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Smart Stethoscope Market

Market Study on Smart Stethoscope: Surge in Cardiovascular Disorders to be a Boon for the Demand

Global Smart Stethoscope Market by Application (Cardiovascular, Neonatal, Paediatric, Foetal, Teaching, and Others)

Market Snapshot

Newly-released Smart Stethoscope Market analysis report by Persistence Market Research shows that the global market size of the Smart Stethoscope Market in 2022 was held at US$ 57.6 Million. With 7.5%, the projected market growth from 2023 to 2033, is expected to be higher than the historical growth. Cardiovascular application is expected to be the highest revenue-generating segment, projected to grow at a CAGR of 9.6% during 2023 – 2033.

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Details

Global Smart Stethoscope Market (2023)

US$ 57.6 Million

Global Smart Stethoscope Market (2033)

US$ 118 Million

Global Smart Stethoscope Market CAGR (2023 – 2033)

7.5%

U.S. Smart Stethoscope Market CAGR (2023 – 2033)

6.7%

Key Companies Profiled

  • 3M
  • Thinklabs
  • HD Medical, Inc.
  • Eko Devices, Inc.
  • eKuore
  • M3DICINE Pty Ltd.
  • Sonavi Labs
  • Steth IO
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Revenue of Smart Stethoscope Market from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

As per the Smart Stethoscope Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of the Smart Stethoscope Market increased at around 6.2% CAGR.

Traditional stethoscopes are being replaced with smart stethoscopes/electronic stethoscopes. Sound waves are converted into electronic impulses and amplified by smart stethoscopes for clear hearing. It is a simple, low-cost device that allows clinicians to get consistent clinical results. Smart stethoscopes are also becoming a popular option for home healthcare. These stethoscopes are used in the diagnosis of heart and lung disorders.

Traditional stethoscopes had many limitations, including poor sound quality in people who sought treatment. This deficiency was most influential to people who were heavy or had thick chest walls. Furthermore, the expenses entailed the need for skilled professionals to analyze and interpret the information. A shortage of medical personnel at sophisticated healthcare facilities is the other disadvantage associated with them.

Smart stethoscopes, on the other hand, are more cost-effective, easy to use, and widely available for use by physicians and paramedical workers. This is a key aspect driving the worldwide smart stethoscope market forward.

Cardiovascular diseases are the leading cause of mortality worldwide, and early detection is critical for lifesaving. Stethoscopes, including smart stethoscopes, play an important role in the treatment of cardiac and pulmonary problems in emerging countries like India, where the use of contemporary medical imaging technology is restricted, especially in rural regions. This is another driver for market expansion.

The necessity for qualified professionals for inquiry and interpretation of data is, however, one of the key constraints of these improvements. Other key drawbacks are their high cost and limited availability in advanced centers. In comparison, the stethoscope is very inexpensive, simple to use, and readily available for use by paramedics and nurses.

They play a significant role in the diagnosis of heart and pulmonary problems in developing countries like India, where modern medical imaging penetration in rural regions is minimal. Smart or digital stethoscopes provide a unique viewpoint above traditional stethoscopes, making them an important weapon in the arsenal of healthcare practitioners.

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What Factors are Propelling Smart Stethoscope Demand?

The large number of people suffering from different cardiovascular and respiratory ailments is helping to drive the market for smart stethoscopes forward. According to the World Health Organization, heart disease is still the leading cause of mortality in most nations, with 17.9 million people dying each year as a consequence of cardiovascular disorders. With a such large patient base, smart stethoscopes are in high demand. Furthermore, a significant proportion of cardiac disorders are connected to and reflected by the heart's sound. Variations in the sound produced by cardiac activity can be used to quickly diagnose various heart disorders. As a result, every physician's first step in diagnosing cardiac sickness is heart auscultation, for which Smart Stethoscopes are used.

Furthermore, the rising prevalence of respiratory diseases such as asthma, emphysema, acute bronchitis, and cystic fibrosis is likely to increase the smart stethoscope market. According to the WHO, asthma affected 262 million people globally in 2019, resulting in 461000 deaths. A stethoscope's principal function is to assess the status of mucus in the respiratory system.

As a result, given the growing number of patients suffering from heart and lung diseases, and the incorporation of smart technologies like AI into stethoscopes that help in early detection, the use of such devices will expand, resulting in market growth.

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How is the Investment in R&D affecting the Growth of Key Players in Smart Stethoscope Market?

Extensive research and development are currently underway to design and commercialize smart stethoscopes, which is fuelling market expansion. For example, researchers from John Hopkins University have created Sonavi Labs, which has created an AI-powered intelligent, innovative, and cutting-edge stethoscope. This new stethoscope has sophisticated noise-filtering technology that optimizes chest reading sound levels.

