The global smart stethoscope market size is expected to reach USD 78.3 million by 2028 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
With the advent of advanced technologies like AI-enabled stethoscopes, the healthcare industry is gaining traction. The growing R&D investments in the healthcare sector and the surging prevalence of cardiovascular diseases are escalating the demand for smart stethoscopes. However, dearth of skilled professionals and high costs may hamper the growth of the market. Whereas, the increasing healthcare infrastructure in emerging and emerged countries along with the growing demand for smart and advanced equipment in healthcare industry is creating a lucrative growth opportunity for the industry.
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The surging respiratory, cardiovascular, and heart-related disease propels the demand for smart stethoscopes. According to the American Heart Association, in 2015, nearly 102.7 million (41.5 %) of the U.S population were suffering from cardiovascular disease (CVD) condition, and it is expected that by 2035, around 131.2 million (45 %) of the overall U.S. residents will have cardiovascular disease. Moreover, several government initiatives have demonstrated rising government concerns for NCDs and CVDs, which will boost the industry growth during the forecast period.
North America would be the leading region in terms of revenue, owing to the rising prevalence of cardiovascular diseases such as heart attack and stroke and well-developed government and public healthcare organizations. Moreover, Asia-Pacific is anticipated to hold the highest growth rate over the forecasted period due to the rising geriatric population in most Asian countries.
Major players including 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., and others are operating in the global market.
Market players are relying on strategic alliances to better cater the need of the growing industry. For instance, in June 2021, HD Medical announced a distribution partnership with Stethoscope.com for its flagship product, HD Steth, on an online platform. In the same month, 3M and EKO launched 3M Littmann CORE Digital Stethoscope in Europe. To meet the demand of digital technology for development of this stethoscope, 3M entered into a collaboration with EKO digital innovations.
Polaris Market Research has segmented the smart stethoscope market report on the basis of application, end-use, and region:
Smart Stethoscope, Application Outlook (Revenue - USD Million, 2016 - 2028)
Smart Stethoscope, End-Use Outlook (Revenue - USD Million, 2016 - 2028)
Smart Stethoscope, Regional Outlook (Revenue - USD Million, 2016 - 2028)