Smart Stethoscope Market

Market Overview

The global smart stethoscope market size was valued at USD 49.47 million in 2021, and is projected to reach USD 90.80 million by 2030, registering a CAGR of 6.98% from 2022 to 2030.

Traditional stethoscopes have been replaced with smart or electronic stethoscopes. Intelligent stethoscopes convert sound waves into electronic impulses and amplify them to facilitate clear hearing. It is user-friendly and cost-effective equipment that allows physicians to receive dependable clinical results. Smart stethoscopes are emerging as a new treatment system for home health care. These stethoscopes aid in the diagnosis of cardiovascular and pulmonary illnesses. Traditional stethoscopes had numerous drawbacks, including low sound quality. This disadvantage was most noticeable in obese people and those with thick chest walls. Other disadvantages were the need for qualified personnel to explore and understand the results, expensive expenses, and restricted distribution to advanced healthcare facilities. On the other hand, smart stethoscopes are very inexpensive, easy to use, and generally available for physicians and paramedical workers. This is a crucial element driving the global market growth for smart stethoscopes.

The smart stethoscope is a user-friendly, cost-effective technology that helps clinicians acquire accurate results. These stethoscopes aid in the identification of respiratory illnesses and disorders based on heart rate. Until recently, the classic stethoscope has played an essential role in the cardiology department. The downsides of the medical equipment include low sound quality, which is especially obvious in obese people and those with a thick chest wall. Consequently, there is a burgeoning need for improved stethoscopes to replace the traditional medical version, resulting in market expansion. High frequency of cardiovascular illnesses and improved diagnostics are further market drivers.

Market Dynamics

Global Smart Stethoscope Market Drivers

The demand for intelligent stethoscopes is increasing

The market for smart stethoscopes is increasing due to the prevalence of cardiovascular and respiratory disorders, technical advances, and the increasing use of smart stethoscopes in diagnosing chronic diseases. The enormous number of patients suffering from cardiovascular and respiratory disorders contributes considerably to expanding the smart stethoscope market. According to the WHO, heart disease remains the leading cause of mortality in most nations, with 17.9 million people dying annually from cardiovascular disorders. Such a sizeable patient population increases the demand for intelligent stethoscopes. Moreover, most cardiac disorders are associated with and represented by the heart's sound. Variations in the sounds produced by the heart can efficiently be utilised to diagnose certain cardiac disorders. Auscultation of the heart (listening to the heart sound) is, thus, the first step taken by every physician in the early identification of cardiac disease.

The increasing rate of respiratory diseases such as asthma, emphysema, and acute bronchitis

In addition, the growing incidence of respiratory diseases such as asthma, emphysema, acute bronchitis, and cystic fibrosis, amongst others, is anticipated to drive growth in the market for smart stethoscopes. For example, the World Health Organization (WHO) estimates that there are 262 million asthma cases worldwide, resulting in 461,000 fatalities in 2021. A stethoscope's principal use is to examine the level of mucus in the respiratory tract to diagnose respiratory conditions better. Therefore, 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 assist in early diagnosis, will lead to an increase in the adoption of such devices, which will ultimately result in the expansion of the market.

Global Smart Stethoscope Market Restraints

Poor sound quality

Traditional stethoscopes had a variety of shortcomings, the most significant of which was their subpar acoustic performance. This disadvantage was pronounced in patients who were overweight and in patients whose chest walls were thick. Patients who had thick chest walls were also at a disadvantage. In addition, the study and analysis of the findings had to be carried out by qualified professionals, the method was exceedingly expensive, and distribution was limited to only the most cutting-edge medical facilities possible.

