23rd September 2019 – 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.
The stethoscope is termed as medical
equipment that is commonly used for measuring, or listening to the internal
sounds of heart and lung of an animal or human being. The stethoscope is
commonly consists of a smaller disc shaped resonator, which is pressed around
the chest area, with two tubes joined to earpieces. The stethoscope is used to
listen to movements in intestines and blood flow in veins and blood vessel. The
stethoscope helps to measure blood pressure along with a sphygmomanometer, thus
fueling the market growth.
The stethoscope industry is divided by
region such as North America, Europe, Asia-Pacific, Latin America and Africa.
North America has shown major growth in recent years owing to the rise in the
adoption of latest technologies and existence of well-established healthcare
infrastructure. Asia-Pacific region is predicted to hold major market share in
the stethoscope market with massive growth in forecast period. Countries such
as India, China and Japan are leading the Asia-Pacific market with rise in
older population in the region, increasing demand of stethoscope, rise in
health expenditure, and significant investment by leading industry players
considering potential opportunities in the region.
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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