Market Synopsis:
Stethoscope Market is expected to register a CAGR 5.2% with an estimated market value of USD 520.0 million during the forecast period of 2021 to 2028.
Numerous factors such as increasing incidence rate of life-threatening diseases, increased spending on healthcare, and continuous research and development in the diagnostic field are anticipated to fuel the growth of the market. The technological improvements such as Bluetooth connectivity with digital wireless hearing aids is expected to fuel the market growth. Also, increasing research activities carried out by institutes, and private organizations will push for the growth of the market. For instance, in October 2018, researchers from Rochester Institute of Technology and University of Rochester Medical Center, US developed a new electronic stethoscope that combines precision sensors, electrocardiogram technology, and machine learning applications into one piece of equipment to better detect heart ailments and problems that might occur with an implanted heart pump. However, poor healthcare system and less access to health services in certain economies are projected to curb the growth of stethoscope market.
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The global stethoscope market is currently dominated by many market players. The key players in the market are involved in new product launches and strategic partnerships to strengthen its market position. For instance, in January 2018, M3DICINE Inc, announced the launch of Stethee, the world’s first AI-enabled stethoscope system. Also, in September 2015, eKuore launched the first wireless stethoscope in Düsseldorf, Germany
Market Segmentation:
The global stethoscope market, by type, has been bifurcated into manual stethoscope and electronic stethoscope. The manual stethoscope segment has been further sub-divided into fetal stethoscope and others. The electronic stethoscope segment is sub-segmented into fetal heart rate detectors, esophageal stethoscopes, and others.
By end user, the stethoscope market has been segmented into clinics, hospitals, ambulatory surgical centers, and others.
Regional Analysis:
By region, the global stethoscope market has been segmented into four major regions, viz. Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA). Americas is expected to hold the dominant share of the global market in the upcoming years. Led by the U.S., North America is anticipated to play a crucial role in the development of the regional stethoscope market over the next few years. The developments in the healthcare sector, in conjunction with the rising demand for medical services, is projected to drive the expansion of the regional market over the review period.
Asia Pacific, on the other hand, has been prognosticated to strike a relatively higher CAGR owing to the rapid developments being observed in the healthcare industry of the region. The growth of medical tourism in the region, coupled with the adoption of advanced technologies, is projected to influence the growth trajectory of the regional market positively.
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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