The global smart stethoscope market size is expected to reach USD 76.9 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2021 to 2028. A surge in the geriatric population, high adoption of technologically advanced products, growing healthcare infrastructure, and various government initiatives are the key driving factors for the market.
Smart Stethoscope Market Report Highlights
- In terms of application, the cardiovascular segment held the largest revenue share of 28.7% in 2020 owing to the increasing prevalence of heart diseases
- In terms of end-use, the hospitals segment held the largest revenue share in 2020. The segment growth is majorly driven by the increasing number prevalence of cardiac and lung disorders
- In Asia Pacific, the market is expected to witness the highest CAGR of 7.5% during the forecast period owing to the rising aging population and presence of huge untapped potential
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The smart stethoscope is user-friendly and cost-effective equipment that assists physicians in obtaining reliable results. Based on heart rate, these stethoscopes help in the diagnosis of respiratory diseases and disorders. Until now, the traditional stethoscope has played a significant role in the department of cardiology. Though, the medical device has some disadvantages, such as poor sound quality, which is particularly noticeable in obese patients and those with a thick chest wall. Hence, there is a booming demand for advanced stethoscopes to replace the traditional version of the medical, leading to market growth.
High prevalence of cardiovascular disorders, and enhanced diagnosis, are other factors driving the market. As projected by the WHO, heart disease is the leading cause of death in the U.S., causing around 647,000 deaths every year. Technological advances, as well as the continuous introduction of new and innovative products, are key drivers of business expansion. For instance, recently in July 2020, HD Medical received FDA clearance for its HD Steth that uses artificial intelligence to aid clinicians to perform an advanced cardiac assessment at point-of-care.
Auscultation of the chest is important in COVID-19 patients, particularly those with poor respiratory conditions such as serious pneumonia and respiratory dysfunction, as well as intensive cases of anesthetization and breathing supported by a ventilator. Nevertheless, proper auscultation of these patients is challenging when medical staff wears personal protective equipment and when communicating with patients is restricted. In such cases, smart stethoscopes are witnessing a major upswing in popularity and novelty.
List of Major Companies in the Smart Stethoscope Market
- 3M
- Thinklabs
- HD Medical, Inc.
- Eko Devices, Inc.
- eKuore
- M3DICINE Pty Ltd.
- Sonavi Labs
- Steth IO
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We have segmented the global smart stethoscopes market based on application, end-use, and region
Smart Stethoscope Application Outlook
- Cardiovascular
- Neonatal
- Pediatric
- Fetal
- Teaching
- Others
Smart Stethoscope End-use Outlook
- Hospitals
- Clinics
- Ambulatory Surgical Centers (ASCs)
Smart Stethoscope Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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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