The Global Electronic Stethoscope Industry is poised for significant growth, driven by advancements in healthcare technology and rising cardiovascular disease diagnoses, according to a recent market analysis by Future Market Insights (FMI). The market, valued at US$170.9 million in 2021, is expected to reach US$259 million by 2022, reflecting a remarkable 2.2x increase over this initial period. FMI further projects the market to surpass US$369 million by 2029, growing at a steady Compound Annual Growth Rate (CAGR) of 6.1%. This growth surpasses the CAGR of 5.3% observed between 2014 and 2021.
Key Manufacturers Continue to Strategize on New Product Launches in Global Electronic Stethoscope Industry Landscape
Almost 2/5th of the 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 are accounted for by amplifying electronic stethoscopes, as indicated by FMI’s analysis. While amplifying electronic stethoscopes provides results as accurate as digitizing electronic stethoscopes, the latter is 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 coming years.
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According to the report, the market attractiveness of amplifying stethoscopes is strongly backed by the increasing number of launches of new electronic stethoscopes by many small- and medium-sized companies. Electronic stethoscopes are rapidly replacing conventional variants across developed countries, predominantly owing to accelerated regulatory approvals.
- Korea had launched the first wireless stethoscope for medical use.
- Eko had launched the first Android–connected digital stethoscope.
- In April 2018, Steth IO launched a digital smartphone-enabled stethoscope.
According to the report, approximately 60% of the electronic stethoscopes that are sold are enabled with Bluetooth technology and an integrated chestpiece system. The former is however poised to witness a higher rate of adoption over the coming years.
North America Continues to Lead the Global Market for Electronic Stethoscopes
North America holds a considerable revenue share in the Global Electronic Stethoscope Industry. 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.
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.
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Global Electronic Stethoscope Industry 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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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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