Digital Stethoscopes Market

The global digital stethoscopes market size was USD 101 million in 2022 and is expected to reach USD 175.03 million by 2031, expanding at a CAGR of 6.3 % during 2023–2031. The market growth is attributed to the ­­wide application range of digital stethoscopes for examining patients with different discomforts.

Digital stethoscopes demand growth is attributed to the increasing prevalence of chronic diseases that need regular assistance from doctors. As chronic illness diagnosis becomes tougher with time, it requires improved mechanisms for noting signs and symptoms, which can be achieved with digital stethoscopes. Healthcare facilities are adopting technological solutions to provide improved diagnosis and treatment, which is likely to boost the demand for digital stethoscopes. In addition, respiratory & cardiovascular conditions such as pneumonia, chronic bronchitis, and arrhythmia are common occurrences among worldwide populations and need to be examined using stethoscopes that are highly efficient. This, in turn, boosts the market.

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• As per the recent study, around 1,120,454 pneumonia deaths were recorded in the US as of June 2023. In addition, according to Scripps Health, about 5% of the population of the US has arrhythmia. Such growing prevalence of these illnesses is necessitating the usage of advanced healthcare solutions, which in turn, propels the demand for digital stethoscopes.

The market report finds that the COVID-19 pandemic fueled the market. The pandemic opened growth opportunities that helped in increasing revenue generation for the digital stethoscopes market. The rapid increase in the demand for digital stethoscopes for determining the severity of the virus in a person's lungs through auscultation generated a major revenue share of the market.

The wide utilization of stethoscopes in hospitals, clinics, and home care settings during the pandemic further propelled the market. Wireless technologies such as Bluetooth help in obtaining clear body sounds & vibrations from a safe distance.  Thus, due to the virus contact possibilities, doctors adopted digital stethoscopes that allow to maintain safe social distancing between an infected person, which further boosted the market during the pandemic.

Digital Stethoscopes Market Dynamics

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Major Drivers

Rising expansion of the healthcare infrastructure and the increasing application ranges of stethoscopes to monitor various body functions is projected to drive the market. The benefits offered by digital stethoscopes over traditional alternatives include detecting, monitoring, and displaying the diagnosis information on a virtual medium. Such benefits are increasing their adoption in healthcare facilities. Smartphones, computers, and audio recorders are some of the commonly used information receivers for digital stethoscopes.

Rising trend of taking consultations and treatments over telemedicine and teleconsultation is anticipated to fuel the market. An increasing number of medical consultations are being taken through videoconferencing with the use of digital devices, which is enabling individuals to save time and cost. This trend is significantly fueled by COVID-19, as people avoided visiting healthcare facilities for non-critical health issues, during the pandemic, owing to infection fears and lockdown measures. For instance,

• According to the CDC, there was around a 154% increase in telehealth consultations in the US at the beginning of 2020.

Increasing occurrence of chronic diseases is fueling the frequency of the footfall of patients in hospitals and clinics. This increases the demand for advanced & well-equipped stethoscopes. Doctors and other healthcare professionals are increasingly adopting digital stethoscopes to examine & monitor the functions of the normal human body, which is likely to fuel the growth of the market.

Existing Restraints

Lack of awareness regarding the advanced technology in stethoscopes among healthcare professionals is likely to restrain the market. The shortage of skills for using digital stethoscopes among doctors and staff further affects the market. Additionally, the high cost and complexity of incorporating innovative technology in stethoscope manufacturing are expected to challenge the key players, which further impedes market growth.

Emerging Opportunities

Integration of artificial intelligence (AI) to hear minute sounds of the heart for high treatment efficacy is expected to create lucrative opportunities in the market. AI integration is efficient in background noise cancellation, which helps in obtaining clear sounds for providing an improved diagnosis. For instance,

• In April 2022, CDAC Mohali launched an AI-integrated wireless stethoscope, which is convenient for telemedicine. This new-generation stethoscope provides an accurate diagnosis and improves the care provided over telemedicine/telehealth solutions.

Additionally, the adoption of computer-aided diagnosis (CAD) and augmented reality (AR) is further anticipated to aid the capability to record audio and playback. Moreover, worldwide, there is a rising geriatric population with a high requirement for doctor assistance. Thus, several private & government initiatives are being implemented to support the medical infrastructure, which is further projected to create novel opportunities for the players competing in the market.

Scope of Digital Stethoscopes Market Report

The report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Digital Stethoscopes Market Segment Insights

Technology Segment Analysis

Based on technology, the digital stethoscopes market is divided into integrated chest-piece systems, wireless, wired, integrated receiver-head piece systems, numerical simulation & system integration, and others. The wireless segment is expected to expand at a significant growth rate during the projection period, owing to the multiple advantages offered by wireless stethoscopes to medical professionals. Wireless systems such as Bluetooth offers numerous benefits, which include viewing the recorded sounds on a display and the ability to amplify the sounds.

Bluetooth or wireless stethoscopes allow patients and doctors to conduct telehealth consultations from any location, which is beneficial in emergency cases. Such stethoscopes are integrated with electrocardiograms (ECG) and built-in smartphones for effective information display. Thus, such innovations in wireless technology fuel the segment.

The integrated chest-piece systems segment is anticipated to account for a key market share during the forecast period. This type of technology is integrated with microelectromechanical system (MEMS) piezoresistive electronic sensors, that generate signals with high sensitivity & accuracy. These devices help in better amplification, as they are capable of amplifying acoustic sounds by around 100 times. These factors are anticipated to propel the demand for the segment.

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Application Segment Analysis

On the basis of application, the global market is segregated into cardiology, pulmonology, veterinary, telemedicine, general medicine, and others. The cardiology segment is projected to register a considerable CAGR during the assessment period, due to the increasing prevalence of cardiovascular diseases (CVD) and the mortality rate associated with it. These diseases include the occurrence of various conditions such as cerebrovascular disease, rheumatic heart disease, and coronary heart disease.

• For instance, according to the report published by the World Health Organization (WHO), CVDs are the leading cause of mortality worldwide. Around 17.9 million deaths occur every year globally due to CVD.

The sounds and functions of the heart are almost inaudible, which makes it difficult for doctors to examine heart function accurately with traditional stethoscopes. Thus, digital ones are highly adopted for auscultation, which is further likely to propel the segment.

The general medicine segment accounts for a significant market share, due to the increasing number of doctors practicing general medicine and the rising number of surgeries across the world. As healthcare facilities are getting upgraded globally with advanced medical devices and machines, the demand for digital stethoscopes is expected to be substantial for general medicine requirements.

• According to Global Surgery & Anesthesia, in 2020, there were about 310 million surgeries performed for chronic conditions across the world, and this number is expected to expand annually in the coming years. Such factors increase the demand for digital stethoscopes in general medicine applications.

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End-user Segment Analysis

Based on end-user, the digital stethoscopes market is segmented into hospitals, clinics, home care settings, ambulatory services, healthcare institutes, and others. The hospitals segment is expected to register a robust growth rate during the projection period, as hospitals are the major consumers of medical devices & supplies. The rising need for hospitalizations, especially for chronic diseases, is fueling the demand for digital stethoscopes.

The clinics segment is expected to hold a significant share of the market in the coming years, owing to the rising number of clinics across the world. Such growing establishment of clinics is owing to rising efforts by various governments to enable access to healthcare for all.

Digital stethoscopes help clinicians to monitor and visualize heart rate information to prescribe medicines & treatment accordingly. Furthermore, the manufacturers in the healthcare industry are focusing on expanding the market through various strategies, such as product launches and brand collaborations in clinical applications, which further contribute to segment growth. For instance,

• In April 2022, Sanolla announced the launch of its AI-based VoqX infrasound stethoscope, with the FDA approval. The product was specially introduced for clinical use in the US.

Regional Outlook

In terms of region, the global digital stethoscopes market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, due to the rising geriatric population and their healthcare concerns. This is expected to create a high patient load with chronic diseases in the countries such as Canada and the US, which directly propels the demand for innovative stethoscopes in the region.

Major manufacturers in the region are focusing on expanding their business portfolio, with technologies that can retain patient’s medical history with the help of videos and audio solutions. This in turn is expected to create opportunities for market expansion. Moreover, the increasing government initiatives and expenditures to improve the healthcare industry in the region are further fueling the regional market.

• For instance, according to CMS, the national health expenditure (NHE) in 2021 in the US grew by 2.7%, which accounted for USD 4.3 trillion.

The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, owing to the increasing adoption of advanced medical devices, including digital stethoscopes. The emerging countries in the region, such as India and China have a high incidence of cardiovascular diseases, along with the presence of high population density, which increases the demand for advanced healthcare systems. This helps in the major adoption of advanced stethoscopes to maintain the demand for advanced & effective healthcare treatments. These factors are responsible for boosting the market in the region.

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Segments

The digital stethoscopes market has been segmented on the basis of

Technology

• Integrated Chest-piece system
• Wireless
• Wired
• Integrated Receiver-head Piece System
• Numerical Simulation & System Integration
• Others

Application

• Cardiology
• Pulmonology
• Veterinary
• Telemedicine
• General Medicine
• Others

End-user

• Hospitals
• Clinics
• Home Care Settings
• Ambulatory Services
• Healthcare Institutes
• Others

Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• 3M
• Eko Health, Inc.
• HD Medical, Inc.
• Sanolla
• Thinklabs Medical LLC
• CONTEC MEDICAL SYSTEMS CO.,LTD
• Meditech Equipment Co., Ltd
• Ayu Devices Pvt. Ltd.
• eKuore
• Cardionics Inc.

Competitive Landscape

Key players operating in the global digital stethoscopes market include 3M; Eko Health, Inc.; HD Medical, Inc.; Sanolla; Thinklabs Medical LLC; CONTEC MEDICAL SYSTEMS CO., LTD; Meditech Equipment Co., Ltd; Ayu Devices Pvt. Ltd.; eKuore; and Cardionics Inc.

These companies are adopting growth strategies such as acquisitions, partnerships, collaboration, mergers, R&D investments, and product launches to boost their market share. For instance,

• In May 2022, 3M launched the 3M Littman CORE digital stethoscope, which has 40 times more amplification compared to analog mode. The product has application-based sound wave visualization and active noise cancelation technology.

• On 18 August 2022, Caregility, a telehealth platform provider, and Eko Health, Inc., a major telehealth stethoscope manufacturer, announced a partnership. The partnership is for the integration of Caregility’s cloud-based platform and Eko Health’s smart stethoscopes & software, for advanced auscultation.