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Report ID: SQMIG35I2321
Report ID:
SQMIG35I2321 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
93 |
Figures:
76
Global Stethoscope Market size was valued at USD 567.61 Million in 2021 and is poised to grow from 601.1 million in 2022 to 949.88 million by 2030, at a CAGR of 5.9% during the forecast period (2023-2030).
The primary variables anticipated to drive the stethoscope market are the rise in cardiovascular & respiratory disorders as well as the aging population. The usage of technologically improved products, like Bluetooth connectivity to digitally wireless hearing devices or stethoscope apps on smartphones, has an impact on the market's growth.
The demand for sophisticated stethoscopes has increased as the population of people over the age of 65 continues to grow. According to the CDC, it is known that adults over 65 have a higher risk of getting serious health issues like heart disease, the flu, chronic lung disease, asthma, and other illnesses. The World Ageing report estimates that there are 703.0 million people worldwide who are 65 years of age or older.
The market is growing due to the rising frequency of heart-related ailments and various respiratory illnesses such emphysema, cystic fibrosis, acute bronchitis, and asthma. For instance, the WHO reports that 17.9 million people worldwide pass away each year from cardiovascular diseases, which continue to be the leading cause of death in the majority of nations. Stethoscope demand is on the rise as a result of this large patient pool. Stethoscopes are frequently used to diagnose heart problems and respiratory congestion as a main method of examination. Therefore, the stethoscope market is growing primarily due to the rising number of patients with various respiratory and cardiovascular disorders.
Furthermore, the market is anticipated to develop over the projected period due to an increase in initiatives and programs being implemented by governments of various countries to increase public understanding of and treatment concerning chronic illnesses. For instance, the goal of the national "Million Hearts 2022" effort is to stop 1 million heart attacks in the next five years. The Centers for Medicare and Medicaid Services, or CMS, and the Centers for Prevention and Control of Diseases (CDC) are leading the joint endeavor. To improve awareness and understanding of COPD and its risk factors, the National Heart, Lung, and Blood Institute is launching a national campaign called Learn More, Breathe Better. Additionally, this programme aids in early diagnosis and treatment, which slows the disease and enhances quality of life. Rising public knowledge of treatments and government attempts to reduce the frequency of related illnesses is therefore likely to boost market expansion.
The adoption of smart sensors by makers of medical devices has also helped them concentrate on product development, enabling the introduction of wireless products with cutting-edge capabilities. In order to meet consumers' expanding needs, businesses are releasing new items and investing in cutting-edge technology. These innovations will make it easier to better meet the needs of people with different respiratory and cardiovascular conditions. For instance, the DUO ECG + Digital Stethoscope from Eko Devices, Inc. is a dual-purpose electronic stethoscope that monitors electrical activity and can be connected to hospital electronic medical data. Thinklabs One has been used by hospitals all throughout the United States to treat patients with infectious infections since the Ebola crisis. The largest development potential is therefore for stethoscopes with modern features and technology.
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REQUEST FREE CUSTOMIZATIONStethoscope Market size was valued at USD 567.61 Million in 2021 and is poised to grow from 601.1 million in 2022 to 949.88 million by 2030, at a CAGR of 5.9% during the forecast period (2023-2030).
To strengthen their position in the market for smart stethoscopes, major competitors are implementing tactics like mergers and acquisitions, partnerships, and the introduction of new products. For instance, 3M and Eko worked together in 2020 to integrate the Littmann stethoscope from 3M with the digital advancements from Eko. Similar to that, M3dicine introduced the Stethee Smart' stethoscope. It is a stethoscope device with artificial intelligence capabilities that can amplify, filter, record, & analyzes heart and lung sounds. '3M Health Care', 'Welch Allyn (Hill Rom)', 'Medline Industries, Inc.', 'Omron Healthcare', 'American Diagnostic Corporation (ADC)', 'Prestige Medical', 'MDF Instruments', 'Rudolf Riester GmbH', 'Cardionics', 'HEINE Optotechnik', 'Thinklabs Medical', 'ERKA Kallmeyer Medizintechnik GmbH & Co. KG', 'GF Health Products, Inc. (Graham-Field)', 'Ultrascope', 'Spirit Medical Co., Ltd.', 'Miss Diagnostics', 'eKuore', 'HD Medical Group', 'Medas Inc.', 'Meditron Healthcare Technologies'
The rising incidence of chronic diseases such as cardiovascular disorders, respiratory conditions, and hypertension drives the demand for stethoscopes. These devices are essential tools for healthcare professionals in diagnosing and monitoring such conditions.
Technological Advancements: The stethoscope market is witnessing a significant trend of technological advancements. Manufacturers are integrating digital and electronic technologies into stethoscope designs, resulting in improved sound quality, wireless connectivity, and advanced features like digital amplification, recording, and analysis capabilities. These advancements enhance the accuracy and efficiency of diagnosis, leading to increased adoption of advanced stethoscopes.
In 2022, North America held a 32.85% market share for stethoscopes. The rise in chronic illnesses including cardiovascular and respiratory ailments brought on by an unhealthy lifestyle and the presence of a sophisticated healthcare system are the main reasons accelerating the market expansion for stethoscopes. As a result, the prevalence of cardiovascular diseases is increasing in North America, which will likely lead to an increase in stethoscope demand. Additionally, according to CMS data, U.S. health care spending increased 4.6% to reach USD 3.8 trillion. Additionally, the Canadian Institute for Health Statistics estimates that the country spent USD 264 billion on healthcare overall, or 11.6% of its GDP. As a result, rising healthcare costs are helping to fuel market expansion in the North American area.
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Report ID: SQMIG35I2321