Pune, India, Nov. 18, 2020 (GLOBE NEWSWIRE) -- The global smart stethoscopes market size is projected to gain momentum in the coming years on account of the increasing prevalence of cardiovascular diseases worldwide. Stethoscope is an acoustic medical equipment used for listening to the internal sounds of the body and to measure the blood pressure, when combined with a sphygmomanometer. An upcoming report by Fortune Business Insights titled. North America is holding the major smart stethoscopes market share on account of the increasing prevalence of chronic diseases, and the presence of well-established healthcare infrastructure and facilities.
Smart Stethoscopes Industry Developments:
- In January 2018, M3dicine launches FDA approved smart stethoscope named stethee having significant features such as Bluetooth connectivity, operating in both smartphone holding android and apple iOS.
- In October 2015, Rijuven Corp launched first smart ECG stethoscope for pediatric. It provides 3 led ECG and real time digital analysis to accurately visualize heart sound.
- In November 2015, eKuore launches first wireless stethoscope named eKuore pro which helps in recording, processing or sharing the auscultation with other healthcare professionals for quick diagnosis and treatment.
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Rise in Technological Advancements to Aid in Expansion of Market
The rise in geriatric population and their vulnerability to various acute and chronic diseases are the key factors boosting the global smart stethoscope market growth. In addition to this, the availability of early diagnosis and treatment facilities are also adding a boost to the market. Besides this, the advent of Bluetooth sensitivity and artificial intelligence into smart stethoscopes will help improve the chances of detection and thereby are expected to add impetus to the market.
On the flipside, the lack of skilled professionals, strict regulations, and lack of technology penetration in rural areas may pose as major challenges to the market in the forecast period. Additionally, smart stethoscopes are unable to detect the structure, shape, function, and size of hearts may also pose a major hindrance to the market in the coming years.
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Detailed Segmentation of Global Market for Smart Stethoscopes include:
The global smart stethoscopes market is classified on the basis of product type, distribution channel, and geography. Based on product type, the market is bifurcated into wired and wireless stethoscopes. On the basis of the distribution channel, the market is categorized into ambulatory surgical centers, clinics, hospitals, and others.
Increasing Prevalence of Chronic Diseases will Help North America Gain Dominance
Regionally, North America is holding the major smart stethoscopes market share on account of the increasing prevalence of chronic diseases, and the presence of well-established healthcare infrastructure and facilities. Furthermore, the rapid adoption of technology and the availability of favorable reimbursement policies in the developed nations will further help this region continue dominating the market in the coming years.
Europe holds the second largest share on account of the rise in healthcare awareness and the increase in per capita expenditure are expected to aid in expansion of the market in the coming years. Furthermore, the Asia Pacific market for smart stethoscopes is anticipated to rise at the fastest CAGR in the forecast period on account of the increasing geriatric population, advent of latest medical technology, and rising awareness about various diseases.
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Players Focusing on Product Launches to Stay Ahead of Competition
Some of the players operating in the global market for smart stethoscopes are investing heavily on new product launches and getting FDA approvals for their devices to gain a competitive edge in the market. The other players are engaging in the integration of features such as real time digital analysis, Bluetooth connectivity, and others to stand out in the crowd and attract high revenue.
Some of the Key Players of the Smart Stethoscopes Market include:
- Welch Allyn
- American Diagnostic Corporation
- 3M
- eKuore
- Cardionics
- HD Medical Group
- Others
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Global Smart Stethoscopes Market Segmentation:
By Product Type
• Wireless Stethoscopes
• Wired Stethoscopes
By Distribution Channel
• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Others
By Geography
• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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