Stethoscope Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Australia, Mexico, Brazil, Saudi Arabia, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2923
Stethoscope Market size is expected to grow significantly from 2018 to 2024.
Stethoscope market will witness significant growth over the coming years owing to rising incidences of cardiac and pulmonary ailments, growing healthcare expenditure and technological advancements in the device. Growing geriatric population base, highly susceptible to suffer from chronic conditions will act as primary driver for industry expansion.
High adoption of unhealthy diet along with physical inactivity has escalated obese population leading to cardiovascular disease. Huge investment in R&D by industry players towards superior easy-to use product development will positively impact stethoscope industry size. For instance, In April 2018, Steth IO launched, the smartphone stethoscope that allows doctors to see as well as hear heart and lung sounds.
Technological advancement such as development of electronic stethoscope compatible with wireless Bluetooth capability should drive stethoscope market significantly over the coming years. However, dearth of skilled healthcare professionals capable of handling advanced stethoscopes coupled with huge investment in R&D will restrain industry growth to certain extent over the forecast timeframe.
Based on product type, the industry is bifurcated into manual stethoscope and electronic stethoscope. Manual stethoscopes segment accounted for significant market share in 2017 owing to increasing prevalence of cardiac ailments, rising disease awareness and technological advancements. Advanced electronic stethoscopes allow effective diagnosis will drive electronic stethoscope segment during the forecast period.
End-user segment includes hospitals, physician offices, clinics, ambulatory surgical centers, home and others. Home end-user segment will grow considerable over the coming years due to rising demand for home healthcare devices and numerous efforts undertaken by market players to develop easy operative, lightweight stethoscope. Home stethoscope allows frequent monitoring of cardiac and respiratory sound will further fuel business segment growth.
U.S. stethoscopes market dominated global stethoscope market in 2017 due to high healthcare expenditure, high incidence rate of cardiopulmonary diseases and technological advancements in stethoscope device. Presence of major industry players such as 3M in the country will positively impact industry growth.
China stethoscope market will witness substantial growth during the forecast period. Growing geriatric population base, unhealthy lifestyle escalating prevalence rate of cardiovascular diseases along with growing healthcare expenditure will drive China stethoscope market. High preference of healthcare professionals towards manual stethoscopes will drive China manual stethoscope market during the forecast timeframe.
Some of the major industry players operating in stethoscope market include 3M, Welch Allyn, Heine Optotechnik, Medline Industries, GF Health Products, American Diagnostic Corporation, Rudolf Riester, Cardionics, Smiths Medical, Omron Corporation, A&D Medical, McCoy Medical. Industry players are focusing towards expanding product portfolio by adopting various strategies such as merger, acquisition and partnership. Companies are currently investing heavily in R&D for new product development. For instance, In March 2016, 3M Littmann Stethoscopes launched Cardiology IV stethoscope, consisting of tunable diaphragms on both sides of the chestpiece, enabling clinicians to hear sounds at different frequency by altering pressure applied onto the chestpiece.
Stethoscope Market By Product, 2013-2024 (USD Million)
- Manual stethoscope
- Electronic stethoscope
Stethoscope Market By End-user, 2013-2024 (USD Million)
- Physician offices
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Welch Allyn
- Heine Optotechnik
- Medline Industries
- GF Health Products
- American Diagnostic Corporation
- Rudolf Riester
- Smiths Medical
- Omron Corporation
- A&D Medical
- McCoy Medical
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