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Global Stethoscope Market size to exceed $520 Mn by 2026

  • Published Date: February 12, 2020

Stethoscope Market size is slated to surpass USD 520 million by 2026, according to a new research report by Global Market Insights Inc.

Growing old age population prone to chronic conditions such as cardiovascular and pulmonary disorders will boost the demand and adoption rate of stethoscopes, fueling the market growth. The geriatric population show high probability of chronic heart conditions that needs to be diagnosed early. Hence, early and accurate diagnosis of several chronic conditions will increase the demand for stethoscopes, thereby propelling the industry growth.  

Rising prevalence of cardiovascular diseases across the globe will propel stethoscope market growth

Growing prevalence of chronic conditions such as cardiovascular disease and pulmonary disorders will spur the market growth in the future. According to the America Heart Association, cardiovascular diseases (CVD) are listed as one of the major and underlying cause of death accounting for more than 800,000 deaths in the U.S. annually. Early detection of CVD is very necessary in order to prevent morbidity, especially in case of pediatric and neonatal patients. Hence, the above listed factors will play pivotal role in augmenting the stethoscope industry growth.

Europe Stethoscope Market

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Recent technological advancements in manufacturing novel products will boost the product demand

Recent technological advancements pertaining to manufacturing of novel products will boost the demand and adoption rate, fueling the market growth. The advent of electronic or digital variants has resulted in opening an advanced field named ‘computer-aided auscultation’. This new technology is a result of recent development from acoustic sensor design and digital signal processing to the computer-aided automatic diagnosis of cardiac dysfunction. Growing technological developments to manufacture novel products that assist in early and accurate diagnosis will enhance the stethoscope market demand.

However, lack of skilled healthcare professionals and insufficient knowledge regarding the use of electronic variants will hinder the industry growth over the forthcoming years.

Several advantages pertaining to the acoustic stethoscopes will the demand thereby, fueling the market growth

The acoustic stethoscope market segment was valued at around USD 170 million in 2019. The acoustic variants are one of the most used medical diagnostic devices. They have a very simple mechanical functioning and construction. These types of products are cheap, user friendly and are readily available at the nearby medical shops. Hence, the above-mentioned factors will have significant role in augmenting the market demand.

Provision of high quality and performance at an affordable price will spur the demand for dual head stethoscope

According to design, the market is bifurcated as single head, double head and triple head. The double head stethoscope market revenue is expected to grow at around 5.1% over the projection period. These types of products are much superior to others owing to high product versatility and much greater frequency. The dual head variants provide better sound quality and accurate diagnosis. This type of products allows the user to listen two different sound frequencies. The cup side helps in listening to low frequency lung sounds whereas the opposite flat side assists in listening to high frequency heart sounds. Hence, the aforementioned advantages will result in augmenting the market growth.

Browse key industry insights spread across 930 pages with 2,214 market data tables & 22  figures & charts from the report, “Stethoscope Market Size By Product (Acoustic Stethoscope {Neonatal Stethoscope, Pediatric Stethoscope, Fetal Stethoscope [Pinard Horns, Fetoscope], Cardiology Stethoscope, Veterinary Stethoscope, Teaching Stethoscope}, Electronic Stethoscope {Digitizing Stethoscope, Amplifying Stethoscope}), By Design (Single Head, Double Head, Triple Head), By Usability (Reusable, Disposable), By Tube Type (Single Tube, Double Tube), By Material (Stainless Steel, Aluminum, Zinc, Acrylic Resin, Chrome-plated Brass, Chrome-plated Zinc, Molded Resin, Silicone, Wooden), By End-use (Hospitals, Physician Office, Ambulatory Surgical Centers, Urgent Care Centers, Academic Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

Increase in preference of disposable stethoscope to avoid cross contamination will enhance the growth

Based on usability, the stethoscope market is classified as reusable and disposable. The disposable or single-use segment held very minimal share and was valued at around USD 20 million in 2019. These products are one-time use and are majorly used by the medical professionals to avoid any risk of contamination of transfer of unwanted diseases. They are light weight, inexpensive and can be used during camps in the rural areas in order to prevent cross contamination. Thus, the safety and health hazards addressed by these types of stethoscope will augment the demand, boosting the market growth.

High sound quality and accurate diseases diagnosis by the single tube stethoscope will augment the product adoption

The single tube stethoscope segment held the majority market share of more than 80% and was valued at around USD 310 million in 2019. The single tube variants have one sound wave travelling in a single lumen, then splits, and the single wave travels to each ear separately. This helps the professional in concentrating on specific sounds and giving accurate diagnosis of the medical condition of the patient. Thus, the aforementioned characteristics of the single tube stethoscope will favor the stethoscope market growth.

Greater sound conductivity and other applications offered by aluminum stethoscope will boost market growth

The aluminum stethoscopes are projected to show significant growth at 5.3% over the projection period. These products provide high sound quality, durability and are light weight in use. Also, they are user friendly as they prevent ear irritation and other inflammations. Hence, these applications will augment the market growth in future.

Increase in number of hospitals admissions for routine health check-ups and disease diagnosis will increase the number of stethoscopes in hospitals

Bases on end-use, the market is divided as hospitals, physician office, ambulatory surgical centers, urgent care centers, academic institutes and others. The use of stethoscope in the hospitals held majority market share and was valued at around USD 150 million in 2019. Increase in number of patient admissions in the hospitals for routines check-ups and disease diagnosis will augment the market growth.

Increase in geriatric population prone to chronic diseases will make Asia Pacific a lucrative market for stethoscopes

China is projected to witness the fastest growth at 8.2% in the Asia Pacific stethoscope market share. The growth is attributed to rise geriatric population prone to chronic disorders. The Chinese population is showing increase in number of geriatric individuals and is projected to witness similar trends in the future as the present population is aging drastically. Additionally, rise in prevalence of chronic disorders in the population owing to change in lifestyle habits will further augment the product need. Hence, these factors will result in enhancing the business expansion over the analysis timeframe.

Companies focusing on innovative products to expand customer base and operations will enhance the market growth

Some of the leading players in stethoscope market share include 3M, American Diagnostic Company, Cardionics, GF Health Products, HEINE Optotechnik, Invacare Supply Group, McCoy among others. These players are focusing several strategic initiatives such as mergers, acquisitions, new product development, collaborations, and geographic expansion.

Authors: Sumant Ugalmugle, Rupali Swain