Stethoscope Sales Set to Total US$ 504 Million by 2026 as Advancement in Stethoscope Technology Surges

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Sep 14, 2022, 07:00 ET

Massive Electrification and Digitalization Reforming the Stethoscope Industry, Sales to Reach US$ 431 Million by 2022

The stethoscope market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players' strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as product and end-use across key regions.

NEW YORK, Sept. 14, 2022 /PRNewswire/ -- The global stethoscopes market is likely to grow from US$ 431 million in 2022 to US$ 504 million by 2026, with sales accelerating at a CAGR of 4% between 2022 and 2026. Rising prevalence of chronic diseases and growing need for better diagnosis and treatment of patients are some of the key factors driving growth in the global stethoscopes market.

Over the years, stethoscopes have become crucial medical instruments for the detection of various health conditions. These instruments are used to detect sounds produced in the body, particularly the heartbeat. They amplify body sounds and help physicians or other healthcare providers to listen to the sounds generated internally by patient's heart, lungs, blood flow, and intestinal tract.

Rapid expansion of healthcare industry across the world along with increasing incidence of cardiovascular and pulmonary diseases is expected to provide a strong thrust to the growth of stethoscopes market during the forecast period.

Similarly, innovation in stethoscope technology and growing popularity of electronic stethoscope will further propel sales in the market during the next 5 years.

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Market players are expected to benefit from several government initiatives and the introduction of new products and technologies. For instance, 3M recently launched a single-patient stethoscope that allows healthcare professionals to avoid problems caused by disposable stethoscopes—such as inadequate audibility and discomfort.

Furthermore, integration of latest technologies such as artificial intelligence (AI) in stethoscopes is increasing as they allow physicians to record and send recordings virtually. This will bode well for the market in coming years.

Key Takeaways:

Based on product, the electronic stethoscopes segment currently holds around 16% share of the global stethoscope market.
By end use, physician's office segment is likely to generate highest revenues in the global stethoscopes market during the forecast period.
North America will continue to dominate the global stethoscopes market during the assessment period.
The U.S. stethoscopes market is expected to reach US$ 115 million in 2022.
The stethoscopes market in China anticipated to reach US$ 103 million in revenues by the end of 2026

Key Drivers:

Rising prevalence of cardiovascular and pulmonary disorders will continue to foster sales of stethoscopes during the forecast period.
Introduction of technologically advanced stethoscopes is expected to boost market growth during the forthcoming years.

Restraints:

Expensive nature of advanced stethoscopes is expected to hinder market growth during the assessment period
Lack of skilled medical workers who can operate modern variants of stethoscope can also negatively influence demand in the market.

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Competitive Landscape:

Stethoscopes manufacturers are focusing on creating innovative products that will increase sales. Small and medium-sized manufacturers are aware that affordability is a key concern for healthcare industry, especially in developing countries. To consolidate their position, these manufacturers are creating stethoscopes made with cheaper components. On the other hand, prominent players are integrating AI and latest technologies to improve the efficacy and accuracy of their offerings.

For instance,

In 2021, Eko, a leading stethoscope manufacturer, launched a modern stethoscope with built-in AI features. The AI-based system is likely to help in better analysis of irregular patterns in heart beats
In 2019, John Hopkins University announced that it was building a stethoscope that can be customized according to the specific needs of the patients.

Key Companies Profiled by Fact.MR

Eko Devices Inc.
American Diagnostic Corporation
A&D Medical
Rijuven Corporation
Welch Allyn, Inc.
eKuore
Rudolf Riester GmbH
Cardionics, Inc. (3B Scientific GmbH)
Meditech Equipment Co., Ltd.
GF Health Products, Inc.
Contec Medical Systems
Think Labs Medical LLC
3M Company

More Valuable Insights on Stethoscopes Market

In its latest study, Fact.MR offers a detailed analysis of the global stethoscopes market for the forecast period of 2022 to 2026. This study also divulges key drivers and trends promoting the sales of stethoscopes through detailed segmentation as follows:

By Product:

Manual Stethoscopes
Mechanical Stethoscopes
Electronic Stethoscopes
Esophageal Stethoscopes
Fetal Stethoscopes
Fetal Heart Rate Detectors
Others

By End Use:

Physicians' Offices
Home Care Settings
Hospitals
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA

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Key Questions Covered in the Stethoscopes Market Report

What is the anticipated market size of the stethoscopes market in 2022?
At what rate will sales in the global stethoscopes market grow until 2026?
Which are the factors hampering the demand in the stethoscopes market?
Which region is expected to dominate the global stethoscopes market during 2022-2026?
Which are the factors driving sales in the stethoscopes market during the forecast period?
What is the expected market valuation of the stethoscopes market during the forecast period?

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