Stethoscope Market Size, Share & Trends Analysis Report By Technology (Electronic/Digital, Smart, Traditional Acoustic), By Sales Channel (Distributors, E-commerce, Direct Purchase), By End-use, And Segment Forecasts, 2022 - 2030

Report Overview

The global stethoscope market size was valued at USD 569.61 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. Rising instances of cardiovascular & respiratory diseases and the growing aging population are major factors expected to drive the market. In addition, the adoption of technologically advanced products featuring Bluetooth connectivity with digital wireless hearing aids and stethoscope apps on smartphones, and various government initiatives are a few more factors contributing to the growth of the market.

Moreover, the outbreak of COVID-19 in 2020 has drastically increased the demand for modern digitized stethoscopes globally. Amidst the pandemic, digital stethoscopes witnessed a major upswing in popularity and novelty. This period has also witnessed the implementation and use of telemedicine & telehealth platforms, as well as wearable devices, as part of current standards of care in many healthcare facilities to avoid the risk of cross-contamination.

For instance, Thinklabs One, an electronic stethoscope, was recently launched to keep healthcare professionals safe during this pandemic. Since auscultation of the lungs is generally the first procedure to determine whether the lungs are infected with COVID-19 infection or not, there has been an increased demand for stethoscopes among the end-users, ranging from physicians to hospitals or home care providers. This has triggered a sudden surge in the market for stethoscopes, creating numerous prospects for market players.

An increase in the geriatric population has driven the demand for advanced stethoscopes for the primary diagnosis of numerous chronic health ailments. As per the CDC, it has been recognized that people aged above 65 years are at a higher risk of developing severe health problems such as heart diseases, common cold and flu, asthma, chronic obstructive pulmonary disease, and other conditions.

According to the World Ageing 2019 report, it is estimated that there were about 703.0 million people aged 65 years or over globally in 2019. This number is estimated to double to 1.5 billion in 2050. This factor is anticipated to be one of the high growth rendering factors for the overall market.

The rising prevalence of heart-related diseases and various respiratory illnesses such as asthma, acute bronchitis, cystic fibrosis, and emphysema is propelling the market growth. 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 huge patient pool leads to a surge in demand for stethoscopes.

Similarly, 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. As per the CDC, 4.6% of adults were diagnosed with COPD, emphysema, or chronic bronchitis in 2019. For the primary diagnosis of cardiac dysfunction and phlegm in the respiratory tract, a stethoscope is widely used for examination. Thus, the increasing number of patients suffering from cardiovascular and respiratory diseases is majorly driving the market growth.

Furthermore, the increasing number of initiatives and programs being undertaken by governments of various nations to improve public awareness and treatment related to chronic disorders is expected to fuel the market growth during the forecast period. For instance, a national initiative called “Million Hearts 2022” is being observed to prevent 1 million heart attacks within 5 years. It is a combined initiative led by the Centers for Medicare & Medicaid Services (CMS), and the Centers for Disease Control and Prevention (CDC).

Similarly, the National Heart, Lung, and Blood Institute has launched a national campaign: Learn More, Breathe Better, to raise awareness & understanding of COPD and its risk factors. Moreover, this campaign helps in early detection and treatment in slowing the disease and improving the quality of life. Thus, rising awareness among the general population regarding the treatment and initiatives taken by governments to prevent the rate of associated disorders is likely to boost the market growth.

The U.S. dominated the regional market with the highest revenue share of 81.53% in 2021. The growing prevalence of respiratory and cardiovascular diseases, the presence of established infrastructure, and a favorable reimbursement structure are among the key factors driving the growth of the stethoscopes market in the U.S. As projected by the American Heart Association, by 2035, over 130 million adults, or 45.1% of the U.S. population, are estimated to suffer from some form of cardiovascular disease.

In addition, according to the CDC, about 655,000 Americans die from heart diseases annually, representing one in every four deaths. Thus, the incidence of cardiovascular diseases is rising in the U.S., which in turn is likely to boost the demand for stethoscopes in the country. Moreover, rapid technological advancements, coupled with the frequent launch of new & innovative products, are among the key factors fueling the market growth during the forecast period.

Additionally, medical device manufacturers are focused on product development with the adoption of smart sensors that help in the introduction of wireless products with advanced features. Companies are investing in new technologies and launching new products to cater to the growing needs of consumers. These technologies will help address the needs of patients suffering from various respiratory and cardiovascular disorders in a better way.

For instance, Eko Devices, Inc.’s DUO ECG + Digital Stethoscope is a two-in-one electronic stethoscope, which tracks electrical activity and can be integrated with hospital electronic health records. Similarly, Thinklabs One stethoscope by Thinklabs allows monitoring of patients in ICU and biocontainment units and is safe and recommended for use on COVID-19 patients.

Since the Ebola crisis, hospitals across the U.S. have adopted Thinklabs One for the care of patients suffering from infectious diseases. Thus, stethoscopes with advanced features and modern technology have the strongest growth potential in the overall market.

Technology Insights

In 2021, the traditional acoustic stethoscope segment dominated the market with a revenue share of 74.42%. A traditional acoustic stethoscope, in comparison to advanced stethoscopes, is relatively economical, simple to use, and widely available for use by paramedics & nurses.

In developing countries where sophisticated medical imaging penetration in rural areas is limited, this stethoscope plays an important role in the diagnosis of cardiac and pulmonary disorders. Moreover, digital/smart stethoscopes are not within the reach of every small healthcare facility and hospital in regions such as Sub-Saharan Africa. These factors are anticipated to boost the demand for traditional acoustic stethoscopes during the forecast period.

