Stethoscopes are medical devices used for auscultation or listening to the sounds made by the internals organs of human body such as lungs, heart, abdomen etc. They allow medical professionals to listen easily to body sounds, most importantly sounds from the heart, lungs, blood vessel and intestines that are indicators of health. Stethoscopes are necessity for doctors and medical professionals and consist of a small disk-shaped resonator that is placed against the skin and two tubes fitted with earpieces.
The global Stethoscope Market is estimated to be valued at US$ 2.4 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for stethoscopes is growing rapidly due to increasing prevalence of chronic diseases globally. According to the World Health Organization (WHO), chronic diseases such as cardiovascular diseases, cancer, respiratory diseases and diabetes accounted for over 70% of global deaths in 2020. Growing geriatric population and changing lifestyle are major drivers boosting chronic disease burden and is expected to fuel the stethoscope market growth over the forecast period. Rapidly increasing healthcare expenditure coupled with rising awareness regarding health and diagnostics is also supporting market expansion. Moreover, technologically advanced electronic stethoscopes with integrated sensors and Bluetooth connectivity for telehealth, are gaining significant traction which is considered as a notable trend in the stethoscope market.
Segment Analysis
The global stethoscope market can be segmented by product type and end user. Based on product type, the market is dominated by the double-headed stethoscope segment. Double-headed stethoscopes are preferred by physicians and healthcare practitioners as they allow auscultation from two sides with ease. They are the most commonly used type as they offer versatility for examiners to listen to sounds from two sides simultaneously.
Key Takeaways
The global stethoscope market is expected to witness high growth over the forecast period. The global Stethoscope Market is estimated to be valued at US$ 2.4 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030.
Regional analysis - North America is dominating the global market and is expected to remain the highest revenue generating region over the next few years. The region's dominance can be attributed to advanced healthcare infrastructure and availability of skilled medical professionals in the region.
Key players related content comprises
Key players operating in the stethoscope market are 3M, American Diagnostic Corporation, GF Health Products Inc., Medline Industries Inc., and Rudolf Riester GmbH. 3M maintains its leading position in the market owing to its well-established brand name and wide product portfolio. American Diagnostic Corporation also has a strong presence with innovative product offerings catering to different user segments.
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