In 2022, the global electronic stethoscope market revenue was valued at around US$ 259 million. Electronic Stethoscope Market is expected to reach US$ 369 Million by 2029, at a CAGR of 6.1% With the increasing prevalence of cardiovascular disorders and the introduction of new technology in the healthcare industry, market demand is predicted to rise.
Global sales of electronic stethoscopes will increase by 7.2% in 2022, from nearly half a million units sold in 2018.
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Key Manufacturers Continue to Strategize on New Product Launches in Electronic Stethoscopes Landscape
Almost 2/5th of total adoption of electronic stethoscopes is registered at hospitals, the report underscores that there has been significant adoption by medical institutes in the recent past. In the next few years, medical institutes and ambulatory surgical centers are likely to create multiple opportunities for manufacturers of electronic stethoscopes.
More than half of the overall sales is accounted by amplifying electronic stethoscopes, as indicated by FMI’s analysis. While amplifying electronic stethoscopes provide results as accurate as digitizing electronic stethoscopes, the latter are associated with high maintenance owing to the presence of multiple electronic components. Amplifying electronic stethoscopes are thus expected to observe significant growth in revenue over the course of coming years.
According to the report, the market attractiveness of amplifying stethoscopes is strongly backed by the increasing number of launches of new electronic stethoscopes by a number of small- and medium-sized companies. Electronic stethoscopes are rapidly replacing conventional variants across developed countries, predominantly owing to accelerated regulatory approvals.
According to the report, approximately 60% of the electronic stethoscopes that are sold are enabled with Bluetooth technology and an integrated chest piece system. The former is however poised to witness a higher rate of adoption over the coming years.
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North America Continues to Lead the Global Market for Electronic Stethoscopes
North America holds a considerable revenue share in the electronic stethoscopes market. With advancements in technology and the presence of a large number of healthcare facilities, electronic stethoscopes are being widely used in the region. Their ability to provide amplified sound output as well as reduce external sound makes it easy for medical professionals to detect sounds and provide proper treatment to patients.
Competitive Landscape
FMI’s study has profiled some of the key companies operating in the global electronic stethoscopes market, including Eko Devices, eKuore, GlobalMed, 3M, Welch Allyn, Ambisea Technology Corp., Meditech Equipment Co., Ltd, HD Medical, Thinklabs, ADInstruments, and Cardionics Inc.
- Eko announced in May 2021 that its smart stethoscope with artificial intelligence (AI) algorithm for identifying heart murmurs is accurate and dependable, with performance comparable to that of an expert cardiologist.
- Thinklabs One, the smallest and most powerful electronic stethoscope, unveiled in 2020 the technologically sophisticated electronic stethoscope that allows Safe Distance AuscultationTM, which helps keep healthcare professionals safe during COVID-19. Doctors can listen to patients’ hearts and lungs while wearing PPE or from a safe distance using external speakers, earbuds, or headphones that fit over or under personal protective equipment (PPE).
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Electronic Stethoscope Market by Category
Product:
- Amplifying Stethoscopes
- Digitizing Stethoscopes
End User:
- Hospitals
- Clinics
- Medical Institutes
- Ambulatory Surgical Centers
- Homecare Settings
- Medical Camps
- Catheterization Laboratories
Application:
- Integrated Chest-Piece System
- Wireless Transmission System (Bluetooth)
- Integrated Receiver Head-Piece System
- Other
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