Stethoscope Market Size Worth $593.4 Million By 2027

Posted December 17, 2020 by sitakant

The global stethoscope market size is anticipated to reach USD 593.4 million by 2027, expanding at a CAGR of 4.9%, according to a new report by Grand View Research, Inc.

The global stethoscope market size is anticipated to reach USD 593.4 million by 2027, expanding at a CAGR of 4.9%, according to a new report by Grand View Research, Inc. Growing prevalence of cardiovascular and respiratory disorders, and increasing geriatric population are driving the market. Increase in incidence of numerous cardiovascular and pulmonary diseases in several countries is anticipated to impact market growth over the forecast period. Stethoscope is widely used for heart auscultation (listening to the heart sound) during diagnosis of cardiac illness. It is also used to primarily examine the condition of phlegm in the respiratory tract.
Moreover, growing elderly population has increased the demand for the medical device for the primary diagnosis of numerous chronic health ailments. According to the CDC, people aged above 65 years are at a higher risk of developing several chronic diseases. In addition, the world population aged 60 years and above is expected to increase from 900 million in 2015 to 2 billion in 2050 from. This is expected to boost the market.
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Furthermore, several government initiatives, the introduction of new products, and incorporation of new technologies by market players, are likely to boost the market during the forecast period. For instance, 3M has launched ‘Single-Patient Stethoscope’ to overcome the issues related to disposable stethoscopes such as, inadequate audibility and discomfort faced by healthcare professionals. The device helps in minimizing the risk of cross-contamination while enhancing patient care.
Stethoscope Market Report Highlights
• In terms of revenue, the teaching type segment dominated the market in 2019. The device is widely used for teaching/training purposes and is ideal for instructors and medical students
• The electronic type segment is expected to witness the highest CAGR of 5.5% from 2020 to 2027 owing to advanced features offered by the medical device such as, electronically amplified sound quality, audio recording, and reduced background noises for improved diagnosis
• North America dominated the market with the highest revenue share in 2019 owing to the presence of well-established healthcare facilities and increasing prevalence of numerous heart and lung associated diseases
• In Latin America, the market is expected to witness the highest CAGR of 5.3% from 2020 to 2027 due to increasing healthcare expenditure in most of the countries in the region.
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Stethoscope Market Segmentation
Grand View Research has segmented the global stethoscope market on the basis of type and region:
Stethoscope Type Outlook (Revenue, USD Million, 2016 - 2027)
• Cardiovascular
• Neonatal
• Infant
• Pediatric
• Fetal
• Electronic
• Teaching
• Others
Stethoscope Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
• Asia Pacific
o Japan
o China
• Latin America
o Mexico
o Brazil
• Middle East and Africa (MEA)
o South Africa
List of Key Players of Stethoscope Market
• 3M
• Medline Industries Inc.
• Welch Allyn (Hill-rom Holdings, Inc.)
• Eko Devices Inc.
• GF Health Products, Inc.
• Rudolf Riester GmbH, (Halma Plc)
• American Diagnostics Corporation
• Cardionics
• Heine Optotechnik Gmbh & Co.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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Issued By sitakant
Country United States
Categories Business
Tags global stethoscope market size
Last Updated December 17, 2020