Stethoscope Market Size, Share & Trends Report

Stethoscope Market Size, Share & Trends Analysis Report By Technology (Traditional Acoustic, Smart Stethoscope), By Sales Channel (Distributors, E-commerce), By End-use (Hospitals, Clinics), And Segment Forecasts, 2021 - 2028

  • Published Date: Jul, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-2-68038-050-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 172

Report Overview

The global stethoscope market size was valued at USD 528.24 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028. The global rise in cases of cardiovascular and pulmonary diseases, increasing healthcare expenditure, and technological advancements, such as Bluetooth connectivity with digital wireless hearing aids and stethoscope apps on smartphones, are anticipated to drive the market growth. Amidst the COVID-19 pandemic, digital 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 pandemic. For instance, Thinklabs One, an electronic stethoscope, was recently launched to keep healthcare professionals safe during this pandemic.

North America stethoscope market size, by technology, 2018 - 2028 (USD Million)

Accessing such telehealth services, especially during the pandemic, supports isolated COVID-19 patients in rural areas with limited medical care. The increasing cases of cardiovascular and respiratory diseases are also expected to play a substantial role in boosting market growth. One of the major causes of death around the world is cardiac dysfunction or heart disease. According to the WHO (2018), heart disease is the leading cause of death in most countries around the world and approximately 17.9 million people die annually due to cardiovascular diseases. More than 75% of deaths occur in low- and middle-income countries. In addition, as per a CDC report in 2018, 30.3 million adults in the U.S. were diagnosed with heart disease.

Technology Insights

Furthermore, the introduction of new products, ongoing R&D by market players & universities, geographical expansion by key players, and several government initiatives are likely to boost the market during the forecast period. For instance, the Chinese government plans to expand insurance coverage by providing demand subsidies to the rural population by introducing a New Cooperative Medical Scheme to raise care costs for improved and rapid treatment. Eko Devices, Inc., in March 2021, launched a new educational mobile app called Eko Academy for medical students and healthcare providers to strengthen their stethoscope skills and auscultation knowledge from home during the COVID-19 pandemic.

The traditional acoustic stethoscope segment dominated the market in 2020 with a revenue share of over 74%. On the basis of technology, the stethoscope market is segmented into electronic/digital stethoscopes, smart stethoscopes, and traditional acoustic stethoscopes. The smart stethoscopes segment is expected to grow at the highest CAGR of 6.8% during the forecast period. Electronic stethoscopes are likely to exhibit the fastest growth over the forecast period due to their enhanced digital sound transmission capabilities, visual & audio output as well as recording, and increasing usage of wireless electronic stethoscopes in telemedicine.

The electronic stethoscopes allow more accurate assessment and diagnosis of heart, bowel, and lungs by electronically amplifying the body sounds. It converts the acoustic sound waves into electrical signals, obtained through the chest piece. Amidst the COVID-19 pandemic, digital stethoscopes are witnessing a major upswing in popularity and novelty.

Moreover, companies are developing novel digital stethoscopes to remain competitive in the market. For instance, in October 2020, 3M and Eko launched 3M Littmann CORE Digital Stethoscope for clinicians. In April 2020, Ayu Devices, a start-up operating out of IIT Bombay’s technology business incubator, Society for Innovation and Entrepreneurship (SINE), developed AyuSynk, a digital stethoscope.

Sales Channel Insights

The three different channels analyzed in the study include distributors, e-commerce, and direct purchase. The distributors segment held the largest market share of 54.66% in 2020. Hospitals and clinics, usually, have long-term contracts and tie-ups with distributors & manufacturers. The key players are adopting long-term contracts with end-users as a strategy to expand their reach and strengthen their foothold in the market. Companies, such as 3M, Cardionics, American Diagnostic Company, Eko, Thinklabs, and Welch Allyn, have their authorized dealers/distributors in every region who offer a full line of stethoscopes and parts.

Rising online and e-commerce accessibility of stethoscopes is likely to aid in market expansion. eHealth is a fast-growing part of e-commerce. Medical products sale through online networks is rapidly increasing, as it allows the end-users to compare and select suitable products based on their type, brand, price, and point of sales. For instance, Amazon, Walmart, Walgreens, CVS, and Stethoscope.com are some of the leading online providers that supply institutions, healthcare facilities, and other end-users with stethoscopes from a variety of suppliers.

End-use Insights

The hospitals segment dominated the market with a revenue share of 40.41% in 2020 and is expected to grow at the highest CAGR during the forecast period. Stethoscopes are one of the most common part of medical equipment in every healthcare facility. Depending on the work, some physicians only need a basic stethoscope that can pick up heart, lung, and bowel sounds. Others, such as specialized in cardiology, require catching a greater range of frequencies, which is only audible with a more advanced device. Stethoscopes are widely used both in the medical field and at-home settings.

