Market Trends of Global Electronic Stethoscope Industry
This section covers the major market trends shaping the Electronic Stethoscope Market according to our research experts:
The Wireless Transmission System is Expected to Occupy a Significant Share in the Electronic Stethoscope Market Over the Forecast Period
The progression of Bluetooth technology has paved the way for the innovation of wireless stethoscopes. This helps healthcare providers listen to patients without any physical contact. The wireless electronic stethoscopes assist physicians in the contactless evaluation of patients, thereby protecting themselves from various infectious pathogens. With the increasing demand for teleconsultation services in recent years, wireless electronic stethoscopes help healthcare providers analyze and share auscultations across the globe in real-time. Given these factors, the wireless transmission system-based electronic stethoscope market is expected to grow tremendously over the forecast period.
Also, the increasing number of product launches is expected to contribute to the growth of the studied segment during the forecast period. For instance, in June 2021, 3M Littmann stethoscopes and Eko launched the 3M Littmann CORE digital stethoscope in the United Kingdom and Ireland. When these kinds of technologically advanced products come out all over the world, they help the market segment grow.
Moreover, in August 2021, Caregility and Eko announced an integration partnership. Caregility's cloud platform now seamlessly integrates with Eko's smart stethoscopes and software, enabling users of Caregility's iConsult application to perform high-quality auscultation (heart, lung, and other body sounds) on patients during a virtual physical exam.
Thus, the growth of the studied segment is likely to be driven by the above factors during the forecast period.
North America is Anticipated to Witness a Healthy Growth in Electronic Stethoscope Market Over the Forecast Period
The major factors driving the growth of the Electronic Stethoscope Market in North America are the increasing geriatric population, the high prevalence of chronic illnesses such as cardiac and pulmonary diseases, the existence of most of the major players, and the high adoption of advancing technology.
According to data from the CDC that was last updated in July 2022, coronary heart disease is the most common type of heart disease. In 2020, it will affect about 20,1 million 20-year-old and older adults in the United States. Additionally, as per the CDC data, every 40 seconds someone suffers from a heart attack, and nearly 805,000 people in the United States have a heart attack every year. This shows that there is a rising demand for medical expertise and devices to combat chronic diseases.
The growing geriatric population in the region is also propelling the growth of the market. For instance, as per the Statistics Canada 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males and 3,796,750 were females. As the aging population is most vulnerable to various diseases, a health check-up has become mandatory, thereby driving the demand for stethoscopes across healthcare settings.
Furthermore, various key strategies by the key market players, such as partnerships, mergers, and acquisitions, are expected to boost the market in the region. For instance, in April 2022, Sanolla launched the AI-ready VoqX infrasound stethoscope with the FDA for clinical usage in the United States. Similarly, in June 2021, HD Medical launched HD Steth. HD Medical recently introduced Stethoscope.com as a key online distribution partner in the United States. Furthermore, the presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent.
So, because of the things listed above, the market is likely to grow over the next few years.
