Global Stethoscope Market value over US$520 Million by 2026 end and register a CAGR of over 5% from 2020 to 2026. The rise in the geriatric population prone to chronic disorders coupled with a mounting need for advanced diagnostic devices across the globe is likely to drive the stethoscope market outlook.
The rise in the occurrence of cardiovascular diseases stemming from the widespread adoption of sedentary lifestyles and unhealthy eating habits is resulting in increased stethoscope industry demand. Recent technological advancements in diagnostics tools along with an increase in R&D activities by key industry players may foster the stethoscope market size. Moreover, development and introduction of advanced electronic stethoscope with wireless Bluetooth technology may further augment product penetration over the coming years. Stethoscope market size is touted to cross the USD 520 million mark by 2026.
Product-wise, the stethoscope market is segmented into electronic and acoustic stethoscopes. The electronic stethoscope segment is expected to grow at 5.5% over the analysis period. Such robust growth can be attributed to the variety of advantageous features offered by the product, such as ambient noise reduction, amplified sound output, enhanced frequency range, reduced time to get an accurate reading, visual display, and record & replay capabilities.
Usability-wise, stethoscopes are categorized as disposable and reusable. Disposable/single-use stethoscopes market is touted to grow at 6% over the projected timeframe. Increasing awareness among medical professionals pertaining to the prevention of cross-contamination and disease transmission is resulting in the massive adoption of disposable stethoscopes. Some healthcare facilities issue patients with single-use stethoscope in a bid to avoid cross-contamination and risk of disease transmission, which is likely to change industry trends in the coming years.
Based on end-user, the market is segmented into physician offices, hospitals, ambulatory surgical centers, academic institutes, urgent care centers, and others. In 2019, the ambulatory surgical centers’ segment generated a revenue of more than USD 78 million. As per the National Health Statistics, around 47% of surgical procedures are conducted in the ambulatory surgical centers across the U.S. annually. Increasing patient preference for outpatient procedures will augment the use of stethoscopes in ambulatory surgical centers, hence supplementing industry share.
Speaking in terms of head design, the stethoscope market is segmented as a single, double and triple head. Of all the three segments, the double head stethoscope segment held the majority of market share accounting for over USD 220 million in 2019. These stethoscopes are considered to be the most durable and efficient models. Also, double head stethoscopes are cost-effective and often used in emergency situations by medical professionals owing to efficient and quick diagnostic results. Increasing demand and adoption rate of the model will positively impact market growth.
Key players contributing to stethoscope market expansion include American Diagnostic Company, 3M, Cardionics, HEINE Optotechnik, GF Health Products, McCoy, Invacare Supply Group, etc.
Source Credit: Global Market Insights, Inc.