Stethoscope Market Size to Hit US$ 950 Million By 2030

According to Report, the global Stethoscope market size is expected to be worth around US$ 950 million by 2030 from valued at US$ 500.7 million in 2020 and is anticipated to grow at a CAGR of 11.3% during forecast period 2022 to 2030.

Additionally, the geriatric population is expected to have a significant impact on the market studied as people aged above 65 are more prone to chronic diseases. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. Furthermore, according to the World Health Organization, by 2030, 1 out of every 6 people on the planet will be 60 years old or older.

As per the Journal of Cardiovascular Development and Disease article titled ‘Cardiovascular Risks Associated with Gender and Aging’ published in April 2019 reported that American Heart Association (AHA) 2019 Heart Disease and Stroke Statistical Update, the incidence of cardiovascular diseases from age 60–79 years was reported to be 77.2% in males and 78.2% in females. Furthermore, the incidence of CVD in adults above 80 years of age was 89.3% in males, and 91.8% in females. Therefore, such high prevalence of cardiac disease in older age is driving the growth of segment.

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Growth Factors

Increasing cardiovascular and stethoscope market pulmonary diseases, as well as a surge in the aging population, are the major factors expected to drive the market. In addition, the adoption of technologically advanced medical devices such as Bluetooth integrated stethoscopes and various government initiatives are few more factors contributing to the growth of the market.

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.

Scope of The Report

Technology Insights

In 2021, the traditional acoustic stethoscope segment dominated the market with a revenue share of 74.45%. 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.

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Sales Channel Insights

In 2021, the distributors segment dominated the market with a share of around 54.41%. 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 6.8% 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 41% and is expected to advance at the highest CAGR of 6.2% 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%. 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 Players

• 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
• Heine OptotechnikGmbh& Co.

Market Segmentation

Technology Outlook

• Electronic/Digital
• Smart Stethoscope
• Traditional Acoustic Stethoscope

Sales Channel Outlook

• Distributors
• E-commerce
• Direct Purchase

End-use Outlook

• Home healthcare
• Hospitals
• Standalone Clinics
• Nurse Practitioners
• EMT/ First Responders
• Veterinary

Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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