Smart Stethoscope Market Size, Share & Trends Report

Smart Stethoscope Market Size, Share & Trends Analysis Report By Application (Cardiovascular, Neonatal, Pediatric, Fetal, Teaching), By End Use (Hospitals, Clinics, Ambulatory Surgical Centers (ASCs)), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jun, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-266-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 90

Report Overview

The global smart stethoscope market size was valued at USD 45.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028. The demand for smart stethoscopes is growing, owing to the surge in prevalence of cardiovascular and respiratory diseases, technological advancements, the advent of COVID-19, and the increasing application of smart stethoscopes in the diagnosis of chronic conditions.

U.S. smart stethoscope market size, by application, 2016 - 2028 (USD Million)

The vast number of people suffering from various cardiovascular and respiratory diseases is contributing significantly to the growth of the market for smart stethoscopes. For instance, according to the WHO, heart disease remains the major cause of death in most countries around the world, with 17.9 million people dying each year as a result of cardiovascular diseases. Such a high patient pool leads to a surge in demand for smart stethoscopes. Moreover, the majority of heart diseases are linked to and represented by the sound produced by the heart. Variations in the sound made by heart activity may easily be used to identify these heart diseases. Thus, heart auscultation (listening to the heart sound) is the primary step taken by every physician for the early diagnosis of cardiac illness.

Furthermore, the increasing prevalence of respiratory disorders such as asthma, emphysema, acute bronchitis, cystic fibrosis, amongst others is expected to boost the smart stethoscope industry. For instance, according to the WHO, 262 million people worldwide had asthma, causing 461000 deaths in 2019. The primary purpose of a stethoscope is to analyze the state of phlegm in the respiratory tract. Hence, considering the high patient volume suffering from cardia and lung disorders and integration of smart technologies like AI into stethoscopes that will aid in early diagnosis, will increase the adoption of such devices, thereby leading to market growth.

The smart stethoscope is a user-friendly and cost-effective device that assists physicians in obtaining positive outcomes. Smart stethoscopes are developing as a modern homecare medical product and an innovative doctor's assistant. Dependent on heart rhythm, these stethoscopes help in the diagnosis of respiratory illnesses and disorders. Around 80% of heart and lung sounds are being misdiagnosed and improperly treated in the WHO European region. To avoid this, smart AI-enabled stethoscopes aid in making interpretations more consistent and accurate. The AI-powered smart stethoscope is transforming telemedicine. Furthermore, this technology has the ability to minimize the number of unnecessary clinic visits significantly. Recently, several players have launched smart stethoscopes in the market. For instance;

  • In July 2020, HD Medical’s smart stethoscope, HD Steth, received FDA clearance to perform an advanced cardiac evaluation at point-of-care.

  • In January 2020, the FDA approved Eko’s algorithms for use with the firm’s digital stethoscopes to detect heart disorders.

Hence, considering the high patient volume suffering from cardia and lung disorders, the integration of smart technologies like AI into stethoscopes will increase the adoption of such devices, thereby leading to market growth.

Extensive R&D is currently ongoing to innovate and launch smart stethoscopes, which is further adding to the growth of the market for smart stethoscopes. For instance, Sonavi Labs, formed by John Hopkins University researchers, has designed an AI-powered clever, creative, and cutting-edge stethoscope. This latest stethoscope features smart noise-filtering technology that improves the sound level of chest readings. This innovative system also includes AI-driven technology that aids in the automated detection of pneumonia by detecting and listening to various types of breathing. This enables the new stethoscope to provide diagnoses. It has 3 main features that set it apart from other stethoscopes in the market. These modern automated stethoscopes are less sensitive to where they are placed on the patient's body, have active noise control that works in any area, and aid in the detection of abnormal lung form. This new stethoscope aids in the diagnosis of respiratory conditions such as pneumonia. Thereby, a surge in R&D will boost the market for smart stethoscopes in forthcoming years.

Millions of people worldwide are being affected by the severe outbreak of coronavirus disease triggered by Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2). According to Worldometer estimates, as of 10 May 2021, there are total 159,037,735 cases globally, of which, 3,308,394 people died and 136,612,702 have recovered. Amidst the COVID-19 pandemic, smart stethoscopes are witnessing a major upswing in popularity and novelty. Several healthcare companies are adopting telehealth and telemedicine systems, as well as wearable devices to enable remote patient monitoring during the COVID-19 pandemic. For instance, Think labs One, an electronic stethoscope, was recently launched to keep healthcare professionals safe during this pandemic. Accessing telehealth services especially during the pandemic, supports isolated COVID-19 patients in rural areas with very little medical care. Thus, the COVID-19 will have a positive impact on the market for smart stethoscopes.

