Stethoscope Market

Market Overview

The global stethoscope market size was valued at USD 556.7 million in 2021. It is projected to reach USD 915.7 million by 2030, growing at a CAGR of 5.7% during the forecast period (2022–2030).

A stethoscope is a tool for listening to internal human sounds like the heartbeat and breathing. This device can also hear the intestines and blood flow in arteries and veins. Modern stethoscopes have an advantage over conventional stethoscopes thanks to technological and digital developments. But doctors still favor the stethoscope over ultrasound despite technological advances in portable and standard ultrasound. Stethoscopes are also used to represent medical professionals. Healthcare professionals frequently wear or display a stethoscope around their necks.

The 3D-printed stethoscope is a type which is an open-source auscultation equipment created with 3D printing technology. The discovered data can be amplified by the digital stethoscope to enable more exact observations. The market for stethoscopes is predicted to expand quickly due to rising healthcare costs, technological advancements like Bluetooth and wireless connectivity, and the development of digital hearing aids.

Market Dynamics

Global Stethoscope Market Drivers

Growing Use of Digital Stethoscopes to Diagnose Chronic Conditions

In recent years, technological advancements to diagnose cardiac and pulmonary dysfunction, ranging from manual to electronic stethoscopes, have drawn attention. To create stethoscopes with better audibility, better performance, and innovative designs, manufacturers worldwide have adopted new tactics and technologies like using sensors and wireless systems. For better diagnosis, digital stethoscopes have features like audio recording, audio amplification, and background interference removal. Additionally, these stethoscopes come with software and sensors that enable doctors to generalize readings to keep track of patients' heart rates. This development has allowed medical professionals to record patients' heart and lung sounds and incorporate them into hospital electronic health record systems. This ground-breaking invention portends a seismic improvement in patient care.

In addition, digital and smartphone-enabled stethoscopes are being produced and released by several startup companies. The dual-purpose digital stethoscope tracks electrical activity and can be connected to hospital electronic medical records. The use of new technology is widely embraced by medical professionals everywhere. Therefore, stethoscopes with cutting-edge features and contemporary technology have the most substantial growth potential.

Increasing Prevalence of Respiratory and Cardiovascular Diseases

The future expansion of the stethoscope industry will be significantly impacted by the growing population of people with various cardiovascular and pulmonary diseases. Most cardiovascular diseases are associated with the type of sound that the heart makes. Heart auscultation has long been used to identify early cardiac dysfunction. The conventional auscultation method necessitates extensive clinical expertise and exceptional listening abilities. With the rapid advancement of technology, accurate diagnoses may be achieved in a short amount of time. The elements above will therefore aid in propelling the stethoscope market forward.

Global Stethoscope Market Restraint

High Price of Contemporary Stethoscopes and Scarcity of Skilled Medical Staff

A few significant challenges are hampering the expansion of the market. For instance, stethoscopes might cost more due to the costs associated with ultramodern features. Sales of digital stethoscopes may be hindered by the fact that a sizable portion of the world's population still cannot afford to purchase significantly improved diagnostic equipment because of its high price. A concurrent market disruptor lacks knowledge about how to use digital diagnostic tools. Therefore, a lack of qualified healthcare workers could prevent the sector's growth.

Healthcare systems' efficiency, accuracy, and efficacy have increased due to the development and innovation of medical devices over time. Stethoscopes have recently entered the market with new features and cutting-edge technology. Electronic stethoscopes cost more to operate because their manufacturing takes longer than manual stethoscopes. Due to high production costs and subpar economic growth, such technologically advanced stethoscopes are not readily available in these nations. In order to operate such upgraded devices, specialized clinicians are also needed. As a result, sales of these products may be hindered by their high price, particularly in developing countries where consumers' overall purchasing power is low.

Global Stethoscope Market Opportunities

Rapidly Growing Population of Geriatrics

Stethoscopes are increasingly in demand as the number of seniors in society grows, and more chronic illnesses require an initial diagnosis. According to the CDC, people 65 and older are more likely to experience serious health issues like heart disease, the flu, diabetes, chronic obstructive pulmonary disease, asthma, and other conditions. This is because aging weakens the immune system of humans, making people more susceptible to various diseases. The number of people older than 60 worldwide is projected to increase from 900 million to 2 billion.

Similarly, the World Ageing report estimates that about 703 million people worldwide are 65 or older. By 2050, this figure is projected to double to 1.5 billion people. In addition, by 2050, 1 in 6 people worldwide will be 65 or older. This element is predicted to be one of the primary growth factors for the stethoscope market. According to a study, Japan has the oldest population in the world, with more than 27.5% of the country's citizens being 65 or older. The global stethoscope market will ultimately be driven by the growing elderly population, which is more susceptible to chronic illnesses.

Segmental Analysis

The market is segmented by product, design, tube type, and end-user.

Based on product, the global market is bifurcated into electronic/digital, intelligent, and traditional acoustic.

The traditional acoustic segment is the highest contributor to the market and is expected to grow at a CAGR of 6.0% during the forecast period. The main market growth drivers are the availability of advanced stethoscope-effective treatment options and the growing number of target patient populations. The number of cardiovascular diseases and their mortality rate is expected to rise during the forecast period, likely accelerating market growth. Manual stethoscopes diagnose various medical conditions by listening for internal organ sounds and irregular heartbeats. Most stethoscopes also have a pressure-tunable diaphragm, making distinguishing between high and low-frequency sounds easier.

Based on the design, the global market is bifurcated into single-head, double-head, and triple-head.

