Use of electronic stethoscope is going to witness a moderate growth in terms of value due to improvements caused in healthcare facilities and easy availability of cost-efficient devices.
The electronic stethoscope market is expected to expand at CAGR of 5.9% through the forecast period (2019-2029). Hospitals and health centres will undoubtedly contribute for the maximum share. Greater ease in operation and low-maintenance cost acts as a catalyst in driving the market. Use of conventional stethoscope is reducing due to incorporation of poor features, thereby boosting the use of electronic ones.
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“Better medical facilities and digitalized healthcare industry in North America accompanied with higher standards of living, improving economic conditions and favourable reimbursement policies by the government is expanding the use of electronic stethoscope. Amplifying cardiac and lungs sound to treat chronic disease is beneficial and this feature will help the market witness proper growth, boosting the use globally,” states the FMI Analyst.
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Electronics Stethoscope Market – Important Highlights
- North America exhibits a lucrative opportunity for electronic stethoscope market while East Asia will show steady growth.
- Application wise, medical sector and healthcare segment is expected to expand in terms of value over the forecast period which will let this industry dominate entirely.
- Global electronic stethoscope market will surpass US$ 210 million in the upcoming years.
- Manufacturers are focussing greatly on ease of operabilty and noise-cancellation system with a recording facility to capture lungs and cardiac sound.
Electronics Stethoscope Market – Critical Factors
- Use of electronic stethoscope is largely noticed in health care industries to amplify lungs and cardiac sound which further helps in detection of diseases.
- Owing to the benefit it provides such as portability, cost-efficiency, user-friendly, noise-cancellation etc., demand for electronic stethoscope has witnessed steady growth.
- Improving economic conditions, increasing medical-aids, better healthcare facilities, rapid digitalization in North America is boosting the market.
- Technological advancements, increasing number of cardiac disorder patients, high accuracy, and low-maintenance cost is helping the market expand.
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Electronics Stethoscope Market – Key Restraints
- Lesser use in developing economies due to absence of skilled professionals is restricting market growth.
- High production cost is forcing manufacturers to reduce investment in this sector.
Expected Impact on Market by Coronavirus Outbreak
The pandemic has affected every small and big industry in terms of profit or production. This particular sector has not experienced much of a loss because health issues are misfortunes and use of stethoscope has only gained traction because number of patients falling ill has increased tremendously in this lockdown. Though people are shifting towards a better and safe lifestyle yet huge number of positive cases across India and USA has only caused entire economy to droop down sharply. Patients are now relying on to better medical aids than before and availability of electronic stethoscope is rising due to portability, easy-to-use and cost-efficiency features.
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Competition Landscape
North America is expected to witness a considerable amount of growth, presenting ample opportunities like it did in the past. The key players in this market include: Eko and Steth IO.
Eko launched first android connected stethoscope and Steth IO also introduced smartphone based digital stethoscope in 2016.
Key Players are operating on the basis of market shares and manufacturers are focussing on launching innovative products with total noise-cancellation feature which can amplify cardiac and lungs sound.
More on the Report
The report presents macro as well as micro economic factors with segmentation on the basis of product type (amplifying and digitizing stethoscope), application (Integrated chest-piece system, wireless transmission system etc.) end-user (hospitals, clinics, medical institutes, and ambulatory clinics) and in-depth region wise analysis (North America, Latin America, Europe, and Asia).
