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smart stethoscope market

Smart Stethoscope Market Share, Size, Trends, Industry Analysis Report, By Application (Cardiovascular, Neonatal, Pediatric, Fetal, Teaching, Others); By End-Use; By Region; Segment Forecast, 2021 - 2028

  • Published Date: Oct 2021
  • Pages: 111
  • Format: PDF
  • Report ID: PM2021
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global smart stethoscope market was valued at USD 46.0 million in 2020 and is expected to grow at a CAGR of 6.9% during forecast period. The key factors responsible for the market growth include an increase in hospital admissions across the globe, rise in respiratory disorders, ongoing pandemic of COVID-19, and the innovations in the device. Moreover, the increasing prevalence of respiratory disorders such as emphysema, asthma, cystic fibrosis, acute bronchitis, amongst others, has escalated the adoption of smart stethoscopes.

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The outbreak of SARS-CoV-2 termed "COVID-19" has created significant demand for diagnosis and treatment across the globe, thereby rising market demand for the smart and digital stethoscope. The healthcare sector, including Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Diagnostic Centers, home care settings, and more are demanding these stethoscopes and services to diagnose cardiovascular and heart-related diseases, owing to their early warning signs and advancement tracker, thus anticipated to observe an increased market demand in the forthcoming years at the global level.

However, the COVID-19 pandemic is offering immense opportunities for these smart solutions, following that social distancing is the merely existing solution developed so far, which is proficient in reducing exposure. In line with this, remote patient monitoring signifies an attractive, effective, and affordable option. Patients affected with certain diseases were recommended to avoid physical visits to the healthcare facilities due to the threat of getting infected. Thus, it leads to the substantial market demand for stethoscopes during the pandemic, which has extensively impacted the market.

Industry Dynamics

Growth Drivers
The growing number of cardiovascular and respiratory diseases across the globe coupled with rising market demand for advanced technologies in healthcare and medical sector is fostering market growth. The market vendors are highly focused on introducing technological advancements in smart stethoscopes with smart AI-enabled stethoscopes aid in making interpretations more consistent and accurate, creating a lucrative growth in the smart stethoscope market.

The ease of implementation and use of smart stethoscopes allows the healthcare system to overcome the complexity of CVD treatment method. Smart stethoscopes further have their application in modern homecare medical products and an innovative doctor's assistant. The widespread adoption of smart stethoscopes in-home care is gaining rapid traction over the forecast period as it provides a safer environment to the patient, along with preventing falls and enabling the patients to perform daily activities safely and effectively.  Presently, manufacturers are taking more initiative to develop innovative smart stethoscopes at a frenetic pace, and consumers have a healthy attitude about adopting them.

Report Segmentation

The market is primarily segmented on the basis of application, end-use, and region.

By Application

By End-Use

By Region

  • Cardiovascular
  • Neonatal
  • Pediatric
  • Fetal
  • Teaching
  • Others
  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers (ASCs)

 

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Application

Cardiovascular segment is projected to dominate the global market in 2020, owing to the surging prevalence of cardiovascular disease, rising awareness for employee protection, and the initiatives taken to reduce COVID cases. The contactless smart stethoscope is dominating the market growth owing to the growing adoption of security of patients’ personal information.

According to the World Health Organization (WHO), cardiovascular diseases is the leading cause of death in the global scenario. In 2017, around 17.9 million deaths occurred due to cardiovascular diseases, which is 31% of all the deaths that occurred in the same year. This number is estimated to enhance and reach 22.2 million by 2030. Furthermore, 4 out 5 cardiovascular deaths among both male and female populations occur due to the impact of strokes.

Thus, the surging market demand for smart stethoscopes for early detection of any heart-related diseases has significantly influenced the market growth. Smart stethoscope has high-quality acoustics and can provide sound waves from various parts of the cardiovascular system, including valve movement, heartbeat, murmurs, clicks, and other activities. Thus, need for early detection of any heart-related disorders has escalated the market demand for cardiovascular stethoscopes across the world.

Insight by End-Use

Based on end-use segment, the hospital segment is dominating and expected to witness the highest CAGR during the forecast period as majority of patients visit hospital in the first place. With this smart stethoscope, doctors can easily monitor or capture patient’s lung and heart sounds and integrate them into the hospital’s electronic health record systems if necessary.

Geographic Overview

North America is projected to hold the highest revenue share in the smart stethoscope market because of the rise in number of patients suffering from chronic diseases such as cardiovascular and respiratory disorders. With the adoption of sedentary lifestyles and irregularity in routine healthcare checkups in emerging and developed countries results in an increase in lifestyle-related chronic diseases such as obesity, heart disease, and respiratory diseases.

As per the American Heart Association’s Circulation Journal Report Annual Statistics, in January 2019, 48% of the adults in the US have some form of CVD. Furthermore, the CDC laid out certain key risk factors for heart disease. These include diabetes, obesity, high blood pressure, smoking, and others. The increase in penetration of these risk factors aid in escalating CVD which boost the market demand of smart stethoscope in the region.

Asia Pacific is projected to grow with substantial growth in the global market. The region is the most populous region across the world with China and India ranking first and second respectively among the globe. This humongous population in the region led to a huge number of CVD patients resulting in extensive smart stethoscope consumption in the forecasting period.

Competitive Insights

Major players in the industry includes 3M, American Diagnostics, Cardionics, CliniCloud, Dongjin Medical, Eko Devices, eKuore, HD Medical, Inc, M3DICINE Pty Ltd, SMART SOUND, Sonavi Labs, Steth IO, Thinklabs, Welch Allyn, Inc.

Smart Stethoscope Market Report Scope

Report Attributes

Details

Market size value in 2016

USD 46.0 million

Revenue forecast in 2028

USD 78.3 million

CAGR

6.9% from 2016 - 2028

Base year

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Segments covered

By Application, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

3M, American Diagnostics, Cardionics, CliniCloud, Dongjin Medical, Eko Devices, eKuore, HD Medical, Inc, M3DICINE Pty Ltd, SMART SOUND, Sonavi Labs, Steth IO, Thinklabs, Welch Allyn, Inc.

Key Take-Away
Polaris Market Research
Smart Stethoscope Size, Share, Trends & Forecast 2028