Digital Stethoscope Market

Global Digital Stethoscope Market Size (2023 to 2028)

The size of the global digital stethoscope market is predicted to be worth USD 145.97 million by 2028 from USD 106.84 million in 2023, growing at a CAGR of 6.44% from 2023 to 2028.

Impact of COVID-19 on the global digital stethoscope market:

The COVID-19 pandemic had a significant impact on the digital stethoscope market. The demand for digital stethoscopes was increased as they allow healthcare professionals to maintain a distance while still being able to listen to sounds. Unlike traditional stethoscopes, digital stethoscopes eliminate the need for direct contact and prevent the chances of infection transmission. Therefore, the emphasis on infection control and prevention during the COVID-19 pandemic likely increased the interest in and demand for digital stethoscopes and this has created numerous opportunities for market players. The market participants have also launched novel products during the COVID-19 pandemic including enhanced security and improved quality of the products. For instance, in May 2020, ThinkLabs One, a digital stethoscope, was launched to keep doctors safe.

MARKET DRIVERS:

Technological advancements drive the digital stethoscope market growth. The incorporation of advanced digital technologies such as advanced sensors, wireless connectivity and artificial intelligence algorithms have enhanced the performance and precision of digital stethoscopes. Recent technological developments have facilitated various functionalities such as noise reduction, audio amplification, data analysis and recording. These features have significantly improved patient care and diagnostic capabilities. The trend is likely to continue in the coming years and drive the market growth. Bluetooth-enabled electronic stethoscopes are utilized by healthcare professionals to ensure optimal performance while monitoring their patients. Digital stethoscopes have been found to aid medical professionals in the retention of medical information through their recording and replay capabilities. The latest version of iPhones can be utilized to record a patient's heart rate and lung sounds with the help of Steth IO's digital stethoscope, which is based on smartphones. The device's popularity among end-users can be attributed to its various innovative features.

The growing prevalence of chronic diseases such as cardiovascular diseases and respiratory disorders fuels the growth rate of the digital stethoscope market. The increasing prevalence of these devices on a global scale has led to a surge in the increasing need for precise and effective diagnostic instruments. Digital stethoscopes have been found to enhance the quality of sound, which can assist healthcare professionals in identifying minor anomalies in heart and lung sounds. This can be beneficial in the timely detection and treatment of chronic illnesses. According to data from the Centres for Disease Control and Prevention (CDC), there is a high incidence of heart attacks in the United States, with one occurring every 40 seconds. Annually, approximately 805,000 individuals in the U.S. experience a heart attack.

The increasing geriatric population promotes the digital stethoscope market growth. According to the 2021 census conducted by Statistics Canada, the population of individuals aged 65 years or older was approximately 7,021,430. The increasing prevalence of diseases among the aging population has increased the demand for stethoscopes in healthcare settings, as regular health check-ups have become imperative. The utilization of digital stethoscopes has been found to provide advantages in terms of patient comfort and safety. The use of traditional stethoscopes has been found to require direct contact with patients, which has raised concerns regarding the potential for cross-contamination and transmission of infections. The utilization of digital stethoscopes in healthcare enables practitioners to uphold a safe distance from patients while still being able to auscultate their sounds. This promotes the safety of both patients and healthcare professionals by reducing the risk of infection transmission.

MARKET RESTRAINTS:

Digital stethoscopes are generally more expensive than traditional acoustic stethoscopes. Cost can be a barrier to widespread adoption, particularly in areas with low healthcare budgets. A lack of understanding and familiarity among healthcare workers may hamper the use of digital stethoscopes. Proper training is required to reap the full benefits of digital stethoscopes, and the lack of comprehensive training programs and resources can be a barrier. The digital nature of modern stethoscopes, particularly those with wireless connectivity and data transfer capabilities, presents patient privacy and data security concerns. To preserve the confidentiality of patient information, healthcare institutions and professionals must address these concerns and establish strong security measures.

REPORT COVERAGE:

This research report on the global digital stethoscope market has been segmented and sub-segmented based on technology, end-user, and region.

Global Digital Stethoscope Market – By Technology

• Integrated Chest-Piece System
• Wireless Transmission System (Bluetooth)
• integrated Receiver Head-Piece System
• Numerical Simulation and System Integration

Based on technology, the wireless transmission system segment is anticipated to account for the major share of the global market during the forecast period. The ability of a wireless transmission system (Bluetooth) to wirelessly transmit heart and lung sounds to a compatible device, such as a smartphone or tablet is one of the major factors propelling the segmental growth. The convenience and accessibility offered by wireless transmission systems further fuel the growth rate of the wireless transmission system segment.

