United Sates, Rockville MD, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The global stethoscopes market is currently valued at around US$ 431 million, and is anticipated to expand at a CAGR of 4% through 2026, says Fact.MR, a market research and competitive intelligence provider,
Global demand for stethoscopes increased significantly as a result of the onset of the COVID-19 pandemic. Early detection was essential in this situation due to the increased danger of infection and the requirement for prompt medical attention, and modern, improvised stethoscopes we the need of the hour for accurate diagnosis.
- For instance, to lower the risk of COVID-19 infection among frontline staff, Spanish stethoscope producer eKuore Mobile Health Devices unveiled cutting-edge new digital stethoscopes with wireless auscultation functions.
Stethoscopes are thus being continually improved, which is fuelling market expansion. Over the coming years, a significant rate of growth in the stethoscopes market is expected.
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Key Takeaways from Market Study
- North America & Asia Pacific regions are considered profitable markets for stethoscope suppliers.
- Sales of stethoscopes are expected to expand at a CAGR of 4% from 2022 to 2026.
- Rising cases of cardiovascular and infectious diseases are driving the sales of smart stethoscopes.
- The United States market for stethoscopes is currently valued at US$ 115 million.
Winning Strategy
Electronic and digital stethoscopes now have an advantage over conventional stethoscopes due to technological improvements made in the last ten years. Superior digital sound transmission capabilities of digital stethoscopes and their expanding application in telemedicine are the primary developments in the stethoscopes market.
Stethoscopes are still the instrument of choice for healthcare professionals performing a preliminary physical examination, despite the development of cutting-edge technologies such as portable and handheld ultrasound devices.
Among other companies, 3M, American Diagnostic Company, Eko devices, Cardionics, GF Health Products, and HEINE Optotechnik are some of the prominent market participants.
A couple of the competitive strategies used by market participants include the creation of enhanced stethoscopes for better results and aggressive marketing tactics.
- A technologically improved electronic stethoscope that allows for Safe Distance AuscultationTM to protect healthcare workers' safety was unveiled by Thinklabs One in 2020.
- The American Food and Drug Administration granted Israeli firm Sanolla Ltd. 510(k) certification for its smart-infrasound stethoscope Voqx in April 2022. The first stethoscope approved by the US Food and Drug Administration that can identify infrasonic and audible data to diagnose clinical problems is an AI-based gadget.
- In June 2021, 3M and Eko confirmed that the new Littmann CORE Digital Stethoscope would be available in Europe.
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Competitive Landscape
Manufacturers of stethoscopes are being compelled by the widespread usage of telemedicine to create cutting-edge products to increase sales. However, due to high production costs, key market corporations are unable to participate in developing economies.
Small and medium-sized businesses in the stethoscopes industry are taking advantage of this development by utilizing their cost-effective product portfolios. To diversify their product lines, some of the top companies in the stethoscopes industry are concentrating on creating cutting-edge digital stethoscopes.
- New instructional mobile software named Eko Academy was introduced by Eko Devices, Inc. in March 2021 for medical students and healthcare professionals to improve their stethoscope proficiency and auscultation knowledge at home during the COVID-19 pandemic.
- Eko Devices, Inc. announced in May 2021 that the AI system in its smart stethoscope for detecting heart murmurs is accurate and dependable, performing on par with a cardiologist.
Key Segments in Stethoscopes Industry Research
- By Product :
- Manual Stethoscopes
- Mechanical Stethoscopes
- Electronic Stethoscopes
- Esophageal Stethoscopes
- Fetal Stethoscopes
- Fetal Heart Rate Detectors
- Others
- By End Use :
- Physicians' Offices
- Home Care Settings
- Hospitals
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global stethoscopes market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2026.
The study divulges essential insights on the market on the basis of product (manual stethoscopes, mechanical stethoscopes, electronic stethoscopes, esophageal stethoscopes, fetal stethoscopes, fetal heart rate detectors, and others) and end use (physicians' offices, home care settings, hospitals, and others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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