The Global Market for Stethoscopes is Projected to Reach US$425 Million by 2022
Advanced Electronic Innovations to Benefit Global
Sales of the Iconic Stethoscopes Which Continue to Remain
Indispensable to Medical Practice, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market size, share, and
demand forecasts on the global Stethoscopes market. The global market for Stethoscopes is projected to
reach US$425 million by 2022, driven
by the indispensability of this iconic diagnostic device to medical practice coupled
with technological developments and launch of advanced electronic stethoscopes.
Physical examination,
including auscultation, along with initial lab tests and medical history forms
the basis of diagnosis that eventually helps physicians arrive at ideal
treatment plans. Several instruments, including stethoscopes, hence play a
critical role in diagnosis of several health conditions. Stethoscope has an
indispensable role in delivery of routine duties of healthcare providers,
enabling them to listen to body sounds, such as those of lungs and heart, for
disease diagnosis and prognosis. Despite advances in other diagnostic
techniques, auscultation
through stethoscopes remains the most common technique used by physicians and
other healthcare providers in identifying pathologic heart sounds and murmurs
as part of adult physical examination. In this backdrop, the market for
stethoscopes is expected to witness steady growth through the analysis period
driven by the a combination of favorable factors including aging population, growing
healthcare needs, increasing access and spending in both developed and
developing countries, rising living standards of people, and continued
enhancements in stethoscope designs and acoustics.
Manual & Mechanical Stethoscopes continue to dominate the market, driven by their huge
popularity among doctors worldwide. However, the difficulty in capturing gentle
sounds is limiting their use and with little innovation over the years, there
is gradual shift in preference for other technologies. Electronic stethoscopes, in this regard, are gaining popularity worldwide,
driven by a slew of technological advancements that improved acoustics and
functionality of stethoscopes. Factors such as rising healthcare costs, growing
market for telemedicine, and increasing use of smartphone and other connected
devices are driving growth for electronic stethoscopes. Development and launch
of electronic stethoscopes with Bluetooth™ connectivity, and other benefits
such as audio/visual output, noise reduction, signal enhancement and ability to
record and store sounds are contributing to their growing popularity. Higher
costs remain a major temporary hurdle to the growth of electronics
stethoscopes. Other factors challenging their growth include the need for and
replacing batteries and relative fragility over manual stethoscopes among
others. Fetal heart-rate detectors, which play a primary role in reducing infant
mortality rates, is another major segment that significantly contributes to the
market’s growth.
As stated by the new
market research report on Stethoscopes,
the United States represents the largest market worldwide. Asia-Pacific ranks
as the fastest growing market with a CAGR of 5.9% over the analysis period led
by growing population and healthcare burden; rapidly developing physician
practices; growing per capita healthcare spending; strong physician confidence
in the tried and tested reliability of stethoscopes; availability of stethoscopes
in a wide variety of styles, designs and colors; and launch of specialized stethoscopes
for virtually every branch of medicine such as pediatric, cardiology, obstetrics,
pulmonary assessment etc.
Major
players in the market include 3M, American Diagnostic Corporation, Cardionics,
Inc., GF Health Products, Inc., Medline Industries Inc., NISCO (INDIA), Rudolf
Riester GmbH & Co. KG, Suzuken Co., Ltd., Welch Allyn, Inc., and
Yuwell-Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. among
others.
The research report titled
“Stethoscopes: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for Stethoscopes in value terms for all major geographic markets
such as United States, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of
Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of
World. Global and regional markets are further analyzed by the following
product: Manual & Mechanical Stethoscopes, Electronic Stethoscopes,
Esophageal Stethoscopes, Fetal Stethoscopes and Fetal Heart Rate Detectors.
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