30th Oct 2020 - The global Stethoscope Market size is expected to value at USD 522.6 million by 2025. The market is subject to witness a substantial growth due to the increase in the prevalence of cardiovascular and pulmonary disorders, rise in personal healthcare expenditure, and recent technological advancements. Rise in adoption of the latest technologies such as Bluetooth and digital wireless that allows hearing aid wearers with the help of stethoscope and stethoscope android apps on smartphones, thus driving the growth of stethoscope industry in upcoming years. Globally, the stethoscope market is predicted to grow at CAGR of 4.7% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Rise in geriatric population across the globe has led to high-end demand for highly advanced stethoscope technology, particularly to perform detailed diagnosis of severe chronic health disorders. Chronic diseases are more prevalent among people above the age of sixty-five years due to weakened immune system. As per reports presented by World Health Organization (WHO), elderly population is expected to cross two billion by 2050, such factors prove critical for the growth of stethoscope industry in near future.
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Additionally, the recent development of innovative technologies and increasing focus towards research & development of stethoscope by prominent industry players are some of the key factors responsible for market expansion, in recent years. Rising competition among market players and numerous governmental initiatives coupled with rise in the healthcare expenditure by developed economies is further strengthening market growth. Recent governmental initiatives undertaken by developing economies such as China and India to provide subsidies in the rural areas with the introduction of schemes like New Cooperative Medical Scheme are predicted to fasten the growth of stethoscope market over the forecast period.
With advent of wireless stethoscope, which is capable of connecting and amplifying sound signal twenty times, alongside removing excess of undesirable noise, are expected to boost sales of stethoscope in upcoming years. Stethoscope is categorized mainly into two types based on their work mechanism such as manual stethoscopes and electronic stethoscopes. Electronic stethoscope is widely popular among the two, due to increasing adoption in developed economies since last decade.
Electronic stethoscopes offer advantages such as superior digital sound broadcast capabilities, audio and video response, and storage capabilities. Additionally, growing adoption of the wireless electronic stethoscopes in tele-medicine is expected to influence demand of electronic stethoscopes, in upcoming years. Some of the additional advantages of the digital stethoscope include improved speed of operation, precision and flexibility, thus allowing easy diagnosis of various heart related conditions by amplifying heart and lung sound signal by forty times and generating & storing the digital files.
Type Outlook (Revenue, USD Million, 2014 - 2025)
• Manual Stethoscopes
• Electronic Stethoscopes
The key players in the stethoscope industry are 3M Company, Medline Industries Incorporations, Welch Allyn Incorporations, GF Health Products Incorporations, Rudolf Riester Co., American Diagnostic Co., Cardionics Incorporations, Heine Optotechnik Corporations, and Smiths Medical.
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Table of Contents
Chapter 1. Executive Summary
Chapter 2. Methodology and Scope
Chapter 3. Stethoscope Industry Outlook
Chapter 4. Stethoscope Market: Product Type Outlook
Chapter 5. Stethoscope Market: Regional Outlook
Chapter 6. Competitive Landscape