Market Research Future (MRFR) announces the publication of its research report –Global Stethoscope Market, 2019–2024. It is estimated that the global Stethoscope market is expected to register a CAGR ~ 4.6% during the forecast period of 2019 to 2024 with an estimated market value of USD 332.1 million in 2018.
The global stethoscope market is driven by factors such as the growing research and development, rising prevalence rates of chronic diseases, and the growing adoption rate of new technology in the diagnostic industry. For instance, in March 2018, Neurologists from Stanford University develop brain stethoscope that can translate the brain’s activity into sounds so that silent seizures can be detected. Such a level of research activity ought to push the growth of the market during the assessment period. However, the lack of awareness, poor healthcare system and less access to health services in certain economies is restraining the growth of stethoscope market.
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Some of the key players in the global stethoscope market are Heine Optotechnik, 3M, A&D Medical, Smiths Medical, American Diagnostic Corporation, Cardionics, GF Health Products, McCoy Medical, Medline Industries, Omron Corporation, Rudolf Riester, and Welch Allyn.
The global stethoscope market has been segmented into type, and end user. The market, based on type, has been segmented into manual stethoscope and electronic stethoscope. The market, by manual stethoscope, has been further segmented into a fetal stethoscope, and others. The market, by electronic stethoscope, has been sub-segmented into esophageal stethoscopes, fetal heart rate detectors, and others. The market, by end user, has been segmented into hospitals, clinics, ambulatory surgical centers, and others. Hospitals are expected to hold a major share in the end user segment owing to the increased incidences of chronic diseases, as well as the rise in the patient visits. Clinics are projected to be the fastest growing segment due to the ease of accessibility it provides to the patients.
The market in the Americas is expected to dominate the global stethoscope market during the forecast period owing to the increasing per capita healthcare expenditure, heavy implementation of new technology in the region, and increase in product innovation. The US is expected to hold the major share in the market owing to increased technology adoption. For instance, in March 2018, Neurologists from Stanford University, California, developed brain stethoscope that can translate the brain’s activity into sounds so that silent seizures can be detected. Europe is expected to hold the second largest position in the global stethoscope market. The market growth in this region is because of the presence of a well-established healthcare system. The growth in the number of medical personnel is also contributing to the growth in the region. Asia-Pacific is estimated to be the fastest growing region in the market due to the rise in the number of awareness programs. The market in the Middle East & Africa is likely to account for the smallest share of the global stethoscope market. The market growth in this region owes to the low disposable income in the region.
Currently, the global stethoscope market is dominated by several players. The major players in this market are involved in strategic partnerships, and new product launches to expand its product portfolio. For instance, in January 2018, M3DICINE Inc, announced the launch of Stethee, the world’s first AI-enabled stethoscope system. By employing these strategies, the prominent players focus on increasing their market share in the global market.
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