The Global Smart Stethoscope Market size was valued at $ 49.47 million in 2021, and is projected to reach $ 88.59 million by 2030, registering a CAGR of 6.98 % from 2022 to 2030.

Introduction

Smart or electronic stethoscopes have replaced conventional stethoscopes. Intelligent stethoscopes transform sound waves into electronic impulses and amplify them to enhance hearing clarity. The device is user-friendly and cost-effective, allowing clinicians to obtain reliable clinical outcomes. Smart stethoscopes are emerging as a new home health care treatment system. These stethoscopes serve in the diagnosis of cardiopulmonary and cardiovascular diseases. Traditional stethoscopes had many disadvantages, including poor sound quality. This disadvantage was especially pronounced in obese individuals with thick chest walls. Other downsides were requiring qualified employees to investigate and interpret the results, high costs, and distribution restrictions to sophisticated healthcare facilities. On the other hand, smart stethoscopes are inexpensive, user-friendly, and widely accessible to physicians and paramedical personnel. This is a significant factor driving the global growth of the smart stethoscope market.

The intelligent stethoscope is a user-friendly, cost-effective tool that aids clinicians in obtaining precise results. Based on heart rate, these stethoscopes aid in the detection of respiratory diseases and disorders. The traditional stethoscope has played a crucial role in the cardiology department until recently. The disadvantages of the medical equipment include poor sound quality, particularly noticeable in obese patients and those with thick chest walls. As a result, there is a growing demand for enhanced stethoscopes to replace the standard medical model, leading to market expansion. The prevalence of cardiovascular diseases and advances in diagnostics are further market drivers.

Market Dynamics

Increasing demand for smart stethoscopes:

The market for smart stethoscopes is expanding due to the incidence of cardiovascular and respiratory problems, technological advancements, and the rising usage of smart stethoscopes in diagnosing chronic diseases. The vast number of patients suffering from cardiovascular and respiratory conditions significantly contributes to the growth of the smart stethoscope market. According to the World Health Organization, heart disease remains the top cause of death in most countries, with 17.9 million people dying each year from cardiovascular problems. The substantial patient population increases the demand for intelligent stethoscopes. In addition, most cardiac problems are reflected by the heart's sound. Variations in the sounds produced by the heart can be utilized to identify a variety of cardiac diseases effectively. Auscultation of the heart (listening to heart sounds) is, therefore, the first step any doctor takes in the early detection of cardiac illness.

Asthma, emphysema, and acute bronchitis prevalence are on the rise:

In addition, the rising prevalence of respiratory disorders such as asthma, emphysema, acute bronchitis, and cystic fibrosis, among others, is predicted to fuel market expansion for smart stethoscopes. The World Health Organization (WHO) expects that there will be 262 million asthma cases worldwide in 2021, resulting in 461 thousand deaths. The primary use of a stethoscope is to examine the level of mucus in the respiratory tract to identify respiratory diseases better. Taking into account the large number of patients who suffer from cardiac and lung conditions, as well as the incorporation of intelligent technologies such as artificial intelligence into stethoscopes, which will aid in early diagnosis, will increase the adoption of such devices ultimately leading to the expansion of the market.

Enhanced Utilization of Technologically Advanced Products and Expanding Healthcare Infrastructure:

Europe is anticipated to account for the second-largest revenue share of the worldwide smart stethoscopes market, after North America. These two regions will likely continue their leading positions during the projected time. The domination of these two regions is essentially the result of well-established healthcare infrastructure, the existence of significant medical device manufacturers, widespread adoption of technologically advanced items, and a high disposable income. Moreover, the high incidence and prevalence of cardiac and pulmonary diseases have spurred the demand for smart stethoscopes in the region. According to the Centers for Disease Control and Prevention (CDC), one in four deaths in North America is caused by heart disease. China and India are the most lucrative markets in Asia-Pacific for smart stethoscopes. The market for stethoscopes in Asia-Pacific is predicted to expand at the highest CAGR compared to other regions. Cardiovascular disease is one of the top five leading causes of death in Asia, and it is characterized by enormous unmet needs that provide ample growth potential for the region's stakeholders. Expanding health care infrastructure, increased disposable income, and enormous obese and ageing populations are anticipated to make the Asia-Pacific region the most attractive market for manufacturers.

