According to the statistics of HealthGuidance, on average every teenager suffers from common cold six to ten times annually across the world. Widely used to listen to internal sounds, stethoscopes is extensively used for examining the condition of phlegm in the respiratory tract. Additionally, it is used along with sphygmomanometer during blood pressure measurement and also for portable ultrasonography by physicians. Albeit considerable progress in the healthcare sector, the stethoscope has always been a crucial component in hospitals and clinics worldwide for auscultation, thereby detecting several bodily disorders. The huge demand for stethoscopes prevails in the modern medical industry even for veterinary examination resultantly, escalating the overall stethoscopes market demand rapidly. The global stethoscopes market size stood at $371 million as of 2018 with an estimated compound annual growth rate (CAGR) of 6.10% through to 2025 generating colossal revenue income.
Currently around 6,210 hospitals are providing medical aid to the population of U.S. as per the American Hospital Association (AHA). This provides a provision for rapid deployment of medical devices and tools, which in turn scales up to the overall supply-demand chain of stethoscopes in this province. North America is the leading contributor to this market with a large regional share of 41% in the year 2018. Hospitals segment is exerting huge demand pull on the global stethoscope market which is evaluated to grow at a CAGR of 4.70% during the forecast period of 2019-2025.
· Owing to the enhanced ausculatory sounds, record-replay and noise reduction features, and accurate measurements, electronic stethoscopes are gradually gaining traction in the global scenario thereby influencing the stethoscopes market opportunity.
· Growing urbanization, increasing incidences of disease, bourgeoning post-surgical health monitoring requirement and significant technological innovation propels the global stethoscopes market growth and demand.
The pioneering companies leading the stethoscopes market includes Welch Allyn, 3M, GF Health Products, American Diagnostic Corporation, Eko Devices, CliniCloud, Rudolf Riester, Dongjin Medical, Cardionics, Medline Industries, and others.
American Diagnostic Corporation manufactures medical diagnosis devices, personalized instruments, and several clinical accessories such as stethoscopes, sphygmomanometer, stethoscopes, otoscopes, thermometers, and ophthalmoscopes. Provider of premium quality stethoscopes to clinical and cardiologic diagnoses, they also offer a lifetime warranty on their delivered products.
Recent breakthrough in the medical sector came in the shape of digital stethoscopes manufactured by Eko Devices through attachment of Eko Core to the traditional stethoscopes enabling pairing option with smartphones and tablets via Bluetooth as a medium. Consequently, this method helps in recording the heart and internal sounds which can be transferred to medical experts for distinct review and analysis. Additionally, Eko Devices introduced combined ECG and digital stethoscopes which efficiently captures the cardiovascular systolic and diastolic rate with greater precision.
Artificial Intelligence is clouding up the industrial sector across the world owing to its customer-oriented solutions and maximum task achievement capability. M3DICINE recently launched AI enabled electronic stethoscope –Stethee- applicable for clinical, veterinary, medical educational purposes. Additionally, Sonavi Labs is innovating an AI-powered digital stethoscope beneficial in diagnosis of acute respiratory diseases such as pneumonia.
Veterinarians with EKG:
Elite medical services opens up scope for the innovation of varied tools, techniques, and devices in the healthcare sector. With the advent of electronic and digital stethoscopes competitive landscape propelled the advent of many intelligent stethoscopes. ELEVET’s HD StethVet®, a major success in this field, provides an insight into the animal healthcare and diagnosis. Transforming the conventional outlook of stethoscope functioning, HD StethVet® provides features such as ausculatory sound amplication, noise reduction, and visualization of EKG and internal sound waveforms on any linked smartphones.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the stethoscopes market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of stethoscopes in stethoscopes market, and their specific applications in different areas.
Global stethoscopes market is segmented one the basis of product type. Categorization based on the product type includes fetal heart rate detectors, fetal stethoscopes, esophageal stethoscopes, electronic stethoscopes, digital stethoscopes, manual and mechanical stethoscopes, and many others.
The stethoscopes market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia