The global stethoscopes market is forecast to grow at a CAGR of 4.87% during the period 2017-2021.
Global Stethoscopes Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is increasing use of digital stethoscopes. The digital stethoscopes can be connected to a smartphone to record and reproduce body sound produced by heart, lung, and bowel. The apps in the smartphone can electronically amplify these sounds and directly transfer to an electronic health record (EHR). The device serves as a potential platform for CAD.
According to the report, one driver in the market is increasing healthcare infrastructure and access. The global healthcare sector is rapidly changing with time and its various stakeholders such as providers, patients, and government strive to deliver and receive effective, efficient, and equitable medical care. The growing population, the increasing incidence and prevalence of acute and chronic diseases, and rise in communicable and lifestyle diseases will increase the demand for healthcare facilities with improved infrastructure accessible to all.
Further, the report states that one challenge in the market is intense competition among the manufacturers. The global stethoscopes market is characterized by the presence of several vendors leading to intense competition among the vendors with regard to pricing. As a result, there is a lower profit margin for stethoscopes. The competition among the vendors in the market is mainly based on the design and manufacturing cost of various types of stethoscopes. Local manufacturers offer stethoscopes at low cost compared with global manufacturers, which provide an opportunity for the customers to choose from the wide variety of products.