Smart Stethoscope Market Players: 3M, Thinklabs, HD Medical, Inc., And Eko Devices, Inc.
Smart Stethoscope Industry Overview
The global smart stethoscope market size was valued at USD 45.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028. The demand for smart stethoscopes is growing, owing to the surge in prevalence of cardiovascular and respiratory diseases, technological advancements, the advent of COVID-19, and the increasing application of smart stethoscopes in the diagnosis of chronic conditions.
The vast number of people suffering from various cardiovascular and respiratory diseases is contributing significantly to the growth of the market for smart stethoscopes. For instance, according to the WHO, heart disease remains the major cause of death in most countries around the world, with 17.9 million people dying each year as a result of cardiovascular diseases. Such a high patient pool leads to a surge in demand for smart stethoscopes. Moreover, the majority of heart diseases are linked to and represented by the sound produced by the heart. Variations in the sound made by heart activity may easily be used to identify these heart diseases. Thus, heart auscultation (listening to the heart sound) is the primary step taken by every physician for the early diagnosis of cardiac illness.
Gather more insights about the market drivers, restraints and growth of the Global Smart Stethoscope market
The smart stethoscope is a user-friendly and cost-effective device that assists physicians in obtaining positive outcomes. Smart stethoscopes are developing as a modern homecare medical product and an innovative doctor's assistant. Dependent on heart rhythm, these stethoscopes help in the diagnosis of respiratory illnesses and disorders. Around 80% of heart and lung sounds are being misdiagnosed and improperly treated in the WHO European region. To avoid this, smart AI-enabled stethoscopes aid in making interpretations more consistent and accurate. The AI-powered smart stethoscope is transforming telemedicine. Furthermore, this technology has the ability to minimize the number of unnecessary clinic visits significantly.
Extensive R&D is currently ongoing to innovate and launch smart stethoscopes, which is further adding to the growth of the market for smart stethoscopes. For instance, Sonavi Labs, formed by John Hopkins University researchers, has designed an AI-powered clever, creative, and cutting-edge stethoscope. This latest stethoscope features smart noise-filtering technology that improves the sound level of chest readings. This innovative system also includes AI-driven technology that aids in the automated detection of pneumonia by detecting and listening to various types of breathing. This enables the new stethoscope to provide diagnoses. It has 3 main features that set it apart from other stethoscopes in the market. These modern automated stethoscopes are less sensitive to where they are placed on the patient's body, have active noise control that works in any area, and aid in the detection of abnormal lung form. This new stethoscope aids in the diagnosis of respiratory conditions such as pneumonia. Thereby, a surge in R&D will boost the market for smart stethoscopes in forthcoming years.
Browse through Grand View Research's Healthcare Industry Related Reports
- Stethoscope Market - The global stethoscope market size was valued at USD 569.61 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030.
- Telemedicine Market - The telemedicine market size was valued at USD 70.4 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 19.5% from 2022 to 2030.
Smart Stethoscope Industry Segmentation
Grand View Research has segmented the global smart stethoscopes market on the basis of application, end use, and region:
Smart Stethoscope Application Outlook (Revenue, USD Million, 2016 - 2028)
- Cardiovascular
- Neonatal
- Pediatric
- Fetal
- Teaching
- Others
Smart Stethoscope End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals
- Clinics
- Ambulatory Surgical Centers (ASCs)
Smart Stethoscope Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Share Insights:
- October 2020: 3M and Eko collaborated to combine 3M’s Littmann stethoscope with Eko’s digital innovations.
- January 2018: M3dicine launched Stethee ‘smart’ stethoscope. It is an artificial intelligence-enabled stethoscope system that can amplify, filter, record, and analyze heart and lung sounds.
Key Companies profiled:
Some prominent players in the global Smart Stethoscope Industry include
- 3M
- Thinklabs
- HD Medical, Inc.
- Eko Devices, Inc.
- eKuore
- M3DICINE Pty Ltd.
- Sonavi Labs
- Steth IO
Order a free sample PDF of the Smart Stethoscope Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Comments
Post a Comment