The single-head segment owns the highest market share and is expected to grow at a CAGR of 5.6% during the forecast period. A single-head stethoscope is a chest piece with only a diaphragm. As a result, the users are limited to using one side of the chest piece. This type of stethoscope is typically used for medium-frequency sounds. The functionality is highly restricted because it only offers one side of the chest piece. There are still excellent single-head stethoscopes that can rival the other variety. For critical applications and uses, these instruments are not remarkably advised. And it seems they are much more suitable only for evaluations and other physical tests.

The double-head instrument has a wide range of uses. This stethoscope features two heads because the chest piece provides access to both sides of the head. The bell and the other side, which have a smaller diameter and area, are referred to as the diaphragm. Primarily for high-frequency sounds, the diaphragm is used. On the other hand, the bell uses lower and more specialized sound frequencies. So, while using a stethoscope, users can usually switch sides.

Based on tube type, the global market is bifurcated into single-tube and double-tube.

The double-tube segment is the highest contributor to the market and is expected to grow at a CAGR of 5.8% during the forecast period. A stethoscope with double tubes travels from the chest to the ear on each tube. Stethoscopes with a bell and a diaphragm on each side are referred to as dual-head stethoscopes. Depending on the patient's condition and age, these stethoscopes can pick up different or specific sound ranges. The double tube gives each ear a distinct sound and clarity when judging the sounds in a crowded outdoor environment. It has numerous features, including soft earplugs, spare parts bag, PVC protective cover, and is latex-free.

Based on the end-user, the global market is bifurcated into hospitals, clinics, healthcare institutes and organizations, ambulatory surgical centers, and urgent care centers.

The hospital segment owns the highest market share and is anticipated to grow at a CAGR of 6.2% during the forecast period. As a fundamental requirement in hospitals, increasing medical equipment is one of the main factors driving market expansion. The sound of the heart, lungs, and bowel movements can all be heard using a basic stethoscope, which doctors use depending on the situation and reason for identification. A cardiologist also needs a broader range of frequencies to recognize the sounds of the organs. Rising rates of chronic disease are driving up the need for urgent care due to infections that can cause life-threatening diseases.

ASCs, or ambulatory surgery centers, are medical facilities where surgeries and other procedures that don't call for an overnight hospital stay are performed. ASCs are either independent healthcare facilities or a component of larger healthcare systems. Compared to conventional hospital-based surgery, these facilities offer patients several benefits, such as less exposure to infectious diseases, lower costs, and shorter wait times. An ambulatory surgery center (ASC) is a medical facility that offers safe outpatient surgical care and procedures.

Regional Analysis

The global stethoscope market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant shareholder in the global stethoscope market and is anticipated to grow at a CAGR of 5.2% during the forecast period. The North American construction market includes countries such as the U.S., Mexico, and Canada. The region's rising rate of cardiovascular disease is likely to increase demand for stethoscopes. The rise in chronic conditions, such as cardiovascular and respiratory disorders, brought on by unhealthy lifestyles and developed healthcare infrastructure are the primary factors accelerating the market growth for stethoscopes. The North American continent has a sizable market because there are many manufacturers, technology is advancing along with population growth, and people are becoming more aware of new devices and technology.

Europe is expected to grow at a CAGR of 5.7%, generating USD 253.9 million during the forecast period. Europe's market includes the UK, Germany, France, Italy, and the rest of Europe. After North America, Europe held the second-largest market share. With cutting-edge infrastructure and technologies, Europe is one of the most developed regions in the world, leading to significant healthcare facilities and patient care. The market for stethoscopes is expanding due to rising sedentary lifestyle adoption, the rising prevalence of chronic diseases, and the arrival of technologically advanced products on the European market. The market is also expected to be driven by increased public and private institutions' investments. However, the absence of favorable reimbursement policies in Europe's developing nations will likely impede market expansion during the anticipated time frame.

The Asia-Pacific stethoscope market is expected to grow profitably during the forecast period. Additionally, increasing interest in clinical trials and significant R&D expenditures by international market companies due to their low-cost structure is high-impact industry drivers in the Asia-Pacific. The market in this region is anticipated to increase due to factors like increasing awareness of treating chronic diseases and advancements in clinical development framework in developing economies. The Asia-Pacific market is expanding due to several factors, including the rising population, which is increasingly prone to respiratory and cardiovascular diseases.

There are various health partnerships between private Latin American hospitals in Brazil, Chile, and Argentina with U.S. medical facilities. These agreements have raised consumer awareness of emerging technology, which has improved stethoscope adoption. Additionally, rising healthcare costs in Brazil and the progressive adoption of cutting-edge medical facilities could benefit the market expansion. However, the development of the Latin American market is anticipated to be hampered by the absence of sufficient skilled specialists and understanding regarding the proper treatment of heart-related ailments in nations like Mexico, Colombia, and Argentina.

Recent Developments

• May 2022- The 3M Littmann CORE Digital Stethoscope won an honorable mention in the 2022 Fast Company World Changing Ideas global awards competition's health category.
• April 2022- The Centre for Development of Advanced Computing (C-DAC) in Mohali created a wireless electronic stethoscope that allows doctors to diagnose a patient's heartbeat from afar.

Stethoscope Market Segmentation

By Product

• Traditional Acoustic
• Electronic/Digital
• Smart

By Design

• Single Head
• Double Head
• Triple Head

By Tube Type

• Single Tube
• Double Tube

By End-User

• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Healthcare Institutes and Organizations
• Urgent Care Centers
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA