Smart Stethoscope Market: Cardiovascular Segment Held The Largest Revenue Share
Smart Stethoscope Industry Overview
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.
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, 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 who are anesthetized and whose breathing is 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.
Smart Stethoscope Market Segmentation
Grand View Research has segmented the global smart stethoscopes market on the basis of application, end use, and region:
Based on the Application Insights, the market is segmented into Cardiovascular, Neonatal, Pediatric, Fetal, Teaching, and Others.
- The cardiovascular segment dominated the market for smart stethoscopes and held the largest revenue share of 28.8% in 2020 and is expected to witness a considerable growth rate over the forecast period. The cardiology stethoscope is intended for use by cardiologists and is noted for its high-quality acoustics.
- The cardiology stethoscope is designed to have superior sound quality. Most cardiology stethoscopes have a pressure-tunable diaphragm that helps to distinguish between high and low-frequency sounds. Moreover, increasing heart-related disorders also boosts the demand for cardiovascular stethoscopes globally.
Based on the End-use Insights, the market is segmented into Hospitals, Clinics, and Ambulatory Surgical Centers (ASCs).
- The hospital's segment dominated the market for smart stethoscopes and held the largest revenue share of 61.9% in 2020. The segment is expected to witness a considerable growth rate over the forecast period. The increasing number of populations suffering from numerous cardiovascular and respiratory diseases is the key factor boosting segment growth.
- The Ambulatory Surgical Centers (ASCs) segment is expected to witness a substantial growth rate over the forecast period. According to Becker's Healthcare statistics, about 36.0% of outpatient surgical procedures were conducted in the United States. An upsurge in the number of surgeries performed contributes to segmental growth.
Smart Stethoscope Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
Key players are involved in adopting strategies such as mergers and acquisitions, partnerships, and launching new products to strengthen their foothold in the market.
- In October 2020, 3M and Eko collaborated to combine 3M’s Littmann stethoscope with Eko’s digital innovations.
- In 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.
Some of the prominent players in the smart stethoscope market 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.
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