Electronic Stethoscope Market 2029: Trends, Business Research With Eko Devices, eKuore, GlobalMed
Electronic Stethoscopes- Key Research Findings
Global electronic stethoscopes market size in 2018 – nearly US$ 210 Mn
The electronic stethoscopes market is projected to record a CAGR of 5.9% during the forecast period (2019–2029).
According to the US Centers for Disease Control and Prevention (CDC), the prevalence of Coronary Heart Disease (CHD) among the US population was more than 43% in 2018.
According to American Heart Association, in 2018, cardiovascular disease accounted for nearly 836,546 deaths in the U.S., which is about 1 of every 3 deaths in the country.
North America and Europe will continue to hold dominant revenue share in electronic stethoscopes market.
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Advancements in technology, the adoption of new electronic stethoscopes, and increase in population suffering from cardiac disorders are likely to contribute to the significant growth of the electronic stethoscopes market.
East Asia holds high growth potential for the electronic stethoscopes market due to the rising demand for new medical devices and increase in healthcare spending.
Sales of amplifying stethoscopes accounted for a significant share of the electronic stethoscopes market revenue.
Greater ease of operability, low maintenance cost, and high accuracy in providing amplified sounds has led to the wide use of amplifying electronic stethoscopes.
Top 3 Factors Shaping the Electronic Stethoscopes Market
Advantages over conventional stethoscopes boosting the market
Electronic stethoscopes have overcome the drawbacks of conventional stethoscopes. Conventional stethoscopes are currently outdated, which is boosting the preference for electronic stethoscopes. Electronic stethoscopes have several advantages over conventional stethoscopes, for instance, they can amplify cardiac and lung sounds more appropriately. They can convert the acoustic signals of auscultated sound into digital signals, which are processed further for optimal listening.
In addition, electronic stethoscopes reduce external noise and help medical professionals identify the signals and mentor them properly. Some of the electronic stethoscopes that are currently in the market are the 3M Littmann electronic stethoscope, Cardionics E-scope, eKuore Pro digital stethoscope, Thinklabs One Digital Stethoscope, and AD Instruments MLT209. Owing to the abovementioned factors, electronic stethoscopes are gaining more popularity, which is resulting in market growth.
Increasing availability of technologically advanced electronic stethoscopes
Manufacturers are currently focusing on developing electronic stethoscopes by providing greater ease of operability. Some electronic stethoscopes in the market can record and replay audio signals as well as the sound captured by them.
Electronic stethoscopes have the capability to amplify and adjust the frequencies for listening, which facilitates the diagnostic capacity. In addition, with advancements in technology, manufacturers have developed electronic stethoscope that are fully Android-based, just like smartphones.
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For example, in April 2018, Steth IO launched a smartphone-based digital stethoscope that received FDA approval in 2016. Similarly, in August 2016, Eko launched the first Android–connected digital stethoscope. Advancements in technology are resulting in new developments in electronic stethoscopes, and this is another factor that is expected to drive the market in the near future.
The usage of electronic stethoscopes is likely to improve healthcare delivery across the world
Stethoscopes help professionals hear the sounds of the heart and lungs. Technological advancements have resulted in the advent of electronic stethoscopes, which have enabled medical professionals to improve their diagnostic capabilities. Electronic stethoscopes have the ability to convert acoustic sounds into digital sounds, which provides optimal listening. Since they minimize the external noise, doctors find it easy to identify and detect the sound and provide the appropriate treatment for several diseases.
Accuracy is another important factor that has resulted in the growing popularity of electronic stethoscopes among healthcare professionals. Thus, the increasing adoption of electronic stethoscopes is expected to result in better treatment, which will, in turn, be beneficial for healthcare providers as well as patients in the coming years.