Demand for the Stethoscope Market in Near Futureby Susan Hill Business Consultant
The global stethoscope market size is expected to reach USD 522.6 million by 2025, at a CAGR of 4.7% according to a new report by Grand View Research, Inc. The global increase in cardiac and pulmonary diseases is likely to drive the market during the forecast period.
Furthermore, increase in investments by key companies and government agencies for development and commercialization of various innovative, accurate, and improved frequency, easy-to-use stethoscopes is likely to drive the market. For instance, in October 2015, Rijuven Corporation launched a new FDA-approved device, CardioSleeve, for pediatric use with electrocardiography skills to convert any existing stethoscope into a smart mobile-connected device with digital auscultation, digital analysis, arrhythmia, or murmur, which can identify heart failure.
Entry of various electronic stethoscopes in the market is likely to drive the segment at the fastest rate during the forecast period. In August 2015, Eko launched the first Android-connected digital stethoscope that amplifies 40X and enables wireless streaming of heart and lung sounds via a mobile app. This device received Class II FDA approval and is compatible with iOS.
Further Key Findings from the Report Suggest:
- Growing geriatric population, increasing healthcare expenditure, and
availability of technologically advanced stethoscopes are some of the
factors expected to boost the market in the coming years
- The manual stethoscope segment accounted for the highest share of
the market in 2016 and is expected to witness significant growth during
the forecast period. This can be attributed to the availability of several
products with advanced tunable technology that provides improved clinical
accuracy to monitor the cardiac rate.
- The electronic segment is expected to be the fastest growing segment
in coming years owing to the introduction of innovative products that can
be connected to a computer and enable storage for further analysis &
transmission of recorded sounds.
- Geographically, North America was the major contributor to the
stethoscope market in 2016. It is anticipated to maintain its dominance
during the forecast period due to the launch of advanced products, greater
adoption of portable ultrasound stethoscope systems for early detection,
and increase in prevalence & diagnosis of lifestyle-associated
- Asia Pacific is likely to witness significant growth over the next
decade owing to the presence of local and key market players in the
region, growing geriatric population, and increasing healthcare
expenditure in major markets such as Japan and China. Asia Pacific is
expected to grow at a CAGR of around 5% from 2017 to 2025
- Some of the key players are 3M; Medline Industries, Inc.; Welch Allyn; GF Health Products, Inc.; Rudolf Riester GmbH; American Diagnostic Corporation; Cardionics; Heine Optotechnik GmbH & Co. KG; and Smiths Medical.
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Created on Jan 15th 2020 06:16. Viewed 183 times.