An increase in the cases of chronic illnesses that lead to a high rate of admissions in the urgent care and sudden outbreaks of life-threatening infectious diseases, including COVID-19, contribute to the high demand for stethoscopes for the urgent care unit segment. For instance, as per the CDC 2018 report, every year 130 million people visit the emergency department/urgent care unit in the U.S. Thus, the use of stethoscopes in the urgent care center segment is expected to increase over the forecast period.

Regional Insights

North America dominated the global market in 2020 with a revenue share of over 33%. This can be attributed to the high adoption of new technology, presence of major players, and availability & introduction of technologically advanced products in this region. Asia Pacific is expected to be the fastest-growing regional market during the forecast period owing to the rising aging population, high product demand in emerging countries, increase in healthcare expenditure, and investments by market players in the region.

Global stethoscope market share, by region, 2020 (%)

Europe accounted for the second-largest market share in 2020 and is expected to exhibit a significant growth rate over the forecast period. Europe is one of the most advanced regions globally with novel technologies and developed infrastructure, resulting in sophisticated healthcare facilities and patient care. The increasing prevalence of chronic disorders due to sedentary life styles and the introduction of technologically advanced products in the region have contributed to the market growth.

Key Companies & Market Share Insights

Clearance (by the FDA) of digital stethoscopes for telehealth use and other favorable regulations are expected to increase the introduction of new devices in the market. For instance, as per the article of 2014, the FDA staked out the exemptions to medical device premarket approval, wherein it eliminated devices, such as stethoscopes, hearing aids, exercise equipment, fertility diagnostic devices, and first aid kits, from premarket submission requirements.

Product innovation and portfolio expansion are the key strategies undertaken by market players to remain competitive. For instance, in August 2019, Hill-Rom acquired Breathe Technologies, Inc.—a manufacturer of medical technologies providing wearable, noninvasive ventilation technology. Through this acquisition, the company will expand its product portfolio by utilizing wearable noninvasive ventilation technology in its respiratory care products (part of the Front-Line Care business). Some of the major players in the global stethoscope market are:

  • 3M

  • Medline Industries, Inc.

  • Welch Allyn

  • GF Health Products, Inc.

  • Rudolf Riester GmbH

  • American Diagnostic Corp.

  • Cardionics

  • Heine Optotechnik GmbH & Co. KG

  • Smiths Medical

Stethoscope Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 558.24 million

Revenue forecast in 2028

USD 826.72 million

Growth rate

CAGR of 5.8% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million, volume in units, and CAGR from 2021 to 2028

Report coverage

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

Segments covered

Technology, sales channel, 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; Spain; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; Colombia; South Africa; Saudi Arabia; UAE; Kuwait; Oman; Yemen

Key companies profiled

3M; Thinklabs Medical LLC; Eko Devices Inc.; Paul Hartmann AG; Welch Allyn; GF Health Products, Inc.; Rudolf Riester GmbH; American Diagnostics Corp.; Cardionics; Heine GmbH & Co. KG; Smiths Medical

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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 stethoscope market report on the basis of technology, sales channel, end-use, and region:

  • Technology Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Electronic/Digital

    • Smart Stethoscope

    • Traditional Acoustic Stethoscope

  • Sales Channel Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Distributors

    • E-commerce

    • Direct Purchase

  • Technology & Sales Channel, Criss-cross Matrix (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Electronic/Digital

      • Distributors

      • E-commerce

      • Direct Purchase

    • Smart Stethoscope

      • Distributors

      • E-commerce

      • Direct Purchase

    • Traditional Acoustic Stethoscope

      • Distributors

      • E-commerce

      • Direct Purchase

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

    • Home healthcare

    • Hospitals

      • Urgent Care

      • Surgery Centers

    • Standalone Clinics

      • Cardiologists

      • General Practitioners

      • Others

    • Nurse Practitioners

    • EMT/ First Responders

    • Veterinary

  • Technology & End-use Criss-cross Matrix (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Electronic/Digital

      • Home healthcare

      • Hospitals

      • Standalone Clinics

      • Nurse Practitioners

      • EMT/ First Responders

    • Smart Stethoscope

      • Home healthcare

      • Hospitals

      • Standalone Clinics

      • Nurse Practitioners

      • EMT/ First Responders

    • Traditional Acoustic Stethoscope

      • Home healthcare

      • Hospitals

      • Standalone Clinics

      • Nurse Practitioners

      • EMT/ First Responders

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

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • Kuwait

      • UAE

      • Oman

      • Yemen

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