korea)
• South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
• Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)