The growing prevalence of heart diseases and pulmonary diseases as well as and the presence of established infrastructure are among the key factors driving the growth of the market in the U.S. For instance, as projected by the American Heart Association, by 2035, more than 130 million adults or 45.1% of the US population might suffer from some form of CVD. In addition, according to the CDC, about 655,000 Americans die from heart disease annually, that’s 1 in every 4 deaths. Furthermore, technological advancements, coupled with frequent launches of new and innovative products, are few more key factors fueling the growth of the market for smart stethoscopes. For instance, in October 2020, 3M Littmann Stethoscopes and Eko, launched the 3M Littmann CORE Digital Stethoscope. It is enabled with ‘tunable diaphragm technology’ which lets the user hear diverse frequency sounds by merely adjusting the pressure on the chest piece.

Favorable reimbursement structure and supportive government initiatives to spread awareness regarding advanced stethoscopes is also another major factor contributing to the growth of the stethoscope catheters market in the country. For example, in World Congenital Heart Defects (CHD) Awareness Week conducted in February 2021, HD Medical Inc. utilized HD Steth, an artificial intelligence (AI) and ECG equipped stethoscope, to test over 50,000 children for CHDs. These screenings have taken place in a number of locations across India, assisting in the saving of more than 36 lives to date. HD Medical stated that it intends to extend the screenings to over 500,000 children worldwide.

Application Insights

The cardiovascular segment dominated the market for smart stethoscopes and held the largest revenue share of 28.8% in 2020 and is expected to witness a considerable growth rate over the forecast period. The cardiology stethoscope is intended for use by cardiologists and is noted for its high-quality acoustics. It is used to listen to sounds made by various parts of the cardiovascular system, such as heartbeat, valve movement, clicks, murmurs, and other activities. These stethoscopes, like normal stethoscopes, may be used for a variety of other purposes. In the end, compared to generic stethoscopes, the cardiology stethoscope is designed to have superior sound quality. Most cardiology stethoscopes have a pressure-tunable diaphragm that helps to distinguish between high and low-frequency sounds. Moreover, increasing heart-related disorders also boosts the demand for cardiovascular stethoscopes globally.

Some of the key products offered under this segment include Littmann Cardiology Stethoscopes Electronic Stethoscopes offered by 3M; Welch Allyn’s Harvey Elite Stethoscope; DUO ECG + Digital Stethoscope by Eko Devices, Inc. It consists of an electronic stethoscope plus handheld ECG and amplifies heart sounds up to 60X and tracks electrical activity; Adscope 601 Convertible Cardiology Stethoscope by American Diagnostic Corporation; and Cardiology Stethoscope by GF Health Products. These products are gradually replacing conventional stethoscopes, thereby leading to market growth.

End-use Insights

The hospitals segment dominated the market for smart stethoscopes and held the largest revenue share of 61.9% in 2020. The segment is expected to witness a considerable growth rate over the forecast period. The increasing number of populations suffering from numerous cardiovascular and respiratory diseases is the key factor boosting segment growth. Also, the increasing elderly population is amongst the large patient pool admitted in hospitals for the primary diagnosis of numerous chronic health ailments. For instance, according to the CDC, people over the age of 65 are at a greater risk of having serious health issues such as heart disease, the common cold and cough, asthma, chronic obstructive pulmonary disease, diabetes, and other disorders. In addition, due to smart stethoscopes, medical professionals are now able to capture patient’s lung and heart sounds and integrate them into the hospital’s electronic health record systems. Thus, increasing demand for technologically upgraded stethoscopes drives the growth of this segment.

Global smart stethoscope market share, by end use, 2020 (%)

Furthermore, amidst COVID-19, healthcare providers in hospitals use smart stethoscopes to safely exchange sensitive data with physicians and medical experts in other cities or states virtually. The wireless features of these stethoscopes make them useful for social distancing. The NHS U.K. fortified first-tier medical facilities to use telemedicine to fight COVID-19 spread in March 2020.

