Stethoscope Market to Hit US$ 916.33 Million By 2030 | New Research Update

New York, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global Stethoscope Market is expected to witness significant growth at a CAGR of 6.4% during the forecast period of 2023-2030. Factors such as increasing research & development activities, advanced technology in stethoscope products, and others are accelerating the demand for stethoscopes which, in turn, is boosting the market growth. In addition, the rising development of a new range of stethoscope product categories will further boost the market growth during the forecast period.

According to a recent report by Consegic Business Intelligence, the stethoscope market is poised for strong expansion and is expected to reach USD 916.33 Million by 2030. The market, which was valued at USD 583.05 Million in 2022, is predicted to grow at a compound annual growth rate of 5.9% during the period 2023-2030. The report highlights the increasing adoption of stethoscopes among healthcare professionals, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the stethoscope market.

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The Stethoscope is a medical device used by healthcare professionals to listen to internal sounds of the human body, especially the heart, lungs, and other organs. It consists of a chest piece, which contains one or two acoustic sensors (diaphragm and bell) connected to the hollow tube that transmits sound to doctors. A stethoscope is an essential tool for auscultation, allowing healthcare professionals to access and diagnose various medical conditions, including cardiovascular and respiratory disorders. They are widely used in hospitals, clinics, ambulatory care, and home healthcare. Additionally, stethoscopes come in various types such as acoustic and electronic, each offering unique features and capabilities.

Likewise, the major players dealing in the medical device product range are increasingly investing in the technological innovations of stethoscop, which are ideal for cardiovascular and respiratory diseases. Hence, medical device manufacturers are continuously leveraging their technological potential to develop new products with updated technological advancements, thereby creating a potential opportunity for the global stethoscope market growth in the coming years.                                                                

Global Stethoscope Market: Report Attributes

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Global Stethoscope Market Segmentation Details:

Based On Product Type, in 2022, the acoustic stethoscope segment accounted for the highest market share in the stethoscope market. Acoustic stethoscope is widely used for auscultation in specialties such as emergency medical services, and surgical fields, which in turn drives the market growth.

Based on Design, in 2022, the single head segment accounted for the highest market share in the overall stethoscope market. Single head stethoscope has a wide frequency range and exceptionally clear sound quality, it is a typically used model among cardiologists. However, this in turn drives the market growth.

Based on Tube, in 2022, the single-tube segment accounted for the highest market share in the overall stethoscope market. This design allows for the transmission of sound from the chest piece to the ear. Single tube stethoscopes are commonly used use to their simplicity and ease of use, lightweight, portable, and often preferred for their convenience and cost-effectiveness. Thus, above mentioned factors are contributing to the growth of the segment.

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Based on End-user, in 2022, the hospitals and clinics segment accounted for the highest market share in the overall stethoscope market. Due to the growing number of patient admissions in hospitals for various medical illnesses & treatments, especially recently for COVID-19. In terms of the sheer volume of stethoscopes, hospitals are observed to be the largest consumers of related products and services.

Based on Sales Channel, the offline sales channel segment accounted for the highest market share in the overall stethoscope market in 2022. Offline channels provide immediate access to products, and personalized customer services. The above-mentioned factors have increased the offline preference of healthcare professionals, which, in turn, is fostering market growth.  

Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth, owing to Increasing healthcare expenditure, the rising prevalence of chronic diseases, and a growing emphasis on telemedicine and remote patient monitoring are further contributing to the growth of the stethoscope market.

Competitive Landscape

3M, Baxter International (Hill-Rom), GF Health Products Inc., Medline Industries Inc., and American Diagnostic Corporation, are major market players that comprise the latest market circumstances. These companies are leveraging their technologies for the development of a new range of stethoscope. Further, the stethoscope market is expected to grow steadily due to the increasing incidence of cardiovascular and respiratory diseases, especially in the regions such as North America, and Asia Pacific are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of stethoscope players in the international market is expected to increase the competition in the industry.

Recent Developments

• In December 2022, 3M Littmann Stethoscopes has joined forces with eMurmur to release two new branded apps. One to support students and the other designed for instructors. Hence, the partnership and innovation of new products in the market will foster the overall market size growth in the upcoming years.

Key Market Takeaways

• North America accounted for the highest market share at 37.60% and was valued at USD 219.23 million in 2022 and is expected to reach USD 346.92 million in 2030. Moreover, in North America, U.S. accounted for the highest market share of 68.30% during the base year of 2022.
• Based on type, the acoustic stethoscope segment accounted for the highest share contribution to the stethoscope market statistics in 2022.
• In the context of design, the single head segment is expected to contribute significant shares to the growth of stethoscope market statistics during the forecast period.
• Based on tube type, single tube segment is expected to contribute significant shares to the growth of stethoscope market statistics during the forecast period.
• Based on end-user, hospital and clinics segment accounted for the highest share contribution to the stethoscope market statistics in 2022.
• Based on sales channel, offline segment accounted for the highest share contribution to the stethoscope market statistics in 2022.
• Asia Pacific is expected to boost the market demand for stethoscope due to the increasing investments in modern technology in countries such as India, Singapore, and others.

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List of Major Global Stethoscope Market:

• 3M
• Baxter International (Hill-Rom)
• GF Health Products Inc.
• Medline Industries Inc.
• American Diagnostic Corporation
• Rudolf Riester GmbH
• Cardionics Inc.
• ICU Medical
• Heine Optotechnik GmbH & Co. KG
• Eko Devices
• Meditech Equipment Co., Ltd.
• Contec Medical Systems

Global Stethoscope Market Segmentation: 

• By Type
  • Electronic Stethoscope
    • Digitizing Stethoscope
    • Amplifying Stethoscope
  • Acoustic stethoscopes
• By Design
  • Single Head
  • Double Head
• By Tube Type
  • Single Tube
  • Double Tube
• By End-User
  • Hospitals and Clinics
  • Ambulatory Surgical Centers
  • Diagnostic Centers
  • Others 
• By Sale Chennel
  • Online 
  • Offline 

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Frequently Asked Questions in the Stethoscope Market Report

• What was the market size of the stethoscope industry in 2022?
  • In 2022, the market size of Stethoscope was USD 583.05 million.
• What will be the potential market valuation for the stethoscope industry by 2030?
  • In 2030, the market size of stethoscope will be expected to reach USD 916.33 million.
• What are the key factors driving the growth of the stethoscope market?
  • The increasing incidence of cardiovascular and respiratory diseases is accelerating the demand for stethoscopes is fueling market growth at the global level.
• What is the dominating segment in the stethoscope market by end-user?
  • In 2022, the hospital and clinics segment accounted for the highest market share of 33.05% in the overall Stethoscope market.
• Based on current market trends and future predictions, which geographical region is the dominating region in the Stethoscope market?
  • North America accounted for the highest market share in the overall stethoscope market.

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