Shares of global stethoscope market 2020 plunged in the last couple of months due to the pandemic caused by COVID 19. Since then, Market Research Future has been monitoring the stethoscope market and reveals that it would poise to expand at a CAGR ~ 4.6% during the forecast period of 2019 to 2024. The market report also upholds the future predictions of it gaining revenue surpassing USD 332.1 million, which was gained in the year 2018.
The use of stethoscope has been outstanding since scientists began studying the physical characteristics allied with the heart, as it plays a pivotal role in carrying out essential body functions. The sound of the heart and surrounding organs are crucial indicators while examining a patient. The augmentation of the market is attributed to the surge in need for advanced diagnostic devices and the rise in chronic disorders. The latest technological advancements in manufacturing novel and advanced electronic variants are showing possibilities in augmenting the demand and adoption rate, thus fueling the market expansion.
The technological advancements electronic and digital stethoscopes have brought in the current decade have helped in attaining an edge over conventional stethoscopes. The main developments in the stethoscopes market thus include superior digital sound transmission competencies of digital stethoscopes and its increasing usage in telemedicine. In spite of the introduction of highly developed technologies such as portable and handheld ultrasound systems, stethoscopes are still the ideal choice of healthcare professionals for preface physical examination.
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According to the reports, the global stethoscope market is likely to expand at a towering rate during the review period resulting in upward demand for electronic stethoscope and fetal heart rate detectors. Digital stethoscopes have inventive features such as recording sound and amplifying the recorded sound and removing other disruptive sounds for a better prognosis. Besides, the digital stethoscopes are also furnished with software that offers doctors to read the readings more precisely to monitor the heart rate of the patient. Furthermore, features such as enhanced acoustics, better performance, and innovative designs are the prime focus of most stethoscope industry manufacturers. These factors are driving the growth of the stethoscopes market to a great extent.
Despite these factors, some other factors, such as the towering cost of some variants and lack of skilled healthcare professionals is posing as one of the significant market impeding factors in the way of growth. At the same time, some of the technologically advanced variants are expensive and cannot be afforded by a few healthcare professionals. With this, the lack of skilled healthcare providers and insufficient knowledge on the high-end products are also posing as a hamper towards the industry growth.
Competitive Landscape
key vendors operating in the global stethoscope market are 3M, American Diagnostic Corporation, A&D Medical, GF Health Products, Cardionics, McCoy Medical, Heine Optotechnik, Omron Corporation, Medline Industries, Smith’s Medical, Rudolf Riester, and Welch Allyn.
Segmentation
The global stethoscope market has been studied among the segments of type and end-user.
- The market, based on Type segment, has included manual stethoscope and electronic stethoscope.
- The market, by Manual stethoscope segment, has included fetal stethoscope and more.
- The market, by Electronic stethoscope segment, has included fetal heart rate detectors, esophageal stethoscopes, and others.
- The market, by End-user, has included clinics, hospitals, ambulatory surgical centers, and more. Hospitals are likely to occupy a significant share in the end-user segment owing to the surged occurrences of diseases, as well as the mount in the patient visits. Clinics are estimated to be the highest emerging segment owing to the ease of accessibility that it provides to the patients.
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Regional Analysis
Geographically, the global stethoscope market is studied among Europe, North America, Asia Pacific, Latin America, and Middle East & Africa.
Mounting population and rapid urbanization in promising economies of Asia Pacific are likely to boost the stethoscope market in the region during the assessment period. The Asia Pacific is projected to have the highest growth in support of rapidly developing medical infrastructure, escalating expenditure on healthcare, and growing medical tourism in developing nations such as China and India in this region. Developing countries in the region are possible to observe the rising demand for a stethoscope in the next few years.
