Stethoscope Market Size, Share & Trends Analysis Report By Technology (Electronic/Digital, Smart Stethoscope, Traditional Acoustic Stethoscope), By Sales Channel (Distributors, E-commerce, Direct Purchase), By End Use (Home Healthcare, Hospitals, Clinics, Nurse Practitioners, EMT/ First Responders, Veterinary) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global stethoscope market size was valued at USD 0.603 billion in 2022. It is estimated to reach USD 0.993 billion by 2031, growing at a CAGR of 5.7% during the forecast period (2023–2031). The increasing number of people suffering from numerous cardiovascular and respiratory diseases and the increase in geriatric population is expected to boost the global stethoscope market.

A stethoscope is a medical device healthcare professionals use to listen to sounds within the body. It comprises a flexible tube connected to two earpieces and a chest piece. A bell and a diaphragm are on the chest piece., which capture and transmit sounds to the healthcare provider's ears. The diaphragm is a flat, circular area on the chest piece placed directly on the patient's body. It is used to listen to high-frequency sounds like lung and normal heart sounds. The bell, on the other hand, is a hollow, cup-shaped area on the chest piece. It is used to listen to low-frequency sounds, such as abnormal heart sounds or murmurs.

When using a stethoscope, the healthcare professional places the chest piece on the patient's body in the appropriate location. They then listen to the sounds of various body organs and systems, such as the heart, lungs, and gastrointestinal tract. Healthcare providers can gather important diagnostic information about a patient's health by listening to these sounds. A stethoscope is a medical device healthcare professionals use to listen to sounds within the body. It enables the detection of abnormalities and provides valuable diagnostic information about a patient's cardiovascular and respiratory health. Stethoscopes are widely used in medical practice and are crucial in patient assessment and diagnosis.

Market Dynamics

Global Stethoscope Market Drivers:

Rising Prevalence of Cardiovascular and Respiratory Diseases

The increasing number of people suffering from numerous cardiovascular and respiratory diseases is expected to boost market growth substantially. One of the major causes of death around the world is cardiac dysfunction or heart disease. For instance, according to WHO (2019), heart disease is the top cause of death in most countries worldwide, and approximately 17.9 million people die annually due to cardiovascular diseases. More than 75% of deaths occur in low- and middle-income countries.

In addition, as per a CDC report, 30.3 million U.S. adults were diagnosed with heart disease as of 2018. Heart diseases include cerebrovascular disease, coronary heart disease, rheumatic heart disease, and other conditions. These heart diseases could be identified easily with variations in the sound produced due to heart activity. Most heart diseases are associated with and reflected by the heart's sounds. Thus, heart auscultation (listening to the heart sound) is the primary step taken by every physician for the early diagnosis of cardiac illness.

Increase in Geriatric Population

The global stethoscope market is driven by various factors, one of which is the increase in the geriatric population. The senior population refers to individuals who are aged 65 and above. As the global population ages, there is an expansion in demand for healthcare services, including diagnostic tools like stethoscopes. With age, individuals are more prone to various health conditions and chronic diseases, like cardiovascular diseases, respiratory disorders, and hypertension. Stethoscopes are essential tools for healthcare professionals to assess and monitor the health of elderly patients. They allow doctors to listen to heart, lung, and other bodily sounds to detect abnormalities or signs of underlying health conditions.

Global Stethoscope Market Restraints:

High Cost of Electronics/ Smart Stethoscope

The manufacturing process of an electronic stethoscope takes longer than the manual stethoscope, thereby adding to the cost of operation. Hence, the availability of such technologically advanced stethoscopes in these countries is quite low due to the high cost of products and poor economic growth. It also requires specially trained clinicians to operate such upgraded devices. Thus, the high cost of electronic stethoscopes may impede sales of these products, especially in developing nations, where the overall purchasing power of consumers is low.

On the other hand, a standard acoustic stethoscope is cheap, easy to use, and widely available for firefighters and nurses in developing countries where there aren't as many high-tech medical imaging tools in rural areas.