Regional analysis of the Global Smart Stethoscope Market 

North America dominated the market for smart stethoscopes in 2021, generating 33.3 % of total revenue. During the forecast period, it is predicted that the segment will enjoy a fantastic growth rate of 6.2%. The primary drivers of industry growth are the increase of chronic diseases, such as cardiovascular and respiratory problems, due to an unhealthy lifestyle and the presence of well-developed healthcare infrastructure. The increasing frequency of cardiovascular illnesses in North America is anticipated to enhance the need for stethoscopes in the region. In addition, according to CMS data, health care spending in the United States climbed by 4.6% in 2021, reaching USD 3.8 trillion. as per to the Canadian Institute for Health Information, Canada's overall healthcare expenditures in 2021 were USD 264 billion, or 11.6% of the country's GDP. Thus, growing healthcare costs contribute to the growth of the North American smart stethoscope market.

The Asia-Pacific market for smart stethoscopes is predicted to demonstrate a lucrative CAGR of 7.5% over the forecast period. It is projected that the region's vast patient population will offer significant growth potential for the firm. In addition, increased R&D expenditures by market leaders with low-cost structures significantly impact the Asia-Pacific industry. Increasing knowledge of chronic disease treatment and advancements in the clinical development framework of emerging nations are anticipated to drive market expansion in this sector.

Key highlights 

• The global smart stethoscope market size was valued at $ 49.47 million in 2021, and is projected to reach $ 88.59 million by 2030, registering a CAGR of 6.98 % from 2022 to 2030.
• The cardiology category dominated the market for smart stethoscopes and held the most significant revenue share of 28.8 % in 2021 and is predicted to exhibit a special growth rate over the forecast period.
• In 2021, the hospital element dominated the market for smart stethoscopes, commanding a revenue share of 61.9%.
• North America dominated the smart stethoscopes market in 2021, accounting for 33.3 % of the total revenue. It is anticipated that the segment will experience a phenomenal growth rate of 6.2% over the projection period.

Competitive Players

Competitive players in the global Smart Stethoscope market 

The major players in the global Smart Stethoscope market – 3M; Thinklabs; HD Medical, Inc.; Eko Devices, Inc.; eKuore; M3DICINE Pty Ltd.; Sonavi Labs; Steth IO, Eko Devices Inc., FarmaSino Pharmaceuticals Jiangsu Co. Ltd., Contec Medical Systems Co. Ltd., Rudolf Riester GmbH, American Diagnostic Corporation, Cardionics, HEINE Optotechnik GmbH & Co. KG, Medical Catalog Enterprises, Inc., ERKA, Kallmeyer Medizintechnik GmbH & Co. KG, Prestige Medical, SUZUKEN CO., LTD., Timesco Healthcare Ltd., Ultrascope., Sklar Surgical Instruments., Qufu Longer Care Meditech Limited, Qinhuangdao Exanovo Group, Think Labs Medical LLC, Sensi Cardiac.

Recent Developments

Recent Developments by key players 

• In June 2022, 3M to sell rights to Neoplast and Neobun brands and related assets in Thailand and certain other Southeast Asia countries.
• In July 2022, Thinklabs One digital stethoscope lets you experience sound that’s clear and amplified.
• In June 2022, HD Medical Signs Distribution Agreement with Stethoscope.com for HD Steth Intelligent Stethoscope with Integrated ECG.
• In July 2022, FDA Clears Eko’s Heart Disease Detection AI for Adults and Pediatrics.

Segmentation

The Global Smart Stethoscope Market Segmentation -

Application

• Cardiovascular
• Neonatal
• Pediatric
• Fetal
• Teaching
• Others

End-use

• Hospitals
• Clinics
• Ambulatory Surgical Centers (ASCs)

Regional

• North America
• Europe
• Asia Pacific
• LAMEA