The Ambulatory Surgical Centers (ASCs) segment is expected to witness a substantial growth rate over the forecast period. According to Becker's Healthcare statistics, about 36.0% of outpatient surgical procedures were conducted in the United States. An upsurge in the number of surgeries performed contributes to segmental growth. Also, currently, there are around 9,280 active ASCs in the U.S. according to Definitive Healthcare’s platform on surgery centers. Increased patient preference for outpatient procedures might surge the usage of smart stethoscopes in ambulatory surgical centers, boosting market share.

Regional Insights

North America dominated the smart stethoscopes market and accounted for the largest revenue share of 33.3% in 2020. The segment is expected to witness a considerable growth rate of 6.2% over the forecast period. The surge in chronic diseases such as cardiovascular and respiratory disorders, due to the unhealthy lifestyle and the presence of well-developed healthcare infrastructure are the key factors intensifying market growth. As per the American Heart Association 2016, Heart Disease and Stroke Statistics-2019 update, almost 121.5 million adults had some form of cardiovascular disease from 2013 to 2016 in North America. Thus, the incidence of cardiovascular diseases is rising in North America, which, in turn, is likely to boost the demand for stethoscopes in the region.

Furthermore, as per the CMS data, the U.S. health care expenditure grew 4.6% in 2019, reaching USD 3.8 trillion. Moreover, according to Canadian Institute for Health Information, in 2019, the total healthcare expenditure of Canada was USD 264 billion, representing the overall healthcare spending of 11.6% of the total GDP. Thus, growing healthcare expenditure is contributing further to drive the market for smart stethoscopes in North America.

In Asia Pacific, the market for smart stethoscopes is anticipated to exhibit a lucrative CAGR of 7.5% during the forecast period. The presence of a large patient base is expected to present noteworthy growth opportunities for the market in the region. Moreover, high R&D investments by key market players owing to their low-cost structure are also high impact rendering drivers of the market in the Asia Pacific region. Rising awareness about chronic disease treatment and improvements in the clinical development framework of developing economies is expected to drive market growth in this region.

Factors such as, increasing population base who are more prone to cardiovascular and respiratory disorders are also contributing to the growth of the market for smart stethoscopes in Asia Pacific. The rising elderly population and the subsequently growing burden of chronic diseases are expected to boost the demand for smart stethoscopes in Asia Pacific in the coming years. Furthermore, in developing nations like India and Australia, several companies, are trying to capture this opportunity by launching new and affordable products in the market for smart stethoscopes. For instance, in April 2020, Ayu Devices, a start-up based at IIT Bombay's Society for Innovation and Entrepreneurship (SINE), designed AyuSynk, a digital stethoscope that enables doctors to listen to heart and lung sounds while maintaining a safe distance from patients. In addition, M3DICINE, based in Brisbane, Australia, unveiled the world's first FDA-cleared AI-enabled stethoscope device in January 2018.

Key Companies & Market Share Insights

Key players are involved in adopting strategies such as mergers and acquisitions, partnerships, and launching new products to strengthen their foothold in the market.

  • In October 2020, 3M and Eko collaborated to combine 3M’s Littmann stethoscope with Eko’s digital innovations.

  • In January 2018, M3dicine launched Stethee ‘smart’ stethoscope. It is an artificial intelligence-enabled stethoscope system that can amplify, filter, record, and analyze heart and lung sounds.

Some of the prominent players in the smart stethoscope market include:

  • 3M

  • Thinklabs

  • HD Medical, Inc.

  • Eko Devices, Inc.

  • eKuore

  • M3DICINE Pty Ltd.

  • Sonavi Labs

  • Steth IO

Smart Stethoscope Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 48.4 million

Revenue forecast in 2028

USD 76.9 million

Growth Rate

CAGR of 6.8% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, end use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)

Country scope

U.S., Canada, U.K., Germany, France, Italy, SpainJapan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, Colombia, South Africa, UAE; Saudi Arabia

Key companies profiled

3M; Thinklabs; HD Medical, Inc.; Eko Devices, Inc.; eKuore; M3DICINE Pty Ltd.; Sonavi Labs; Steth IO

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Segments Covered in the Report
 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global smart stethoscope market report on the basis of application, end use, and region:

  • Application Outlook (Revenue, USD Million, 2016 - 2028)

    • Cardiovascular

    • Neonatal

    • Pediatric

    • Fetal

    • Teaching

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Hospitals

    • Clinics

    • Ambulatory Surgical Centers (ASCs)

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

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