A $514.7 Million Global Opportunity for Stethoscopes by 2026 - New Research from StrategyR

SAN FRANCISCO, April 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Stethoscopes - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 20; Released: February 2022
Executive Pool: 6580
Companies: 76 - Players covered include 3M Company; American Diagnostic Corporation; Cardionics, Inc.; GF Health Products, Inc.; Medline Industries Inc.; NISCO (INDIA); Rudolf Riester GmbH & Co. KG; Suzuken Co., Ltd.; Welch Allyn, Inc.; Yuwell-Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Manual & Mechanical Stethoscopes, Electronic Stethoscopes, Esophageal Stethoscopes, Fetal Stethoscopes, and Fetal Heart Rate Detectors)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Stethoscopes Market to Reach $514.7 Million by 2026
Hanging around virtually every physician`s neck, the stethoscope is testimony to the clinical importance of auscultation, despite its limitations. It continues to be a trusted, proven and economical diagnostic tool and is a universal and enduring symbol of the medical profession. Eavesdropping on the noisy workings of the organs still remains the best way to examine patients. However, skill and experience of the physician play a key role in successful auscultation diagnosis. Reasons why auscultation is still an important part of physical examination of patients are many. For example, respiratory sounds like wheeze, rhonchi, crackles, stridor, egophony, bronchophony and whispered pectoriloquy can help identify abnormal lung conditions. Crackles can indicate excessive fluid secretion in airways and can guide physicians towards a possible diagnosis of a lung infection. Cardiac auscultation sounds like systolic murmurs, diastolic murmurs, continuous murmurs, pericardial friction rub can indicate abnormalities in valve opening and closure. Stethoscopes can pick up heart sounds which even echocardiography systems cannot. Auscultation of the gastrointestinal system helps identify abnormal bowel sounds made by the movement of the intestines.

Amid the COVID-19 crisis, the global market for Stethoscopes estimated at US$431.2 Million in the year 2022, is projected to reach a revised size of US$514.7 Million by 2026, growing at a CAGR of 4.3% over the analysis period. Manual & Mechanical Stethoscopes, one of the segments analyzed in the report, is projected to grow at a 4.1% CAGR to reach US$271.3 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electronic Stethoscopes segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 15% share of the global Stethoscopes market. High-quality mechanical stethoscopes continue to be used in large numbers by specialists including cardiologists and other healthcare professionals while usage of lower-end manual stethoscopes is limited for use at home healthcare facilities, primarily for monitoring blood pressures. Recent trends in the global market for stethoscopes suggest that electronic stethoscopes have been gaining popularity in all major markets globally. This growing popularity can be primarily attributed to the benefits that electronic stethoscopes offer, over and above conventional manual and mechanical stethoscopes. Latest innovations have led the audio output from the stethoscope to be combined with a secondary recording device such as an MP3 recorder or a laptop; enabling physicians to record the sound waves from the patient's chest area, or listen to any pre-recorded auscultation.

The U.S. Market is Estimated at $114.7 Million in 2022, While China is Forecast to Reach $102.8 Million Units by 2026
The Stethoscopes market in the U.S. is estimated at US$114.7 Million in the year 2022. The country currently accounts for a 27.02% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$102.8 Million in the year 2026 trailing a CAGR of 6.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR while Rest of European market (as defined in the study) will reach US$105.9 Million by the end of the analysis period.

The market stands to benefit from a combination of favorable macroeconomic factors such as aging population, growing healthcare needs, increasing healthcare access and spending in both developed and developing countries; growth in physician clinics and practice; changing roles of frontline healthcare workers coupled with the expanding base of healthcare workers comprising critical care nurses, emergency medical technicians, general practitioners, medical students, pediatric specialists, registered nurses. Continued enhancements in stethoscope design and acoustic performance will also help spur gains in growth. Improving stethoscope acoustics remains the guiding goal and objective of all product R&D efforts and recent advancements worthy of note include amplified sound output; improved frequency range; and external noise cancellation technology. Digital stethoscopes especially are gaining in popularity in the field of cardiology and pulmonary. A key benefit of these stethoscopes is their ability to detect and record cardiac murmurs as low as 8 Khz. Focus on computer aided diagnosis is driving demand for digital stethoscopes with external flash memory chips for visualization of real-time recorded audio waveforms. Manual and mechanical stethoscopes will however continue to dominate the market, driven by their huge popularity among medical practitioners worldwide.

Esophageal Stethoscopes Segment to Reach $15 Million by 2026
In the global Esophageal Stethoscopes segment, USA, Canada, Japan, China and Europe will drive the 3. 8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8. 6 Million will reach a projected size of US$11. 2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1. 9 Million by the year 2026, while Latin America will expand at a 4. 3% CAGR through the analysis period. 
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected] 

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SOURCE Global Industry Analysts, Inc.