Market Trends of Global Stethoscope Industry
This section covers the major market trends shaping the Stethoscope Market according to our research experts:
Electronic Stethoscope Segment is Expected to Hold a Significant Market Share Over The Forecast Period
Electronic stethoscopes convert the acoustic sound waves obtained through the chest piece into electrical signals, which can then be amplified for optimal listening. The converted electrical signals can also be digitalized for further processing and transmission. The growth of this segment is attributed to the growing burden of chronic diseases, advancements in technology, and the launch of new products in the market.
The strategic initiatives by key players, such as technological advancement, product launches, and approvals, are propelling the growth of the segment. Apart from it, various companies are awarded global awards for their innovative products. For instance, in May 2022, 3M Littmann reported that its CORE Digital stethoscope received honorable recognition in the health category of the global awards of the 2022 Fast Company World Changing Ideas. The award is expected to propel the demand for the stethoscope among medical professionals, thereby adding growth to the market.
Furthermore, in April 2022, the Centre for Development of Advanced Computing (C-DAC) based in Mohali developed a wireless electronic stethoscope that can be used by doctors from remote locations to diagnose the heartbeat of patients. Such launches of technologically advanced stethoscopes are expected to propel their utility and boost the segment's growth.
Thus, owing to the abovementioned factors, the market segment is expected to project growth over the forecast period.
North America is Expected to Hold a Significant Market Over The Forecast Period
North America is expected to have a big share of the stethoscope market because its population is getting older, the number of people with chronic diseases is going up, and there are more and more hospitals there.
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. Since older people are more likely to get sick, health checks are now required. This has increased the need for stethoscopes in all 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 Food and Drug Administration (FDA) for clinical usage in the United States. In June 2021, HD Medical said that its best-selling product, HD Steth, can now be bought online through Stethoscope.com, which is one of the biggest online stores for stethoscopes and other medical products.HD Medical recently introduced Stethoscope.com as a key online distribution partner in the United States. The launches and easy availability of stethoscopes, along with the presence of well-established healthcare infrastructure, are also fueling the growth of the overall regional market to a large extent.
Thus, owing to the abovementioned factors, the growth of the studied market is anticipated in the North American region.
