DUBLIN, Aug. 29, 2023 /PRNewswire/ — The “Stethoscope Market Size, Share & Trends Analysis Report By Technology Type (Electronic/Digital, Smart, Traditional Acoustic Stethoscope), By Sales Channel (Distributors, E-commerce, Direct Purchase), By End Use, And By Region, 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The global stethoscope market is projected to witness remarkable growth, with an anticipated value of USD 949.88 million by 2030, according to a comprehensive report.
The report predicts a Compound Annual Growth Rate (CAGR) of 5.9% from 2023 to 2030. The increasing prevalence of cardiovascular and pulmonary diseases, coupled with the rising use of digital stethoscopes in the diagnosis of chronic conditions, is expected to drive significant adoption of these devices during the forecast period.
Impact of COVID-19 and Ongoing Growth
The outbreak of the COVID-19 pandemic in 2020 significantly accelerated the use of stethoscopes worldwide. Given the infectious nature of COVID-19 and its respiratory impact, initial diagnosis involving lung and heart assessment became crucial. This trend is expected to sustain beyond the pandemic, leading to continuous and substantial market growth.
Government Initiatives and Technological Advancements
The market is anticipated to experience growth driven by the launch of government initiatives, introduction of new products, and integration of advanced technologies by industry players. For instance, 3M introduced the ‘Single-Patient Stethoscope’ to address challenges posed by disposable stethoscopes, such as inadequate audibility and discomfort for healthcare professionals.
Additionally, the introduction of digital/smart stethoscopes employing Artificial Intelligence (AI) to record and transmit recordings virtually to physicians enables social distancing and reduces COVID-19 exposure risks.
Key Market Insights
- The traditional acoustic stethoscope segment dominated the market in 2022 with a share of 74.35%, attributed to its affordability, simplicity, and widespread use among paramedics and nurses.
- Distributors held the largest market share in the sales channel segment with 54.28% in 2022. This is due to long-term contracts and partnerships between hospitals/clinics and distributors/manufacturers, resulting in cost savings.
- Hospitals led the end-use segment with a share of 40.75% in 2022 and are projected to experience the highest CAGR during the forecast period.
- North America accounted for the largest regional share with 32.85% in 2022, driven by well-established healthcare facilities and the rising prevalence of heart and lung diseases.
Market Dynamics
The report delves into the market’s dynamics, highlighting driving factors and constraints. The rising incidence of cardiovascular and respiratory diseases, growing geriatric population, and the increased application of digital stethoscopes for diagnosing chronic conditions are among the drivers. Conversely, the high cost of electronic/smart stethoscopes serves as a restraint.
Companies at the Forefront
Prominent companies in the market include Eko Devices Inc., 3M, Medline Industries Inc., HEINE OPTOTECHNIK GMBH & CO. KG, WELCH ALLYN (HILL-ROM HOLDINGS, INC.), GF Health Products, Inc., RUDOLF RIESTER GMBH, American Diagnostics Corporation, Cardionics, and Heine Optotechnik GmbH & Co. KG.
For more information about this report visit https://www.researchandmarkets.com/r/zc8007
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SOURCE Research and Markets
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