The smart stethoscope market is estimated to observe extensive growth across the assessment period of 2019-2027. The growing number of chronic diseases and cardiovascular disorders will prove to be good growth prospects for the smart stethoscope market. Furthermore, technological advancements will also prove to be profitable for the increase in the revenue of smart stethoscopes.
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- The development of smart stethoscopes as a user-friendly and affordable device will bring immense growth opportunities for the smart stethoscope market. Research and development activities are also playing a vital role. For instance, an IIM Bombay team recently developed a digital stethoscope that can help doctors identify the heart rate through keeping a distance from COVID-19 patients and minimizing the risk factor of contracting coronavirus. Such developments bring exponential growth for the smart stethoscope market.
- Strategic collaborations play a vital role in the growth of the smart stethoscope market. The players are involved in mergers and acquisitions for acquiring a prominent place across the smart stethoscope market. These collaborations help in improving the overall growth structure of the smart stethoscope market. In addition, expansion activities will also bring good growth prospects for the smart stethoscope market. All these activities assist in forming a positive growth trajectory.
The first stethoscope was introduced in the market in 1818 by a French physician René Laennec. Since then, there have been huge advancements in the field of cardiac imaging and radiology. Cardiovascular diseases are still the major cause of death in the world, and early diagnosis is quintessential to save lives. A vast number of noninvasive investigational modalities exist for early diagnosis of cardiac disorders, such as cardiac computed tomographic (CT) scan, electrocardiography, echocardiography, and cardiac magnetic resonance imaging, which have diminished the use of conventional stethoscope in modern times.
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However, the major limitations with these advancements are the need of trained personnel for investigation and interpretation of results. The other significant limitations are their cost and availability only in advanced centers. Compared to this, stethoscope is relatively cost effective, easy to use, and easily available that can be used by paramedics and nurses. In developing country like India, where penetration of advanced medical imaging in rural areas is low, stethoscope plays important role in diagnosis of cardiac and pulmonary disorders. Smart or digital stethoscopes offer a new perspective over the conventional stethoscope and hence it would be a useful tool in armamentarium of healthcare professionals.
Smart Stethoscopes Market – Competitive Landscape
The global smart stethoscopes market comprises large and mid-size vendors. Key players in smart stethoscopes market include Thinklabs Medical LLC, 3M, HD Medical Group, Welch Allyn, Clinicloud Inc, American Diagnostic Corporation, eKuore and Cardionics. These companies are making efforts to expand their presence in developing and underdeveloped countries through collaboration with various suppliers.
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Welch Allyn, Inc.
Founded in 1915, Welch Allyn, Inc. is a U.S.-based global medical device company, engaged in the manufacture of medical diagnostic equipment. The company markets its products in over 50 countries globally through an established sales and distribution network. It offers products in areas of vital signs monitoring, patient monitoring, diagnostic cardiopulmonary, blood pressure measurement, physical assessment, thermometry, cardiopulmonary, population health management technologies, and software and services. Headquartered in New York, the U.S., Welch Allyn, Inc. principally operates in North America, Asia Pacific, Europe, the Middle East, and Latin America.
3M is a leading global player in the field of technology innovation. It manufactures and markets diverse products and services worldwide. It primarily operates through five business segments: healthcare, industrial, safety and graphics, electronics and energy, and consumer. The company’s healthcare segment caters to various markets including medical clinics and hospitals, pharmaceuticals, dental and orthodontic practitioners, health information systems, and food manufacturing and testing. 3M has corporate operations in 70 nations and customers spread across 200 countries worldwide.
New Perspective over Conventional Stethoscope is likely to drive the Smart Stethoscopes Market
The smart stethoscope is a user friendly and cost efficient equipment that help physicians to arrive at accurate results. Smart stethoscopes are now emerging as a new homecare medical device and an effective assistant for doctors. These stethoscopes aid in diagnosis of respiratory diseases and disorders based on heart rate. The conventional stethoscope since have been playing a very important role in the department of cardiology until now. However, nowadays there is huge demand to replace the conventional stethoscopes with advanced versions. There are some drawbacks associated with conventional stethoscopes such as low sound quality, especially in obese patients and patients with thick chest wall. There is complete abolition of sound transmission in case of cardiac murmurs. The electronic stethoscope contains a large chest piece with a battery case below it which contains the LED display showing volume control, battery status, heart rate and a control mode to choose between bell, diaphragm, and extended mode.
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High Adoption of Technologically Advanced Products and Expanding Healthcare Infrastructure is likely to drive the Smart Stethoscopes Market
Globally, North America is expected to account for the highest share of the smart stethoscopes market in terms of revenue followed by Europe. These two regions are expected to retain their leadership positions throughout the forecast period. The superiority of these two regions is majorly due to well-developed healthcare infrastructure, presence of major players operating in medical devices, high adoption of technologically advanced products and high disposable income. Moreover, high incidence and prevalence of cardiac and pulmonary disorders has further fuelled the smart stethoscopes market in the region. According to the Centers for Disease Control and Prevention (CDC), one in every four deaths in North America is caused due to heart disease. China and India are the major markets in Asia Pacific that offer large opportunities for the smart stethoscopes market. The smart stethoscopes market in Asia Pacific is projected to expand at the highest CAGR compared to other regions. Cardiovascular disease is among the top five causes of death in Asia and is characterized by large unmet needs that provide ample growth opportunities for the players in the region. Expanding health care infrastructure, rising disposable income, large obese and geriatric populations are some of the factors that are expected to play a key role in making Asia Pacific the most attractive market for manufacturers operating in the region.
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