Global Smart Stethoscope Market Opportunities

Increased Adoption of Technologically Advanced Products and Growing Healthcare Infrastructure

North America is forecasted to account for the largest revenue share of the global smart stethoscopes market, followed by Europe. These two regions are anticipated to maintain their top positions during the projection period. The dominance of these two regions is primarily attributable to a highly established healthcare infrastructure, the presence of significant medical device manufacturers, the widespread acceptance of technologically advanced products, and a high disposable income. In addition, the high incidence and prevalence of cardiac and pulmonary illnesses have fueled the market for smart stethoscopes in the region. According to the Centers for Disease Control and Prevention (CDC), heart disease causes one out of every four fatalities in North America. China and India are the most lucrative markets for smart stethoscopes in the Asia-Pacific region. Asia-smart Pacific's stethoscopes market is anticipated to grow at the most significant CAGR compared to other regions. Cardiovascular disease is one of the top five causes of death in Asia and is defined by substantial unmet demands that present sufficient growth potential for the region's stakeholders. Expanding health care infrastructure, rising disposable income, and enormous obese and geriatric populations are likely to play a significant role in making the Asia Pacific the most attractive market for manufacturers in the area.

Segmental Analysis

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. The cardiology stethoscope is intended for use by cardiologists and is recognised for its high-quality acoustics. It is used to listen to noises created by many sections of the cardiovascular system, such as heartbeat, valve movement, clicks, murmurs, and other activities. These stethoscopes, like standard stethoscopes, may be used for various reasons. In the end, compared to generic stethoscopes, the cardiology stethoscope is meant to offer more outstanding sound quality. Most cardiology stethoscopes contain a pressure-tunable diaphragm that helps to discriminate between high and low-frequency sounds. Moreover, increasing heart-related illnesses also enhance the demand for cardiovascular stethoscopes globally.

In 2021, the hospital element dominated the market for smart stethoscopes, commanding a revenue share of 61.9%. During the projection period, it is predicted that the segment will increase at a rapid rate. The critical factor driving category expansion is the increasing prevalence of cardiovascular and respiratory diseases. In addition, an increasing number of older patients are admitted to hospitals for the initial diagnosis of chronic health conditions. For instance, according to the CDC, adults over 65 are more likely to suffer from significant health conditions such as heart disease, the common cold and cough, asthma, chronic obstructive pulmonary disease, diabetes, and other problems. In addition, smart stethoscopes enable medical practitioners to record patients' lung and heart sounds and incorporate them into the hospital's electronic health record systems. Thus, the expansion of this category is driven by the rising demand for technologically advanced stethoscopes. Over the projected period, the Ambulatory Surgical Centers (ASCs) segment is anticipated to develop significantly. 36.0% of outpatient surgical procedures were performed in the United States, according to information compiled by Becker's Healthcare. An upgrade in the number of surgical procedures conducted contributes to segmental expansion. In addition, according to Definitive Healthcare's platform on surgery centres, there are approximately 9,280 active ASCs in the U.S. Increased patient desire for outpatient treatments may increase the utilisation of intelligent stethoscopes in ambulatory surgical centres, hence expanding market share.

Regional Analysis

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.

The key factors driving industry growth are the escalation in chronic diseases, such as cardiovascular and respiratory conditions, as a result of an unhealthy lifestyle and the presence of well-developed healthcare infrastructure. The prevalence of cardiovascular disorders is rising in North America, which is expected to increase the need for stethoscopes in the region. Moreover, according to CMS data, U.S. health care expenditures increased by 4.6% in 2021, reaching USD 3.8 trillion. According to the Canadian Institute for Health Information, Canada's total healthcare expenditures in 2021 amounted to USD 264 billion, or 11.6% of the country's gross domestic product. Thus, rising healthcare expenditures are contributing to the North American smart stethoscope market's growth.

Over the forecast period, the Asia-Pacific market for smart stethoscopes is anticipated to exhibit a lucrative CAGR of 7.5%. The region's large patient population is anticipated to generate significant growth opportunities for the business. In addition, rising R&D expenditures by leading market players due to their low-cost structures are high-impact market drivers in Asia-Pacific. Increasing understanding of chronic disease treatment and developments in the clinical development framework of developing countries are projected to propel market growth in this sector.

Recent Developments

• 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.

Smart Stethoscope Market Segmentation

By Application

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

By End-Use

• Hospitals
• Clinics
• Ambulatory Surgical Centers (ASCs)

By Regional

• North America
• Europe
• Asia Pacific
• LAMEA