Market Synopsis:
The increasing demand for healthcare services is likely to lead to a drastic increase in demand for medical devices and equipment over the next couple of years. As per the assessment offered by Market Research Future (MRFR), the global stethoscope market, valued at USD 332.1 Mn in 2018, is anticipated to scale a CAGR of 5.2% during the forecast period of 2019 to 2024.
Rising prevalence of chronic diseases, in conjunction with increasing patient population, is projected to positively influence the expansion of the global stethoscope market in the years to come. In addition, the increasing number of skilled professionals is anticipated to fuel the demand for stethoscopes all over the world.
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Technological advancements are prognosticated to dictate the expansion of the stethoscope market in the foreseeable future. Healthcare sector signifies the need for accurate and efficient equipment for monitoring and diagnosis. Integration of digitalization with medical equipment is likely to work in favor of the stethoscope market. The introduction of digital stethoscopes has revolutionized the growth trajectory and is projected to gain further traction of the market in the upcoming years.
The advent of new technologies such as sensor, Artificial Intelligence, etc. is expected to play a crucial role in the development of the stethoscope market in the nearby future. However, on the contrary, limited access to healthcare services in the poor economies is poised to check the expansion of the market in the upcoming years.
Market Segmentation:
The global stethoscope market has been segmented into type, and end user. The market, based on type, has been segmented into manual stethoscope and electronic stethoscope. The market, by manual stethoscope, has been further segmented into a fetal stethoscope, and others. The market, by electronic stethoscope, has been sub-segmented into esophageal stethoscopes, fetal heart rate detectors, and others. The market, by end user, has been segmented into hospitals, clinics, ambulatory surgical centers, and others. Hospitals are expected to hold a major share in the end user segment owing to the increased incidences of chronic diseases, as well as the rise in the patient visits. Clinics are projected to be the fastest growing segment due to the ease of accessibility it provides to the patients.
Regional Analysis:
The market in the Americas is expected to dominate the global stethoscope market during the forecast period owing to the increasing per capita healthcare expenditure, heavy implementation of new technology in the region, and increase in product innovation. The US is expected to hold the major share in the market owing to increased technology adoption. For instance, in March 2018, Neurologists from Stanford University, California, developed brain stethoscope that can translate the brain’s activity into sounds so that silent seizures can be detected. Europe is expected to hold the second largest position in the global stethoscope market. The market growth in this region is because of the presence of a well-established healthcare system. The growth in the number of medical personnel is also contributing to the growth in the region. Asia-Pacific is estimated to be the fastest growing region in the market due to the rise in the number of awareness programs. The market in the Middle East & Africa is likely to account for the smallest share of the global stethoscope market. The market growth in this region owes to the low disposable income in the region.
Competitive Dashboard:
The important participants of the stethoscope market profiled in this MRFR report are A&D Medical, 3M, American Diagnostic Corporation, GF Health Products, Cardionics, Heine Optotechnik, Medline Industries, McCoy Medical, Omron Corporation, Smith’s Medical, Rudolf Riester, and Welch Allyn.
Industry News:
In May 2019, Concierge Telemedicine system (CTM) has been launched in the European Union (EU). The basic CTM exam kit includes PCP-USB telemedicine stethoscope and other equipment.
In November 2018, Steth IO, manufacturer of smartphone stethoscope, has announced the launch of an AI assistant for the detection of heart diseases.
In October 2018, a team of researchers at the University of Rochester Medical Center (URMC) and the Rochester Institute of Technology (RIT) have developed a digital stethoscope which is designed to monitor implanted heart pumps. The equipment includes a microphone and ECG leads.
Table of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Overview
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
Chapter 5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
5.3 Investment Analysis
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