Stethoscope Market Size, Share & Trends Analysis Report By Technology (Electronic/Digital, Smart, Traditional Acoustic), By Sales Channel (Distributors, E-commerce, Direct Purchase), By End-use, And Segment Forecasts, 2022 - 2030
New York, July 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Stethoscope Market Size, Share & Trends Analysis Report By Technology, By Sales Channel, By End-use And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06126797/?utm_source=GNW
Stethoscope Market Growth & Trends
The global stethoscope market size is anticipated to reach USD 949.88 million by 2030. Furthermore, the report forecasts the industry to expand at a CAGR of 5.9% from 2022 to 2030. The increasing incidences of cardiovascular & pulmonary diseases, along with the growing application of digital stethoscopes in the diagnosis of such chronic conditions, are expected to boost the adoption of these devices significantly during the forecast period.
In addition, the outbreak of the COVID-19 pandemic in the year 2020 significantly boosted the use of stethoscopes globally.Since COVID-19 is extremely infectious and a respiratory ailment, initial diagnosis by listening to the lungs and heart is of the utmost importance in any clinical setting.
Thus, the market is expected to witness substantial and continuous growth even after the end of the pandemic.
The launch of several government initiatives, the introduction of new products, and the incorporation of new technologies by market players are expected to propel the market during the projection period.For instance, 3M has launched the ‘Single-Patient Stethoscope’ to overcome the issues faced while using disposable stethoscopes, such as inadequate audibility & discomfort for healthcare professionals.
Also, the launch of digital/smart stethoscope that uses Artificial Intelligence (AI) to record and send recordings to physicians virtually allows them to maintain social distancing and reduce exposure to COVID-19.
Stethoscope Market Report Highlights
• Based on technology, the traditional acoustic stethoscope segment dominated the overall market with a share of 74.42% in 2021, since it is comparatively inexpensive, simple to use, and widely available for use for paramedics & nurses
• Based on the sales channel, the distributors’ segment dominated the market with a share of 54.47% in 2021. This is because hospitals & clinics usually have long-term contracts and tie-ups with distributors & manufacturers, which helps save on consignment and other delivery costs
• Hospitals dominated the end-use segment with the largest share of 40.58% in 2021, and the segment is further expected to advance at the highest CAGR during the forecast period
• North America dominated the regional market with the highest revenue share of 33.05% in 2021, owing to the presence of well-established healthcare facilities and the increasing prevalence of heart- and lung-associated diseases
Read the full report: https://www.reportlinker.com/p06126797/?utm_source=GNW
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