What's Driving Stethoscope Market Growth? Top Players: 3M, Smiths Medical, MDF Instruments, Medline Industries, Omron HEINE Optotechnik, McCoy
In 2019, stainless steel stethoscopes segment accounted for a revenue generation of over USD 150 million and is likely to grow at 4.5% over the projected timeframe.
Ocean View, DE -- (SBWire) -- 04/02/2020 --Stethoscope market size is predicted to surpass $0.52 Bn by 2026, These benefits are anticipated to lead electronic stethoscope segment to witness a 5.5% CAGR over 2020-2026.
Rise in geriatric population prone to chronic disorders coupled with mounting need for advanced diagnostic devices across the globe is likely to drive stethoscope market outlook.Rise in the occurrence of cardiovascular diseases stemming from widespread adoption of sedentary lifestyles and unhealthy eating habits is resulting in increased stethoscope industry demand. Recent technological advancements in diagnostics tools along with increase in R&D activities by key industry players may foster stethoscope market size. Moreover, development and introduction of advanced electronic stethoscope with wireless Bluetooth technology may further augment product penetration over the coming years. Stethoscope market size is touted to cross the USD 520 million mark by 2026.
Global Market Insights, Inc., predicts that the global stethoscope market size could exceed USD 520 million by 2026 from valued at USD 373 million in 2019.
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Key players contributing towards stethoscope market expansion include:
2. American Diagnostic Company
4. Eko Devices
5. GF Health Products
6. HEINE Optotechnik
7. Invacare Supply Group
9. MDF Instruments
10. Medline Industries
Product-wise, stethoscope market is segmented into electronic and acoustic stethoscopes. The electronic stethoscope segment is expected to grow at 5.5% over the analysis period. Such robust growth can be attributed to the variety of advantageous features offered by the product, such as ambient noise reduction, amplified sound output, enhanced frequency range, reduced time to get accurate reading, visual display, and record & replay capabilities.
Speaking in terms of head design, stethoscope market is segmented as single, double and triple head. Of all the three segments, the double head stethoscope segment held the majority of market share accounting for over USD 220 million in 2019. These stethoscopes are considered to be the most durable and efficient models. Also, double head stethoscopes are cost-effective and often used in emergency situations by medical professionals owing to efficient and quick diagnostic results. Increasing demand and adoption rate of the model will positively impact market growth.
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Usability-wise, stethoscopes are categorized as disposable and reusable. Disposable/single use stethoscopes market is touted to grow at 6% over the projected timeframe. Increasing awareness among medical professionals pertaining to the prevention of cross contamination and disease transmission is resulting in massive adoption of disposable stethoscopes. Some healthcare facilities issue patients with single use stethoscope in a bid to avoid cross contamination and risk of disease transmission, which is likely to change industry trends in the coming years.
Based on end-user, the market is segmented into physician office, hospitals, ambulatory surgical centers, academic institutes, urgent care centers, and others. In 2019, the ambulatory surgical centers segment generated a revenue of more than USD 78 million. As per the National Health Statistics, around 47% of surgical procedures are conducted in the ambulatory surgical centers across the U.S. annually. Increasing patient preference for outpatient procedures will augment the use of stethoscopes in ambulatory surgical centers, hence supplementing industry share.
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Germany led stethoscope market with a revenue of more than 26 million in 2019. Availability of advanced healthcare facilities, recent technological advancements, development of novel products, and increase in number of physicians will augment market growth in the country. Cardiovascular diseases are the foremost cause of death, accounting for over 40% of the total deaths in Germany annually. Hence, growing need for proper, accurate, and reliable early diagnosis will spur the stethoscope industry expansion in the coming years.
More insightful info: https://www.marketwatch.com/press-release/stethoscope-market-global-industry-trends-share-size-and-forecast-report-to-2026-2020-02-26
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