Global Stethoscope Market Opportunities:

Relatively Lenient Regulatory Environment

One of the opportunities in the global stethoscope market is the relatively lenient regulatory environment. Compared to certain medical devices subject to more stringent regulations, stethoscopes have fewer regulatory barriers to entry. This creates opportunities for various manufacturers to enter and grow their presence in the global market. With fewer regulatory requirements, manufacturers can introduce innovative stethoscope models, incorporate advanced technologies, and explore different design options. They can bring new product features and improvements without facing extensive regulatory hurdles. This allows for more competition and diversity in the market, providing healthcare professionals with a broader range of options. The lenient regulations also facilitate market entry for new players and smaller manufacturers. They can introduce their stethoscope products without facing overly complex and costly regulatory processes. This promotes a more competitive marketplace and encourages innovation in stethoscope design, functionality, and performance.

Regional Analysis

Based on region, the global stethoscope market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global stethoscope market shareholder and is estimated to grow at a CAGR of 4.9% over the forecast period. North America led the stethoscope market with the largest revenue share of 33.25% in 2020. The increase in the prevalence of chronic diseases, such as cardiovascular and respiratory diseases, due to unhealthy lifestyles coupled with well-developed healthcare infrastructure is a key factor boosting the stethoscope market growth. The American Heart Association's 2016 Heart Disease and Stroke Statistics—2019 update estimates that between 2013 and 2016 in North America, roughly 121.5 million individuals had a cardiovascular disease of some kind. Thus, the incidence of cardiovascular diseases is increasing in North America, which in turn is likely to boost the demand for stethoscopes.

In addition, the presence of key manufacturers and rising government initiatives are contributing to the market growth. Therefore, North America will dominate the overall regional market over the forecast period. Some key players operating in the stethoscope market in North America are 3M, Medline Industries, Welch Allyn, and American Diagnostic Corporation.

Europe is anticipated to exhibit a CAGR of 5.4% over the forecast period. After North America, Europe had the second-largest market share (26.79%), and it is anticipated that throughout the projected period, it will increase significantly. Europe is one of the world's most developed continents, with novel technologies and developed infrastructure, resulting in significant healthcare facilities and patient care. The increasing prevalence of chronic disorders, the rising adoption of a sedentary lifestyle, and the introduction of technologically advanced products in the European market have contributed to the growth of the stethoscope market.

Furthermore, increasing government and private institutions' investments is expected to drive the market. However, the lack of supportive reimbursement policies in developing countries of Europe will likely hinder market growth over the forecast period.

In Asia-Pacific, a large patient pool is expected to create significant growth opportunities for the stethoscope market in this region. Moreover, increasing preference for clinical trials and high R&D investments by key market players owing to their low-cost structure is high-impact rendering drivers of the market in the Asia Pacific region. Rising awareness about chronic disease treatment and improvements in the clinical development framework of developing economies is forecasted to drive market growth in this region.

In Latin America, increasing healthcare expenditure and rising penetration of health insurance in most Latin American countries provide ample growth opportunities to players operating in the global market. According to WHO, in 2016, Brazil's healthcare spending as a percentage of GDP was 8.5%, Argentina's was 4.2%, Mexico's was 6.5%, and Chile's was 8.3%.

The Middle Eastern countries are well established, and government organizations cover almost 70% of the healthcare expenditure of the residents. High-income countries like Saudi Arabia, Israel, and Qatar attempt to involve the latest technological devices in their healthcare infrastructure. Saudi Arabia is the most populous country in the region, with the fastest growth rate. Increasing healthcare expenditure and adopting technologically advanced products in these countries are expected to promote market growth.

Segmental Analysis

The global stethoscope market is bifurcated into technology, sales channels, and end users.

Based on technology, the global stethoscope market is bifurcated into electronic/digital, smart stethoscopes, and traditional acoustic stethoscopes.

The electronic/digital segment dominates the global market and is projected to exhibit a CAGR of 6% over the forecast period. Electronic stethoscopes convert acoustic sound waves from the body into electrical signals amplified and processed for enhanced listening and diagnosis. Digital stethoscopes offer many advantages over manual stethoscopes, such as amplifying sound and observing the received sound on a visual display. Furthermore, certain digital stethoscopes can record and replay the video or audio, which aids in the retention of patients' medical data. Electronic stethoscope features such as variable sound amplification, reduced noise interference, and the ability to capture signals for visualization and storage have provided a lucrative opportunity for the electronic stethoscope market's rapid evolution.

Furthermore, the advancement of Bluetooth technology has paved the way for developing wireless stethoscopes. This allows healthcare providers to listen to patients without directly contacting them. Wireless electronic stethoscopes aid physicians in the contactless examination of patients, shielding them from various infectious pathogens. With the growing demand for teleconsultation services in recent years, wireless electronic stethoscopes allow healthcare providers to evaluate and exchange auscultations in real time globally. Given these factors, the wireless transmission system-based electronic stethoscope market is expected to expand significantly.

Based on sales channels, the global stethoscope market is bifurcated into distributors, e-commerce, and direct purchases.

The distributor segment dominates the global market and is projected to exhibit a CAGR of 5.2% over the forecast period. The distributor's segment held the largest market share of 54.66% in 2021. Distributors and manufacturers generally have long-term relationships with hospitals and clinics. The key players are adopting long-term contracts with end users to expand their reach and strengthen their foothold in the market. Companies such as 3M, Cardionics, American Diagnostic Company, Eko, Thinklabs, and Welch Allyn have authorized dealers/distributors in every region who offer a full line of stethoscopes and parts.

Moreover, authorized dealers are backed by local warranties that cover repairs and replacement parts in case of a defect. By partnering with a distributor, healthcare facilities may receive products quickly, meet minimum order requirements and save on consignment and other delivery costs. This is anticipated to boost the growth of this segment over the forecast period.

Based on end users, the global stethoscope market is bifurcated into home healthcare, hospitals, clinics, nurse practitioners, EMTs/ first responders, and veterinarians.

The home healthcare segment dominates the global market and is projected to exhibit a CAGR of 5% over the forecast period. The expanding senior population and government laws to cut hospital readmissions contribute to a sharp rise in the demand for home healthcare. Therefore, during the forecast period, the demand for stethoscopes is anticipated to be driven by the growing use of home healthcare. At home, healthcare nurses mainly use basic stethoscopes for chest auscultation. They routinely auscultate a patient’s heart and lungs to evaluate sound frequency, intensity, duration, and quality.

Moreover, the market for home care services is being boosted by several companies providing those services in North America and Europe. As per Statistics Norway, around 32.0% of people aged 80 and above used home care services in 2016. This is expected to boost segment growth over the forecast period.

Impact of covid-19

The automotive industry is critical to the economy's growth. However, during the second and third quarters of 2020, the COVID-19 outbreak impacted the whole automotive supply chain, affecting new car sales in FY 2020.

South America is most affected by COVID-19, with Brazil leading the way, followed by Ecuador, Chile, Peru, and Argentina. South America's government (SAM) has taken a number of steps to protect its citizens and stem the spread of COVID-19. South America is expected to have fewer export revenues as commodity prices fall and export volumes fall, particularly to China, Europe, and the United States, which are all significant trading partners. The manufacturing industry, especially automotive manufacturing, has been damaged by containment measures in various South American countries. Due to the pandemic, major automotive manufacturers have also temporarily halted manufacturing in the region as a cost-cutting move. Furthermore, the automobile disc brake industry has been significantly affected in 2020 due to a lack of raw materials and supply chain disruption.

The Automotive Brake System control module of a vehicle is meant to alert the driver with a warning light if the system fails. The module itself is rarely defective; instead, the sensors or the wiring to the sensors are frequently defective. The most typical cause of dysfunction is when the Automotive Brake System is contaminated with particles or metal shavings. There is no signal continuity when sensor wiring is destroyed. Brake fluid becomes contaminated in corrosive situations, and the hydraulic unit fails to function.

Recent Developments

• May 2023- Welch Allyn announced the launch of its new Welch Allyn CardioPerfect Digital Stethoscope.The new stethoscope features several innovative features, such as digital signal processing, which allows users to hear heart and lung sounds more clearly.

• April 2023- Littmann announced the launch of its new Littmann Master Classic II Stethoscope.The new stethoscope is a classic design updated with new features, such as a soft-touch earpiece and a lifetime warranty.