Global Electronic Stethoscope Industry Set to Achieve US$ 369 Million Valuation by 2029, With a CAGR of 6.1% | FMI

The Global Electronic Stethoscope Industry is experiencing a remarkable upswing, with global sales witnessing an impressive 7.2 % growth in 2022, as compared to nearly half a million units sold in 2018. This growth trajectory has ignited optimism among industry experts, who anticipate a substantial incremental opportunity of US$ 170.9 million within the market between 2022 and 2029.

The surge in electronic stethoscope sales points towards the increasing adoption of cutting-edge medical technology. Healthcare professionals and medical practitioners worldwide are recognizing the advantages of electronic stethoscopes, which offer enhanced sound quality, wireless connectivity, and advanced diagnostic capabilities.

Key Manufacturers Continue to Strategize on New Product Launches in Global Electronic Stethoscope Industry Landscape

Almost 2/5^th of total adoption of electronic stethoscopes is registered at hospitals, the report underscores that there has been significant adoption by medical institutes in the recent past. In the next few years, medical institutes and ambulatory surgical centers are likely to create multiple opportunities for manufacturers of electronic stethoscopes.

More than half of the overall sales is accounted by amplifying electronic stethoscopes, as indicated by FMI’s analysis. While amplifying electronic stethoscopes provide results as accurate as digitizing electronic stethoscopes, the latter are associated with high maintenance owing to the presence of multiple electronic components. Amplifying electronic stethoscopes are thus expected to observe significant growth in revenue over the course of coming years.

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According to the report, the market attractiveness of amplifying stethoscopes is strongly backed by the increasing number of launches of new electronic stethoscopes by a number of small- and medium-sized companies. Electronic stethoscopes are rapidly replacing conventional variants across developed countries, predominantly owing to accelerated regulatory approvals.

• eKuore had launched the first wireless stethoscope for medical use.
• Eko had launched the first Android–connected digital stethoscope.
• In April 2018, Steth IO launched a digital smartphone-enabled stethoscope.

According to the report, approximately 60% of the electronic stethoscopes that are sold are enabled with Bluetooth technology and an integrated chest piece system. The former is however poised to witness a higher rate of adoption over the coming years.

North America Continues to Lead the Global Electronic Stethoscope Industry

North America holds a considerable revenue share in the electronic stethoscopes market. With advancements in technology and the presence of a large number of healthcare facilities, electronic stethoscopes are being widely used in the region. Their ability to provide amplified sound output as well as reduce external sound makes it easy for medical professionals to detect sounds and provide proper treatment to patients.

FMI’s study has profiled some of the key companies operating in the global electronic stethoscopes market, including Eko Devices, eKuore, GlobalMed, 3M, Welch Allyn, Ambisea Technology Corp., Meditech Equipment Co., Ltd, HD Medical, Thinklabs, ADInstruments, and Cardionics Inc.

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Global Electronic Stethoscope Industry by Category Product:

• Amplifying Stethoscopes
• Digitizing Stethoscopes

End User:

• Hospitals
• Clinics
• Medical Institutes
• Ambulatory Surgical Centers
• Homecare Settings
• Medical Camps
• Catheterization Laboratories

Application:

• Integrated Chest-Piece System
• Wireless Transmission System (Bluetooth)
• Integrated Receiver Head-Piece System
• Other

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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