The global Electronic Stethoscope market size was worth $ 210.2 million in 2018 and is forecasted to reach $ 394.1 million by 2026, at a CAGR of 8.2% during the forecast period.
Increasing technological advancement is driving the growth of the Electronic Stethoscope market. North America holds the highest revenue share in the global Electronic Stethoscopes market. Due to advancement in technology and high healthcare spending, North America generates considerable revenue in the Electronic Stethoscopes market. Though digital Electronic Stethoscopes are gaining popularity in the market, yet the adoption rate for amplifying Electronic Stethoscopes is more since it requires less maintenance unlike digital Electronic Stethoscopes. Most of the healthcare companies are currently focused on designing and development of digital stethoscopes since it can record clear sound and it has achieved significant development in auscultation.
Market Dynamics
Drivers
- Increasing Usage of Electronic Stethoscope
- Increasing Number of Manufacturers, Developing Electronic Stethoscope
- Emergence of Electronic Stethoscopes Has Paved the Way for Cardiac Dysfunction
- Increasing Adoption of Electronic over Conventional Stethoscopes
Restraints
- High Cost of Electronic Stethoscopes
- Limitations of Electronic Stethoscope
- Maintenance of Electronic Stethoscope
Market Segmentation
The amplifying stethoscopes market is valued at USD 131.5 Mn in 2018 and is estimated to grow at a CAGR of 8.8% over the forecast period to reach a USD 256.8 Mn by 2026.
The amplifying stethoscopes segment holds 62.6% of the market share in 2018, and is expected to be 65.2% by 2026, for the global Electronic Stethoscope market. The collective revenue of amplifying stethoscopes segment is estimated to be USD 1,786.6 Mn over the forecast period for 2019-2026.
The majority of the Electronic Stethoscopes on the market have an audio output signal that, through the use of a stereo and/or mono cable connection, can allow the audio output collected by the stethoscope to be transmitted real time to an accompanying software application. The accompanying software may employ various algorithms that are developed for interpretation and diagnosis of the audio output obtained from the Electronic Stethoscopes. Audio output processed through various accompanying software packages can be saved as files and then transmitted via email and various other communication methods for asynchronous assessment and diagnosis. Some Electronic Stethoscopes that have audio data output options can also be hooked up to a video conferencing unit’s audio input, which would enable them to send the sound data real time over a network connection to another videoconferencing endpoint. The videoconferencing units would act as decoders and encoders of the sound data, allowing it to be transmitted over a network. In this type of setup, the user needs to be mindful of the fact that generally the sound data can only be sent between like brands of videoconferencing units and sometimes as specific as models of like brands.
Geographical Analysis
The North America segment of Electronic Stethoscope market is valued at US$ 69.7 Million in 2018 and is estimated to grow at a CAGR of 8.7% over the forecast period to reach US$ 135.3 Million by 2026.
North America holds 33.2% of market share in 2018, and is expected to be 34.3% by 2026, for the Electronic Stethoscope Market. The U.S holds 71.1% of market share in 2018, and is expected to increase to 73.8% by 2026, for the North America Electronic Stethoscope market. The collective revenue of the Electronic Stethoscope market in North America is expected to generate USD 946.2 Mn from 2019-2026.
North America is dominating the global Electronic Stethoscope market in 2018 and estimated to hold significant market size over the forecast period (2020-2027) owing to the increased funding for research and development. The presence of well-established healthcare infrastructure in the United States, is one of the important factors which is expected to boost the growth of the Electronic Stethoscope market. Researchers are working on the development of a new products product field, which is expected to increase the growth of the overall market. Majority of the manufacturers of Electronic Stethoscopes are from the United States. The manufacturers are focusing on the technological advancement, introducing new products in the market. In 2009, the 3M Company, a U.S.-based company, launched the first Electronic Stethoscope with Bluetooth wireless capacity. 3M Littman Electronic Stethoscope model 3200 paired with new zargis medical software helps in detecting heart murmurs. Bluetooth technology of this device helps to transfer lungs, heart, and other sounds of the body directly to the software for further analysis. This device consists of 2 software i.e. Zargis Cardio scan software and Zargis Steth Assist Software. Zargis cardio scan software easily pairs with the device to help the doctor diagnose four main cardiac sites.
Competitive Landscape
In the Electronic Stethoscope market, companies are focusing on mergers and acquisitions and also on strategic moves to acquire greater market share. The Electronic Stethoscope market is competitive with the presence of few big firms and many small firms worldwide that have similar product offerings. Efficient distribution networks, product differentiation and supply competency play a major role in determining the market position of such players. Majority of these players are focusing on expanding distribution network as well as expanding presence in the Asia Pacific, Latin America and the Middle East regions due to increasing awareness and increasing disposable income. New Product Launches, partnerships, and acquisition are the major strategies adopted by the leading companies in the industry. The companies are heavily investing in the market to develop new products and are collaborating and acquiring other companies which help in increasing their market share.