Smart Stethoscope Market Trends, Growth Prospects To 2028: Grand View Research Inc.
Smart Stethoscope Market Growth & Trends
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.
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Smart Stethoscope Market Report Highlights
- In terms of application, the cardiovascular segment held the largest revenue share of 28.7% in 2020 owing to the increasing prevalence of heart diseases
- In terms of end-use, the hospitals segment held the largest revenue share in 2020. The segment growth is majorly driven by the increasing number prevalence of cardiac and lung disorders
- In Asia Pacific, the market is expected to witness the highest CAGR of 7.5% during the forecast period owing to the rising aging population and presence of huge untapped potential
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Smart Stethoscope Market Segmentation
Grand View Research has segmented the global smart stethoscopes market on the basis of application, end use, and region:
Smart Stethoscope Application Outlook (Revenue, USD Million, 2016 – 2028)
Smart Stethoscope End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Ambulatory Surgical Centers (ASCs)
Smart Stethoscope Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Smart Stethoscope Market
- HD Medical, Inc.
- Eko Devices, Inc.
- M3DICINE Pty Ltd.
- Sonavi Labs
- Steth IO
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.