Smart Stethoscope Market Forecast & Opportunities By 2023
7th March 2019– The global smart stethoscope market is set to grow at an exponential CAGR by the year 2023. A typical smart stethoscope has an electronic transducer and special sensors that collects body sounds at the skin surface into corresponding digital signals. It has gained popularity on advanced testing platforms to predict acoustic values and improve the listening experience of the healthcare provider.
“Technological leap and the arrival of the digital era have transformed the overall clinical experience of the healthcare industry. The internet and smartphones are playing a decisive role in processing the sounds recorded by a digital stethoscope. It effectively detects low heart sounds, gallop rhythms, and diastolic rumbles.”
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An increase in death rate due to heart ailment is propelling the need for electrocardiogram (ECG) and computed tomography (CT) scan in a relatively inexpensive non-invasive way. Technological advancements like digital signal processing and artificial intelligence, a rise in geriatric population, and a growing demand for quantifiable medical diagnostics are the chief factors driving the market growth. However, a smart stethoscope’s inability to determine the shape, size, function, and structure of the heart is hampering its widespread adoption.
Based on product type, the smart stethoscope market has been segmented into wireless stethoscope and wired stethoscope. Based on application type, the market has been split into clinics, hospitals, and households.
Geographical segmentation has presented a detailed analysis of smart stethoscope market growth prospects across the regions of North America, the Asia Pacific, Europe, the Middle East, and Africa, and Latin America. North America and Europe are currently leading due to the presence of a large number of manufacturers and their adoption of advanced Information Technology (IT) solutions.
The market is dominated by international players due to their high investments in merger and acquisition activities, R&D, patents, high brand value, and minimization of other operational costs, etc. The key players influencing the smart stethoscope market expansion comprise 3M Littmann, SMART SOUND, Welch Allyn, Thinklabs, CliniCloud, Dongjin Medical, American Diagnostics, Cardionics, EKuore, Eko Devices, HD Medical, and Childcare among others. Players are entering into business partnerships with fellow contestants and are significantly investing in innovation strategies, which is estimated to drive the vendors to reach new growth markets.
Eko Core Smart Stethoscope allows the user to quickly toggle between analog and amplified (digital) modes. Its digital audio recording system helps in eliminating white noise and can be amplified up to 40X than the regular sound captured. It is an optimized device and practitioner’s choice to efficiently record pulse rate, lung sounds, etc. It is regarded as a telemedicine stethoscope that can save critical sounds and stream it in real time. Eko is supporting research activities to bring in innovative auscultation solutions and deliver most adaptable smart stethoscope to their vast consumer base.
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