Stethoscope is an acoustic medical device used for auscultation based physical examination of an animal or humans. The resonator placed beneath the small disc at one end amplifies sound of lungs, heart, esophagus or fetal heart rate. Stethoscope is a fundamental component of physical examination for a healthcare profession. Major drivers for growth of the stethoscope market are increasing incidence of cardiovascular disease, rising number of healthcare professionals, and improving healthcare facilities. Moreover, market players are introducing more user friendly technologically advanced products with Bluetooth connectivity or wireless digital stethoscope, which is expected to boost growth of the stethoscope market.
Stethoscope Market Drivers
Increasing product launches by key players with advanced technologies is expected to aid in growth of the global stethoscope market during the forecast period. For instance, in March 2018, a research team developed an open-source, clinically validated template for a 3D printed stethoscope for application in the areas that have limited access to medical supplies. Moreover, in April 2018, Steth IO launched digital stethoscope named Steth IO. The product is built directly into the protective case of the physician’s iphone. It runs on an app that allows visualization of heart or lung sounds directly on the phone’s screen, when held against patient’s chest. Furthermore, it enables physician to store the records in the app, which can be shared in case of a second opinion. Steth IO received FDA approval in 2016. In 2015, Eko received US FDA clearance to launch Eko Core, a next generation digital stethoscope.
Moreover, in January 2018, M3DICINE Inc., a designer of intelligent medical devices, launched Stethee, the first Artificially Intelligent (AI)-enabled stethoscope system. The Stethee system include three products, which are Stethee Pro for medical and healthcare professionals, Stethee Vet for veterinarians and animal professionals, and Stethee Edu developed as educational and research tool. All these product launches are technologically advanced versions of conventional stethoscope and is expected to increase choices for the users.
High incidence of heart diseases is expected to be another factor for growth of the market. Stethoscope is an important component that aids clinicians in diagnosis of cardiovascular disease, which affects 1 in 4 people in US, according to Center for Disease Control and Prevention (CDC). According to American Heart Association, 2018, cardiovascular disease is the leading cause of death, globally. Furthermore, according to same source, it is estimated that everyday 2,300 people in the U.S. die of cardiovascular disease, which means on an average 1 death per 38 seconds. Moreover, increasing geriatric population, who are more prone to diseases rising the demand for frequent diagnosis under several medical conditions expected to propel the growth of stethoscope market. For instance, the global geriatric population is estimated to be 962 million, which comprises 13% of the total global population, in 2017 as per United Nation Organization. According to their forecast, this geriatric population worldwide is expected to be reach 1.4 billion in 2030 and 2.1 billion by 2050.
Stethoscope Market - Regional Analysis
Based on geography, the stethoscope market has been segmented into North America, Latin America, Europe, Middle East, Asia Pacific, and Africa. North America holds the dominant position in stethoscope market, owing to the increasing number of new product launches by the key players in U.S. North America market is followed by Europe attributed to the increasing number of hospitals and clinics and medical professionals. For instance, according to Eurostat, around 1.8 million physicians are working in the European Union, while the comparison between 2005 and 2015 showed that the number of medical doctors graduating per 100,000 inhabitants rose to 12.4 medical doctors in 2015 as compared to 2005 (9.5 medical doctors per 100,00 inhabitants).
Stethoscope Market – Competitive Lanscape
Key players operating in the stethoscope market are 3M Company, Cardionics, Inc., Heine Optotechnik GmbH & Co. KG, American Diagnostics Corp, Medline Industries, Inc., Welch Allyn, Inc., GF Health Products, Inc., and Rudolf Riester GmbH.
Stethoscope Market Taxonomy
By Product Type
By End Users