San Francisco, 17 May 2024: The Report Stethoscope Market Size, Share & Trends Analysis Report By Technology Type (Electronic/Digital Stethoscope, Smart Stethoscope), By Sales Channel, By End-use, By Region, And Segment Forecasts, 2024 - 2030

The global stethoscope market size is anticipated to reach USD 949.88 million by 2030 and is projected to grow at a CAGR of 5.96% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is driven by various factors such as rapid growth in the geriatric population, technological advancements, increasing adoption of telemedicine and remote patient monitoring coupled with expanding telehealth applications.

The escalating demographic of elderly individuals poses a noteworthy influence on the healthcare sector, particularly within the medical device market, exemplified by devices such as stethoscopes. According to the CDC, it has been recognized that persons above 65 years of age are at a higher risk of developing severe health problems, such as heart disease, common asthma, cold & flu, chronic obstructive pulmonary disease, diabetes, and other medical conditions. This is because aging weakens the immune system and consequently increases an individual’s susceptibility to various disorders. Stethoscopes play a pivotal role in healthcare sector, especially for in-home care delivery, facilitating systematic monitoring and evaluation of the health status of elderly patients by healthcare practitioners.

For instance, the data report by WHO estimated that by 2040 demographic forecast indicates that the proportion of individuals aged 60 and above within China's population is anticipated to be 28%, approximately 402 million individuals, of the overall population owing to an extended life expectancy coupled with diminishing fertility rates. Moreover, as healthcare expenditure rises with an aging population, there may be increased investment in medical equipment, including stethoscopes, to enhance diagnostic capabilities and improve the quality of care for the elderly thus, propelling the market growth in the near future.

The market is driven by numerous factors such as the increasing adoption of digital stethoscopes in diagnosis of chronic conditions, partnerships, and collaboration among the industry key players for novel product launches coupled with rising prevalence of cardiovascular and respiratory diseases.

For instance, as per the data findings from a study revealed by American College of Cardiology Foundation in 2023, ischemic heart disease remains the predominant contributor to global cardiovascular disease (CVD) mortality, with an age-standardized rate of 108.8 deaths per 100,000. Increase in worldwide CVD-related fatalities, raised from 12.4 million in 1990 to 19.8 million in 2022.

Stethoscopes assume a pivotal role in preventive healthcare, facilitating healthcare professionals in discerning early indicators of cardiovascular and respiratory issues before they escalate into more critical stages thus propelling industry growth.

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Industry key players are involved in strategic partnerships and collaborations for novel product launches, thus driving the market growth in near future. For instance, in September 2023, FIGS, Inc. and Eko Health, Inc. joined forces to introduce FIGS | Eko CORE 500 Digital Stethoscope. This strategic collaboration brought together two entities that innovatively transformed fundamental tools for healthcare professionals, namely scrubs and stethoscopes, leveraging advanced technology, contemporary design, and establishing genuine connections within the healthcare community. Key players collaborating can collectively address global healthcare challenges, such as improving access to healthcare in underserved regions. Joint initiatives contribute to the development of stethoscopes tailored to specific healthcare needs and demographics. Such initiatives boost the market growth.

Stethoscope Market Report Highlights

• Based on technology type, the smart stethoscope segment is expected to register the fastest CAGR of 7.02% during the forecast period, owing to advanced noise reduction technology in smart stethoscopes helps filter out ambient noise, ensuring clearer and more accurate auscultation
• Based on sales channel, the e-commerce segment is expected to register the fastest CAGR of 7.01% during the forecast period. E-commerce platforms allow stethoscope manufacturers and sellers to reach a global audience. This expanded reach helps healthcare professionals and consumers access a variety of stethoscope options regardless of their geographical location
• Based on end-use, the hospitals segment is expected to register the fastest CAGR of 6.40% owing to the increasing hospital admissions due to rising cases of chronic diseases
• North America dominated the market with the revenue share of 32.64% in 2023, owing to the presence of a majority of key market players in this region

Moreover, increasing adoption of digital stethoscope in diagnosis of chronic conditions propels the market growth. For instance, the article published by Contemporary PEDS Journal in September 2023, stated that a hybrid AI stethoscope demonstrated efficacy in the identification of cardiac and respiratory ailments. Researchers developed a digital stethoscope interface tailored for integration with a cost-effective Raspberry Pi Zero 2w single-board computer. The suggested configuration exhibited seamless performance on computing platform and was found affordable with the price at approximately $25, rendering it suitable for deployment in economically constrained regions. In addition, increasing demand for digital stethoscopes for chronic disease management is expected to stimulate extensive exploration and progress in this field. Advancements in sensor technology, artificial intelligence, and connectivity are likely to result in the creation of more advanced and effective diagnostic instruments which has a positive impact on the market expansion.

The market growth stage is high, and pace of the market growth is accelerating. The market is characterized by a rising geriatric population, increasing prevalence of chronic diseases, and growing demand for advanced diagnostic tools.

Stethoscope Market Report Scope

Key strategies implemented by players in global market are FDA approval for new product launches, expansion, acquisitions, partnerships, and other strategies. In June 2023, Sparrow BioAcoustics officially obtained approval from U.S. FDA for commercialization of its software, facilitating transformation of smartphones into medical stethoscopes. This groundbreaking Software as a Medical Device (SaaMD) empowered smartphones to function as top-tier stethoscope devices, capable of capturing, analyzing, and sharing data about cardiovascular and pulmonary sounds.

List of Key Players in the Stethoscope Market

• 3M
• Medline Industries, LP.
• Welch Allyn (Hill-Rom Holdings, Inc.)
• Eko Health, Inc.
• GF Health Products, Inc.
• Rudolf Riester GmbH (Halma plc)
• American Diagnostic Corporation
• Cardionics Inc.
• PAUL HARTMANN AG
• HEINE Optotechnik GmbH & Co. KG
• StethoMe sp. z o.o.