Stethoscope Market: How Green is Your Healthcare Tech? To have an impact on the growth of your business
Stethoscopes Market, By Product Type (Dual-Head Stethoscope, Single-Head Stethoscope, and Triple-Head Stethoscope), By Application (Human and Veterinary), By End Users (Hospitals, Clinics, University & Institutes, Home
Stethoscope is the acoustic medical device used for physical examination based on auscultation of humans or animals. A resonator placed under the small disk at one end increases the sound of the heart, esophagus, lungs, or heartbeat of a fetus. The stethoscope is the fundamental aspect of the medical professional’s physical examination. Key factors such as rising prevalence of cardiovascular diseases, increasing number of medical professionals and improving healthcare facilities are expected to drive the growth of the global stethoscope market. Additionally, companies in the market are launching more user-friendly advanced technology products with wireless digital stethoscope or Bluetooth connectivity, which in turn is expected to drive the growth of the global stethoscope market during the period forecast.
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Stethoscope Market Drivers
Increase in product launches by key companies with advanced technologies is expected to drive the growth of the global stethoscope market during the forecast period. For example, a research group, in March 2018, developed a clinically validated open source model for the 3D printed stethoscope in application areas that do not have access to medical supplies. Additionally, Steth IO, in April 2018, introduced a digital stethoscope called Steth IO. This product is directly integrated into the doctor’s iphone protective case. It runs on an app that visualizes lung or heart sounds directly on the phone screen, if held against the patient’s chest. Additionally, it allows the doctor to store the records in the app, which could be shared for a second opinion. The Steth IO received US Food and Drug Administration (FDA) approval in 2016. Eko in 2015 received US FDA clearance to launch Eko Core, the stethoscope next-generation digital.
In addition, M3DICINE Inc., a developer of smart medical devices, in January 2018 introduced Stethee, a first stethoscope system with artificial intelligence (AI). This Stethee system consists of three products, the Stethee Pro for healthcare and medical professionals, the Stethee Vet for animal professionals and veterinarians, and the Stethee Edu designed as a research and teaching tool. All of these product launches are technologically advanced versions of the conventional stethoscope which are expected to increase user preference.
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The high prevalence of cardiovascular diseases is a factor that is expected to drive the growth of the global stethoscope market during the forecast period. The stethoscope is an essential component that helps clinicians diagnose cardiovascular disease, affecting 1 in 4 people in the United States, according to the Centers for Disease Control and Prevention (CDC). In 2018, according to the American Heart Association, heart disease is the leading cause of death worldwide. Moreover, according to the same source, 2,300 American individuals die every day from cardiovascular disease, an average of 1 death every 38 seconds. Furthermore, increasing geriatric population which is more susceptible to diseases, increase in frequent diagnostic demands for various medical conditions is in turn expected to drive the growth of the global stethoscope market over the forecast period. . For example, the geriatric population worldwide is expected to exceed 962 million, or 13% of the entire world population, in 2017 according to the United Nations (UN). According to their forecasts, the global geriatric population is expected to reach over 1.4 billion in 2030 and 2.1 billion in 2050.
Stethoscopes Market – Regional Analysis
Based on region, the global stethoscope market is divided into North America, Europe, Latin America, Middle East, Africa, and Asia-Pacific. North America accounts for a dominant share in the global stethoscope market, owing to the increasing number of new product launches by key companies in the United States, North America, followed by Europe, owing to the growing number clinics, hospitals and health professionals. . For example, according to Eurostat, more than 1.8 million doctors practice in the European Union, where the comparison between 2005 and 2015 indicates that the number of qualified doctors / 100,000 inhabitants increased to 12.4 doctors in 2015 compared to to 2005 (9.5 doctors / 100.00 inhabitants).
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Current and Future Prospects of the Global Stethoscopes Market in Developed and Emerging Markets
The segment that is expected to dominate the market as well as the segment that holds the highest CAGR during the forecast period.
Regions/countries expected to experience the fastest growth rates during the forecast period
The latest developments, market shares and strategies employed by major market players
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Stethoscope Market – Competitive Landscape
Key Players operating in the Stethoscopes Market include 3M Company, Heine Optotechnik GmbH & Co. KG, Cardionics, Inc., American Diagnostics Corp, Welch Allyn, Inc., Medline Industries, Inc., GF Health Products, Inc., Rudolf Riester GmbH, and others.
Stethoscope Market Taxonomy
Based on product type
- Single head stethoscope
- Double head stethoscope
- Triple head stethoscope
Based on demand
Based on end users
- Home care settings
- Academic & Institutes
Based on region
- North America
- Latin America
- Middle East
- Asia Pacific
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Major points covered in the Stethoscopes market study are:
What will be the growth rate of the Stethoscopes Market for the conjecture period 2020-2027?
What are the major factors driving the Stethoscopes market across different regions?
Who are the major vendors dominating the Stethoscope industry and what are their winning strategies?
What will be the scope of the contract for the estimated period?
What are the big trends shaping the expansion of the industry in the coming years?
What are the challenges faced by the Stethoscope Market?
Actual figures and in-depth analysis, business opportunities, market size estimation available in the full report.
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