What's driving the Stethoscope Market size? Key major players are Smiths Medical, 3M, Cardionics, GF Health Products, Inc., McCoy, Omron
Global stethoscope market size is poised to experience unprecedented growth over the next few years. Rising prevalence of cardiovascular and pulmonary diseases worldwide is anticipated to drive majority of this growth. Increasing healthcare expenditure will be another key factor impact the industry outlook. In addition, a booming geriatric population will accelerate the demand for stethoscopes along with other medical devices and equipment.
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Stethoscopes can be broadly classified as acoustic and electronic. Acoustic stethoscope product segment is projected to record a CAGR of 4.3% through 2026. Acoustic stethoscopes are the most commonly used medical diagnostic devices. Advantages such as simple mechanical construction along with lower cost will propel the product demand.
On the basis of design, stethoscope industry can be bifurcated into single head, double head, and triple head. Triple head design segment was estimated to be worth US$53 million in 2019 and is expected to witness robust demand in the forthcoming years. These stethoscopes are specifically designed to accurately hear and assess critical heart sounds.
Stethoscope market based on tube type can be classified into single tube and double tube. It is estimated that single tube segment will grow at a CAGR of more than 4.8% through 2026. Single tube stethoscopes have one tube which connects to the chest piece and then divides into two. Lower costs compared to double tube stethoscopes will foster the product demand.
According to material, stethoscope market can be segmented into stainless steel, aluminum, chrome-plated brass, chrome-plated zinc, acrylic resin, molded resin, wooden, silicone, and others. Aluminum stethoscope segment was valued at US$88 million in 2019 and is anticipated to witness robust demand in the near future.
Aluminum is a highly durable material and is known to provide excellent acoustic performance. Aluminum stethoscopes allow healthcare professionals to listen and asses less obvious and harder to hear sounds and offer superior overall sound quality, which will boost the product adoption.
Hospitals, ambulatory surgical centers, urgent care centers, physician office, and academic institutes, among others, are the different end-users of stethoscopes. The demand for stethoscopes for use in physician offices is projected to increase at 5.4% over the coming years. Rising healthcare expenditure along with increasing number of physicians worldwide are major factors supporting the segment growth.
In terms of the regional landscape, Latin America stethoscope market will register a robust CAGR of 6% during the study timeframe. According to the World Heart Federation, the economic burden of four cardiovascular heart conditions, including heart attack, heart failure, hypertension, and atrial fibrillation, exceeded US$30 billion in 2015.
Middle East and Africa stethoscope market will grow at more than 6.5% on account of rising occurrence of cardiovascular diseases.
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