Stethoscope Market Growth & Trends
The global stethoscope market size is anticipated to reach USD 949.88 million by 2030, according to a new report by Grand View Research, Inc. Furthermore, the report forecasts the industry to expand at a CAGR of 5.9% from 2023 to 2030. The increasing incidences of cardiovascular & pulmonary diseases, along with the growing application of digital stethoscopes in the diagnosis of such chronic conditions, are expected to boost the adoption of these devices significantly during the forecast period.
In addition, the outbreak of the COVID-19 pandemic in the year 2020 significantly boosted the use of stethoscopes globally. Since COVID-19 is extremely infectious and a respiratory ailment, initial diagnosis by listening to the lungs and heart is of the utmost importance in any clinical setting. Thus, the market is expected to witness substantial and continuous growth even after the end of the pandemic.
The launch of several government initiatives, the introduction of new products, and the incorporation of new technologies by market players are expected to propel the market during the projection period. For instance, 3M has launched the ‘Single-Patient Stethoscope’ to overcome the issues faced while using disposable stethoscopes, such as inadequate audibility & discomfort for healthcare professionals. Also, the launch of digital/smart stethoscope that uses Artificial Intelligence (AI) to record and send recordings to physicians virtually allows them to maintain social distancing and reduce exposure to COVID-19.
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Stethoscope Market Report Scope
Report Attribute Details Market size value in 2023 — USD 634.93 million Revenue forecast in 2030 — USD 949.88 million Growth Rate — CAGR of 5.9% from 2023 to 2030 Base year for estimation — 2022 Historical data — 2018–2021 Forecast period — 2023–2030
Stethoscope Market Report Highlights
Based on technology, the traditional acoustic stethoscope segment dominated the overall market with a share of 74.35% in 2022, since it is comparatively inexpensive, simple to use, and widely available for use for paramedics & nurses
Based on the sales channel, the distributors’ segment dominated the market with a share of 54.28% in 2022. This is because hospitals & clinics usually have long-term contracts and tie-ups with distributors & manufacturers, which helps save on consignment and other delivery costs
Hospitals dominated the end-use segment with the largest share of 40.75% in 2022, and the segment is further expected to advance at the highest CAGR during the forecast period
North America dominated the regional market with the highest revenue share of 32.85% in 2022, owing to the presence of well-established healthcare facilities and the increasing prevalence of heart- and lung- associated diseases
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