This device also features artificial intelligence-driven technology that assists in the automatic diagnosis of pneumonia by recognizing and listening to different patterns of breathing. This makes it possible for the new stethoscope for making sound diagnoses.

These automated stethoscopes feature active noise control that works in any environment, are less sensitive to where they are put on the patient's body, and may help detect aberrant lung shapes. This new stethoscope can help doctors diagnose respiratory illnesses like pneumonia. As a result, a boom in research and development will enhance the market for smart stethoscopes in the approaching years.

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Region-wise Analysis

What are the Regional Opportunities for Smart Stethoscope Market?

In 2022, North America held a significant share of the global Smart Stethoscope Market. Government support for the healthcare sector's development, a high level of awareness about cardio as well as respiratory disorders prevalent in the region are the key drivers for market growth.

Europe is a significant contributor to the growth of the market globally. Growth in this region can be attributed to the presence of global manufacturers of medical equipment in the region, an increase in healthcare expenditure by the government, and a rise in per-capita income.

The market in Asia Pacific is projected to gain vast growth throughout the projection period due to the rising geriatric population, growing health awareness as well as increasing government initiatives in the healthcare sector.

Country-wise Analysis

U.S. Smart Stethoscope Market Revenue Analysis

The United States is expected to have a significant market of US$ 30.2 Million by the end of 2033. The growing prevalence of heart and pulmonary diseases as well as favorable infrastructure and supportive government initiatives are the primary factors for the growing use of Smart Stethoscopes in the United States.

U.K. Smart Stethoscope Market Analysis

The market in the U.K. is projected to reach a valuation of US$ 118 Million by 2033, growing at a CAGR of 9.8% from 2023 to 2033. The market is projected to gross an absolute dollar opportunity of US$ 2 Million during the forecast period.

Japan Smart Stethoscope Market Analysis

In Japan, the market is projected to register a CAGR of 9.4% from 2023 to 2033, reaching a market valuation of US$ 6 Million by 2033. During the forecast period, the market in the country is expected to gross an absolute dollar opportunity of US$ 3.5 Million.

Category-wise Insights

Why Smart Stethoscope Market through Cardiovascular Application Expected to Register a Strong Growth?

The cardiovascular segment is forecasted to grow at a significant CAGR of over 9% from 2023 to 2033. The cardiology stethoscope is known for its high-quality acoustics and is designed for use by cardiologists. They are used to listen to the noises produced by the cardiovascular system, including valve movement, heartbeat, murmurs, and clicks.

These stethoscopes, like regular stethoscopes, can be used for a wide range of different applications. Finally, the cardiology stethoscope is meant to offer greater sound quality when compared to generic stethoscopes. A pressure-tuneable diaphragm is included on most cardiology stethoscopes, which aids in distinguishing between high and low-frequency sounds. Furthermore, the global demand for cardiovascular stethoscopes is expanding due to an increase in illnesses related to the heart.

Which End use of Smart Stethoscope is expected to Score Highest Growth in the Coming Years?

Hospitals commanded significant revenue as well as a CAGR of nearly 8%, during the forecast period. The market through the hospital sector is predicted to grow at a swift pace as doctors can simply monitor or record a patient's lung and heart sounds using the smart stethoscope and then integrate them into the hospital's electronic health record systems if required.

Competitive Analysis

Some of the key players in the Smart Stethoscope market are 3M, Thinklabs, HD Medical, Inc., Eko Devices, Inc., eKuore, M3DICINE Pty Ltd., Sonavi Labs, and Steth IO.

  • In October 2020, 3M and Eko partnered to integrate 3M's Littmann stethoscope with Eko's digital technologies.

Similarly, recent developments related to the companies in Smart Stethoscope Market have been tracked by the team at Persistence Market Research, which are available in the full report.

Market Segments Covered in Smart Stethoscope Market Analysis

By Application

  • Cardiovascular
  • Neonatal
  • Paediatric
  • Foetal
  • Teaching
  • Others

By End-use

  • Hospitals
  • Clinics
  • Ambulatory Surgical centres

By Region

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

- Companies Covered in This Report -

  • 3M
  • Thinklabs
  • HD Medical, Inc.
  • Eko Devices, Inc.
  • eKuore
  • M3DICINE Pty Ltd.
  • Sonavi Labs
  • Steth IO

- Frequently Asked Questions -

The global Smart Stethoscope Market is worth more than US$ 57.6 Million at present.

The market value is projected to increase at a CAGR of around 7.5% from 2023 to 2033.

The market value increased at a CAGR of around 6.2% from 2018 to 2022.

The market in China is projected to expand at a CAGR of around 8.4% during 2023 – 2033.

While the market in South Korea is expected to grow at nearly 6.4%, the market in Japan is projected to register a CAGR of nearly 9.4% during 2023 - 2033.

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