Stethoscope Market Analysis

Stethoscope Market Analysis

On the basis of product, the market is segmented into acoustic and electronic products. Electronic stethoscope segment was valued at around USD 200 million in 2019, growing from over USD 165 million in 2015. The use of digital (electronic) stethoscope in diagnosis of several critical chronic diseases will further foster the market growth. Cardiovascular disorders (CVD) are one of the major chronic disorders that are accurately diagnosed with the help of stethoscopes. CVD is the leading cause of mortality in several countries throughout the world. Hence, early diagnosis of the disease resulting in proper treatment will augment the stethoscope market demand.
 

The single head stethoscope segment is projected to expand at a CAGR of 5.2% over the estimation period. These types of products are pressure sensitive and have single-sided chest piece with adjustable or tuneable diaphragm allowing the user to listen different sound frequencies without flipping the chest piece.
 

The single head variants are of great use to the cardiologists, as it will easily allow them to adjust the diaphragm with respect to lung, heart, and bowel sounds. Such products are a useful option for the healthcare professionals that treat adults with common medical conditions. The single head variants can be used effectively for both human and veterinary purpose. Hence, the above-mentioned applications of single head products will augment the market growth in the future.
 

Based on usability, the stethoscope market is segmented as reusable and disposable. As majority of the products are one-time purchase equipment, the reusable segment held market share of more than 90% in 2019. Stethoscopes offer several advantages such as listening to sounds produced by the lungs, heart, intestinal tract, blood flow in peripheral vessels and the heart sounds of developing foetuses in pregnant women. Hence, the aforementioned advantages will spur the market growth.
 

The double tube stethoscope segment is forecasted to grow at around 6% over the estimation period. The double or two-tube stethoscopes provide individual sound channel to each ear. The double tubing helps the user to hear subtle characteristics heart sounds and murmurs even more distinctly. Also, the heavier tubing filters out distracting noises of a busy medical environment. Thus, above mentioned factors will play substantial role in enhancing the stethoscope market demand.
 

Based on material, the market is segmented into stainless steel, aluminium, zinc, acrylic resin, chrome-plated brass, chrome-plated zinc, molded resin, silicone, wooden and others. Stainless steel material segment held majority market share and was valued at around USD 150 million in 2019.  The stainless-steel products are a good conductor of sound and provide high durability hence, preventing any kind of air leak. Also, as compared to other materials stainless steel tops them for sound quality and amplification. Hence, good sound quality along with the high product durability will result in growing demand and adoption rate of stainless-steel variants, fuelling the industry growth.
 

The product use by physicians is projected to grow at 5.4% over the forecast time period. As per the article published by Athena Health, in U.S., the number of physicians grew by around 150% and the number of healthcare administrators increased by around 3,200% in the last few decades. This rapid increase has resulted in growing adoption of basic diagnostic devices by the healthcare professionals, one of them primarily being stethoscope. Hence, constant rise in number of healthcare professionals will augment the stethoscope market growth.
 

U.S. dominated the North America stethoscope market share and was valued at around USD 120 million in 2019. Presence of major market players along with high prevalence of cardiovascular and pulmonary diseases across the country will result in augmenting the market growth. As per the Centers for Disease Control and Prevention (CDC), heart diseases are the leading cause of death in the U.S. as every 37 seconds one person dies of cardiovascular disease. Hence, early and accurate diagnosis of such cardiovascular diseases will result in augmenting the market demand and adoption rate of stethoscope, fueling the regional industry growth.