The integrated chest-piece system segment is expected to grow at the fastest CAGR during the forecast period. Ergonomic design and enhanced user experience that the integrated chest-piece system offers are propelling the adoption of these devices and driving segmental growth. Improved maneuverability, reduced risk of component loss, portability and convenience of integrated receiver head-piece systems further promote the growth of the integrated chest-piece system segment.

Global Digital Stethoscope Market – By End-User:

• Hospitals
• Clinics
• Healthcare Institutes & Organizations
• Home Care Settings
• Others

Based on end-user, the hospital segment led the market in 2022 and the domination of the segment is predicted to continue during the forecast period. Hospitals have stethoscope devices with the most up-to-date technological features in their infrastructure to meet the needs of their patients. The rapid adoption of digital stethoscopes in hospitals for improved patient care and diagnosis, enhanced accuracy and efficiency of digital stethoscopes in hospital settings and the integration of digital stethoscopes with electronic health record (EHR) systems for seamless data management and analysis drive the growth of the hospital segment in the global digital stethoscope market.

The clinic segment is the next big segment and is anticipated to account for a notable share of the global market during the forecast period. The growing demand for digital stethoscopes in clinics due to their portability and ease of use majorly propels the clinic segment in the global market. Efficient and quick examination of patients in clinical settings using digital stethoscopes and the integration with telemedicine and remote monitoring technologies boost the growth rate of the clinics segment in the worldwide market.

Global Digital Stethoscope Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America dominated the market and accounted for the highest share of the global market in 2022 and the domination of the North American region is likely to continue during the forecast period. Technological advancements and early adoption of digital healthcare solutions, strong healthcare infrastructure, high healthcare expenditure, the growing prevalence of chronic diseases and the need for accurate diagnosis primarily drive the North American digital stethoscope market. Favorable reimbursement policies for digital health devices, the presence of major market players and research and development activities in the North American region further boost the growth rate of the North American market. The U.S. held the leading share of the North American market in 2022, followed by Canada and the same pattern is likely to continue throughout the forecast period.

Europe is a promising regional market for digital stethoscopes and is expected to capture a notable share of the global market during the forecast period. The rising awareness and acceptance of digital healthcare technologies, the presence of well-established healthcare systems and favorable government initiatives propel the growth of the European market. The growing geriatric population, increasing burden of cardiovascular diseases, growing emphasis on remote patient monitoring and telehealth services and increasing number of collaborations between healthcare providers and technology companies for digital health solutions further fuel the growth rate of the European market.

The market in the Asia Pacific is expected to grow at the fastest CAGR during the forecast period. Factors such as the rapidly developing healthcare infrastructure, increasing healthcare investments, growing disposable income, rising middle-class population, the presence of a large patient pool and growing prevalence of chronic diseases drive the growth of the APAC market. Government initiatives to promote digital health and telemedicine and rising penetration of smartphones and internet connectivity in healthcare further boost the growth of the APAC market.

Latin America is expected to be a noteworthy regional market for digital stethoscopes in the coming years.

KEY MARKET PLAYERS:

Eko Devices, 3M Littmann, Thinklabs Medical, Medtronic, Welch Allyn, Cardionics, HD Medical, CliniCloud, DigiO2 International, American Diagnostic Corporation, eKuore, M3dicine, Steth IO, TytoCare, PCP Medical, Andon Health, Aidtronix, MobileODT, HD Steth and Nonin Medical are some of the notable companies in the global digital stethoscope market.

RECENT HAPPENINGS IN THE MARKET:

• In June 2023, Sparrow BioAcoustics gained FDA 510(k) clearance for its software that converts cell phones into medical stethoscopes. The downloadable 'Stethophone' application employs advanced audio processing to give professionals with smartphones that are capable of highly sensitive cardiac and pulmonary listening.
• In September 2022, as part of the BMC's new digital effort, civic hospitals will receive Bluetooth-enabled stethoscopes, robotic prosthetic hands, and rapid screening technologies for identifying pre-diabetic patients. The civic body also intends to bring in more innovative start-up companies to help the healthcare industry.
• In May 2022, 3M Littmann stated that its intelligent infrared stethoscope, the 3M Littmann CORE Digital Stethoscope, won an honourable mention in the health category of the 2022 Fast Company World Changing Ideas global awards programme.