Based on technology, the market is segmented into electronic/digital stethoscopes, smart stethoscopes, and traditional acoustic stethoscopes. The smart stethoscopes segment is expected to expand at the highest CAGR of 6.9% from 2022 to 2030. A high patient volume suffering from cardiac and lung disorders, and the incorporation of smart technologies like AI into stethoscopes will upsurge the espousal of smart stethoscopes during the forecast period.

Moreover, continuous R&D investments to innovate and develop the latest smart stethoscopes are anticipated to boost market growth during the forecast period. For instance, Sonavi Labs, formed by John Hopkins University researchers, has designed an AI-powered creative and cutting-edge stethoscope. This latest stethoscope features smart noise-filtering technology that improves the sound level of chest readings. Such instances are contributing to market growth.

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 through the introduction of 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.

Sales Channel Insights

In 2021, the distributors segment dominated the market with a share of around 54.47%. Hospitals and clinics usually have long-term contracts and tie-ups with distributors & manufacturers. Key manufacturers in the market are adopting long-term contracts with end-users as a strategy to expand their reach and strengthen their foothold in the market. This is anticipated to boost the growth of this segment during the projection period.

Moreover, authorized dealers are backed by local warranties that cover repairs and replacement parts in the event of a defect. By partnering with a distributor, healthcare facilities may receive the product quickly and can also meet minimum order requirements & save on consignment and other delivery costs. This is anticipated to boost the growth of this segment during the assessment period. Based on the sales channel, the market is segmented into distributors, e-commerce, and direct purchase.

The e-commerce segment is expected to expand at the highest CAGR of 6.9% from 2022 to 2030. 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 product 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.

Additionally, these online stores also offer product warranty with product support, access to exclusive deals, and a return policy if any product does not meet the expectations of end-users. Thus, the easy availability of different stethoscopes on online platforms is expected to drive market growth in the coming years.

End-use Insights

In 2021, the hospitals segment dominated the market with the largest share of 40.58% and is expected to advance at the highest CAGR of 6.3% from 2022 to 2030. This is 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. In addition, an increase in the number of chronic illnesses that lead to a high rate of hospitalization contributes to the rising demand for stethoscopes in this segment, which is projected to strengthen growth in the coming years.

Moreover, no other medical device has a longer life or usefulness than the stethoscope. It is used to listen to a patient's cardiac, respiratory, and intestinal sounds during physical examination & assessment. These devices not only simplify treatment procedures but also help provide better, faster, and more accurate results. Thus, such high usage of stethoscopes in hospitals may promote segment growth during the forecast period.

Additionally, the recent outbreak of the COVID- 19 pandemic is anticipated to further catalyze the demand for stethoscopes in hospitals. Thus, the abovementioned factors are expected to drive the hospital end-use segment. Based on end-use, the market is segmented into hospitals, home healthcare, clinics (individual clinics), nurse practitioners, EMT/first responders, and veterinary.

Stethoscopes are one of the most common parts 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 those specializing 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 in at-home settings.

Regional Insights

North America dominated the global stethoscopes industry in 2021 with a share of 33.05%. The surge in chronic diseases, such as cardiovascular and respiratory disorders due to unhealthy lifestyles, coupled with the presence of well-developed healthcare infrastructure, are the key factors intensifying the market growth of stethoscopes.

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 the region, which is likely to boost the demand for stethoscopes. 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 the Canadian Institute for Health Information, in 2019, the total healthcare expenditure of Canada was USD 264 billion, representing an overall healthcare spending of 11.6% of the total GDP. Thus, growing healthcare expenditure is contributing further to driving the market growth in the North American region.

The Asia Pacific stethoscope market is anticipated to exhibit a lucrative growth rate of 6.5% during the forecast period. The presence of a large patient base is expected to offer noteworthy growth opportunities for the regional stethoscope segment. Moreover, large-scale 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.

Furthermore, in developing nations like India and China, several companies are trying to capture this opportunity by launching new & affordable products in the market. 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.

Key Companies & Market Share Insights

Key players are involved in adopting strategies such as mergers & acquisitions, partnerships, and launching new products to strengthen their foothold in the smart stethoscopes space. For instance, in October 2020, 3M and Eko collaborated to combine 3M’s Littmann stethoscope with Eko’s digital innovations. Similarly, 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.

Furthermore, 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. Some prominent players in the global stethoscope market include:

• 3M

• Medline Industries Inc

• Welch Allyn (Hill-Rom Holdings, Inc.)

• Eko Devices Inc.

• GF Health Products, Inc.

• Rudolf Riester GmbH (Halma Plc)

• American Diagnostics Corporation

• Cardionics

• PAUL HARTMANN AG

• Heine Optotechnik GmbH & Co. KG.

• STETHOME SP. Z O.O.

Stethoscope Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global stethoscope market report based on technology, sales channel, end-use, and region:

• Stethoscope Technology Type Outlook (Revenue USD Million, 2018 - 2030)

  • Electronic/Digital Stethoscope

  • Smart Stethoscope

  • Traditional Acoustic Stethoscope

• Stethoscope Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Distributors

  • E-commerce

  • Direct Purchase

• Stethoscope End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Home Healthcare

  • Hospitals

  • Clinics

  • Nurse Practitioners

  • EMT/ First Responders

  • Veterinary

• Stethoscope Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE