Market players in the stethoscope market are focusing on several strategic applications and product launches to cater to the changing requirements of the end-users.
Future Market Insights, Dubai: The global stethoscope market is slated to expand at a CAGR of 5.2 % during the forecast period, 2020-2030. According to FMI’s analysis, the COVID-19 outbreak has further caused a surge in market demand across nations generating infinite prospects for the market leaders. Conversely, the market is projected to return to its normalcy in the next 1-2 years ensuing in an increase in classical stethoscope demand, generating long-term market prospects.
“Development of innovative and modern digitized stethoscopes along with increasing healthcare practices owing to the recent COVID-19 outbreak is projected to further catalyze the market growth of stethoscope in the approaching years,” states the FMI analyst.
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Stethoscope Market- Key Takeaways
- North America remains highly lucrative, recording a CAGR of 4.5% during the projected period 2020-2030.
- Acoustic stethoscope is projected to grow notably among other product categories over the assessment period.
- Physician office emerged as the lucrative end-user across nations, which further escalated because of the rapid digitization.
Stethoscope Market – Drivers
- Rising online and eCommerce accessibility of stethoscope in semi-regulated markets is poised to aid market expansion.
- The upsurge in demand for a technically advanced stethoscope for earliest detection to provide the earliest treatment, furthering the demand for digitized stethoscopes.
- Increasing access to modern healthcare facilities is assisting in the growth of the market.
Stethoscope Market – Restraints
- Additional cost associated with the ultramodern features integrated into stethoscopes might boost their price, hampering the market growth.
- The absence of knowledge of utilizing the digitized diagnostic tools impedes the sales of the stethoscope market.
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COVID-19 Impact on Stethoscope Market
The stethoscope market has foreseen a speedy swell in the demand all over the nations. Being extremely infectious and in the requirement of immediate attention, initial detection is very vital and the latest improvised stethoscopes are always a superior option for proper diagnosis in this scenario. Market players are leveraging on these prospects and launching the latest digital stethoscope with the attributes of wireless auscultation, to minimize the COVID-19 infection threat amid the frontline workers.
Competitive Landscape
Key market players functioning in the global stethoscope market include Welch Allyn, Inc., GF Health Products, Inc., Think Labs Medical LLC, The 3M Company, Rijuven Corporation, Eko Devices Inc., American Diagnostic Corporation, Rudolf Riester GmbH, A&D Medical, Cardionics, Inc. (3B Scientific GmbH), eKuore, Meditech Equipment Co., Ltd. and Contec Medical Systems.
About the Study
The study offers readers a comprehensive assessment of the Stethoscope market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights according to product (acoustic stethoscope, amplifying stethoscope, digital stethoscope), by end-user (physician office, home care settings, hospitals and others), and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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