Stethoscope Market Size

Stethoscope Market Size

Global Stethoscope Market size exceeded USD 373 million in 2019 and is projected to achieve over 5% CAGR over 2020 to 2026. The growth is attributed to increase in need for advanced diagnostic devices and rise in chronic disorders. Recent technological advancements in manufacturing novel and advanced electronic variants will result in augmenting the demand and adoption rate thereby, fueling the market growth.

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Stethoscopes refer to acoustic medical devices used to listen to internal sounds in human or animal bodies. They can be used to listen to sounds from lungs, hearts or intestines, as well as to track blood flow in veins and arteries. Mounting usage in hospital applications will drive stethoscope market growth.

The use of stethoscope has been prominent since scientists began studying the physical characteristics associated with the heart, as it plays a crucial role carrying out essential body functions. The sound of heart and surrounding organs are crucial indicators while examining a patient. The act of listening to these sounds is known as auscultation and this act has been refined with the help of even more powerful tools to aid physicians in this crucial examination.

Increase in number of patients suffering from cardiovascular and pulmonary diseases will boost the stethoscope market revenue

Growing number of people suffering from several cardiovascular and pulmonary diseases will play significant role in augmenting the stethoscope industry growth in the future. Majority of the cardiovascular diseases are associated with the type of sound the heart produces. Heart auscultation has been very important technique for early diagnosis of cardiac dysfunction. Traditional auscultation method requires significant clinical experience and good listening skills. The advent of technologically advanced products has paved the way for accurate and immediate diagnosis. Hence, the aforementioned factors will augment the stethoscope market growth.

Major stethoscope industry players such as 3M and Welch Allyn have undertaken several initiatives to improvise and launch new type of stethoscope. Additionally, increase in number of healthcare professionals and facilities across the globe will further augment the demand and adoption rate, propelling the market growth. The average number of visits to physicians by the patients over the age of 45 has grown significantly in the last few decades. Hence, increase in number of patient visits to the physicians across the globe will positively impact the market growth.

However, high cost of some variants and lack of skilled healthcare professionals will be one of the major market impeding factors. Some of the technologically advanced variants are expensive and cannot be afforded by few of the healthcare professionals. Also, lack of skilled healthcare providers and insufficient knowledge about the high-end products will hamper the industry growth.