Stethoscope Market Size, Share & Trends Analysis Report By Technology Type (Electronic/Digital, Smart, Traditional Acoustic Stethoscope), By Sales Channel (Distributors, E-commerce, Direct Purchase), By End Use, And By Region, 2023 - 2030

Stethoscope Market Size & Trends

The global stethoscope market size was valued at USD 601.1 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030. Increasing cardiovascular & respiratory diseases as well as growing aging population are the major factors expected to drive the stethoscope market. In addition, adoption of technologically advanced products such as, Bluetooth connectivity with digital wireless hearing aids and stethoscope apps on smartphones and various government initiatives are few more factors contributing towards the growth of the market.

Moreover, the outbreak of COVID-19 in the year 2020 has drastically increased the demand of modern digitized stethoscopes globally. Amidst the COVID-19 pandemic, digital stethoscopes witnessed a major upswing in popularity and novelty. This pandemic has also led to 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, therefore, it is increasing the demand for stethoscopes among the end-users, starting from physicians to hospitals or home care providers. This has triggered a sudden surge in the market for stethoscopes, creating infinite prospects for market players.

Increase in geriatric population has increased 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 disease, 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 population 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 market.

Rising prevalence of heart related diseases and various respiratory illness such as asthma, acute bronchitis, cystic fibrosis, 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 because of cardiovascular diseases. Such high 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. Also, 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, stethoscope is widely used to primarily examine such condition. Thus, increasing number of patients suffering from cardiovascular and numerous types of respiratory diseases are majorly driving the stethoscope market growth.

Furthermore, an 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 over the forecast period. For instance, a national initiative called “Million Hearts 2022” is taken 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 general population regarding the treatment and initiatives taken by government to prevent the rate of associated disorders is likely to boost the market growth.

Additionally, medical device manufacturers are focused on product development with the adoption of smart sensors that help in 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 cater to 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 care of patients suffering from infectious diseases. Thus, stethoscopes with advanced features and modern technology have the strongest growth potential in the overall stethoscope market.

Technology Insights

Based on technology type, the stethoscope market is segmented into electronic/digital stethoscopes, smart stethoscopes, and traditional acoustic stethoscopes. In 2022, the traditional acoustic stethoscope segment dominated the market with a share of 74.35%. 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 all small healthcare facilities and hospitals in the Sub-Saharan African region. These factors are anticipated to boost the demand of traditional acoustic stethoscopes over the forecast period.

The smart stethoscopes segment is expected to grow at the highest compound annual growth rate (CAGR) of 7.0% from 2023 to 2030. High patient volume suffering from cardiac and lung disorders, and incorporation of smart technologies like AI into stethoscopes will upsurge the espousal of smart stethoscopes over the forecast period. Moreover, continuous investments in R&D to innovate and develop the latest smart stethoscopes is anticipated to boost the market growth during the forecast period. 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. Thus, contributing to market growth.

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.

Sales Channel Insights

Based on sales channel, the market is segmented into distributors, ecommerce, and direct purchase. In 2022, distributors segmented dominated the market with a share of around 54.28%. 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 over the forecast 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 products 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 over the forecast period.

The e-commerce segment is expected to grow at the highest compound annual growth rate (CAGR) of 7.0% from 2023 to 2030. Rising online and e-commerce accessibility of stethoscope is likely to aid in market expansion. eHealth is a fast-growing part of e-commerce. Medical product sales 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, easy availability of different stethoscopes on online platforms is expected to drive market growth in the coming years.

End Use Insights

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 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.

In 2022, hospitals segment dominated the market with the largest share of 40.75% is expected to grow at the highest compound annual growth rate (CAGR) of 6.4% from 2023 to 2030. This is due to the growing number of patient admissions in hospitals for various medical illness & treatments for COVID-19. In terms of sheer volume of stethoscopes, hospitals are observed to be the largest consumer of related products and services. In addition, the increase in number of chronic illnesses that lead to high rate of hospitalization rate contribute to the high demand of stethoscopes for the hospitals segment. This is projected to strengthen segment growth in the coming years.

Moreover, no other medical device can have a longer life or more usefulness than stethoscope. It is used to listen to a patient's cardiac, respiratory, and intestinal sound during physical examination & assessment. These devices not only simplify treatment procedures but also help provide better, faster, and accurate results. Thus, such high usage of stethoscopes in hospitals may promote segment growth over the forecast period. Additionally, the recent outbreak of COVID-19 pandemic is anticipated to further catalyze the demand of stethoscope in hospitals. Thus, the abovementioned factors are expected to drive the hospital end-use segment.

Regional Insights

North America dominated the stethoscopes market in 2022 with a share of 32.85%. The surge in chronic diseases such as cardiovascular and respiratory disorders, due to the unhealthy lifestyle coupled with the presence of the well-developed healthcare infrastructure are the key factors intensifying the stethoscope’s 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. 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 market growth in North America region.

The Asia Pacific stethoscope market is anticipated to exhibit lucrative growth of 6.6% during the forecast period. The presence of a large patient base is expected to present noteworthy growth opportunities for the stethoscope 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. 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, partnership, and launching new products to strengthen their foothold in the smart stethoscopes market. 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 analyse 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 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

Global Stethoscope Market Report Segmentation

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

• 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

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait