The stethoscope market size was valued at USD 558 million in 2021 and is expected to reach USD 828 million by 2030, expanding at a CAGR of around 5.7% during the forecast period, 2022 – 2030. The growth of the market is attributed to rise in chronic illnesses and the demand for sophisticated diagnostic instruments.
A stethoscope is a device that is used to hear the noises generated within the body, especially in the lungs and heart. Stethoscopes are acoustic medical instruments that are used to listen to interior sounds in the bodies of humans and animals. They can be used to monitor the flow of blood through arteries and veins. The use of a stethoscope has been common since scientists began researching the physical properties of the heart, which plays an important role in carrying out key physiological processes. During a patient's examination, the sound of the heart and surrounding organs is important. Auscultation is the process of listening to these sounds, and it has been improved with the help of ever more powerful equipment to assist physicians in this important examination.
Market Trends, Drivers, Restraints, and Opportunities
- Growing percentage of the population suffering from various cardiac and pulmonary disorders, is projected to drive the market.
- Rising expenditure in healthcare sector is estimated to fuel the market during the projected period.
- Bluetooth connectivity with digital stethoscope apps on the mobile is expected to boost the market.
- High cost of digital stethoscope is projected to hinder the market growth during the forecast period.
- lack of understanding of high-end products is expected to impede the market growth.
- R&D investment and technological developments in the healthcare sector is anticipated to create lucrative opportunities for the market players.
Scope of the Report
The report on the global stethoscope market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Stethoscope Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2021 |
Historic Data | 2019–2020 |
Forecast Period | 2022 – 2030 |
Segmentation | Technology (Traditional Acoustic Stethoscope, Smart Stethoscope, and Electronic/Digital), Sales Channels (Direct Purchase, E-commerce, and Distributors), and End-users (Hospitals, Nurse Practitioners, Standalone Clinics, Veterinary, Home healthcare, and EMT/ First Responders) |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | Smiths Medical; Heine Optotechnik GmbH & Co. KG; Cardionics; American Diagnostic Corp.; Rudolf Riester GmbH; GF Health Products, Inc.; Welch Allyn; Masimo Corporation; Medline Industries, Inc.; Medtronic plc.; and 3M |
Market Segment Insights
Traditional acoustic stethoscope segment held around 72% of the total market share
Based on technology, the market is segregated into traditional acoustic stethoscope, smart stethoscope, and electronic/digital. The traditional acoustic stethoscope segment accounted for a major market share of around 72% in 2021. The smart stethoscope segment is projected to expand at a high CAGR during the forecast period. The electronic/digital segment is anticipated to grow at a rapid pace during the projected period. Wireless electronic stethoscopes are becoming popular in telemedicine because of their improved recording, visual and audio output, and digital sound transmission capabilities. By electronically enhancing internal sounds, electronic stethoscopes provide more precise assessment and diagnosis of the heart, intestines, and lungs. Through the chest component, it converts auditory sound waves into electrical signals. The adoption of digital (electronic) stethoscopes in the diagnosis of a number of serious chronic conditions is estimated to boost the market. Cardiovascular diseases (CVD) are one of the most common chronic illnesses that can be accurately identified with stethoscopes. In order to stay competitive in the market, companies are producing new digital stethoscopes.
Distributors segment accounted for a major market share
On the basis of sales channels, the market is fragmented into direct purchase, e-commerce, and distributors. The distributors segment accounted for a major market share. Long-term contracts and agreements with distributors and manufacturers are common among hospitals and clinics. Long-term contracts with end-users are being used by the major players as a tactic to increase their reach and improve their position in the market. Companies like Welch Allyn, Thinklabs, Eko, American Diagnostic Company, Cardionics, and 3M have approved distributors/dealersin every region that sell a complete array of stethoscopes and parts. Stethoscopes are becoming more widely available online and through e-commerce, which is expected to help the market grow. The field of eHealth is rapidly expanding. Medical products are increasingly being sold through online networks, which allows end-users to evaluate and select appropriate products based on point of sale, price, brand, and types.
The hospitals segment is estimated to expand at a high CAGR during the forecast period
In terms of end-users, the market is divided into hospitals, nurse practitioners, standalone clinics, veterinary, home healthcare, and EMT/ first responders. The hospitals segment to account for a key market share. Every healthcare center has stethoscopes as one of the most frequent pieces of medical equipment. Some clinicians simply require a basic stethoscope to detect bowel, lung, and heart, sounds depending on their job. Others, such as cardiology specialists, need to catch a wider range of frequencies, which can only be heard with modern instrument.
North America dominates the global market
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2021. Growth of the market in the region is attributed to rapid acceptance of new technology, presence of large businesses, and availability and launch of technologically advanced items in the region. Asia Pacific is estimated to register substantial CAGR during the forecast period owing to increasing demand in developing countries such as India and China and rising investment by major players in the region.
Segments
The global stethoscope market has been segmented on the basis of
Technology
- Traditional Acoustic Stethoscope
- Smart Stethoscope
- Electronic/Digital
Sales Channels
- Direct Purchase
- E-commerce
- Distributors
End-users
- Hospitals
- Nurse Practitioners
- Standalone Clinics
- Veterinary
- Home healthcare
- EMT/ First Responders
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Smiths Medical
- Heine Optotechnik GmbH & Co. KG
- Cardionics
- American Diagnostic Corp.
- Rudolf Riester GmbH
- GF Health Products, Inc.
- Welch Allyn
- Masimo Corporation
- Medline Industries, Inc.
- Medtronic plc.
- 3M
Competitive Landscape
Key players competing in the stethoscope market include Smiths Medical; Heine Optotechnik GmbH & Co. KG; Cardionics; American Diagnostic Corp.; Rudolf Riester GmbH; GF Health Products, Inc.; Welch Allyn; Masimo Corporation; Medline Industries, Inc.; Medtronic plc.; and 3M. Some of these players are using several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares, generate revenue, and raise their production line of the business in the coming years. For instance,
- In 2019, Breathe Solutions, Inc., a manufacturing company of medical equipment's that provides wearable, noninvasive ventilation equipment, was bought by Hill-Rom.
- In April 2022, Sanolla Ltd., an Israeli business, has won FDA approval for its Voqx smart-infrared stethoscope.