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Smart Stethoscope Market Size, Share, and Analysis, By Type (Wireless/ Portable Stethoscope, Wired Electronic Stethoscope), By Connectivity (Wi-Fi, Bluetooth), By Application (Single-Use Stethoscope, Dual-Use Stethoscope), By End User (Home Settings, Hospital and Specialty Clinics, Research Organizations) and Regional Forecasts, 2022-2032
Smart Stethoscope Market size was USD 46.92 billion in 2021 and projected to grow from USD 53.6 billion in 2023 to USD 98.9 billion by 2032, exhibiting a CAGR of 7.0% during the forecast period.
Smart Stethoscopes are the electric stethoscopes that have five minimum-frequency microphones inside a programmable head. This makes it easy to detect and capture lung sounds, even though it is not placed on the body perfectly. The algorithm available on the microprocessor of the stethoscope will discrete the noise in the background from the lung sounds the medic hears. A sixth microphone pointed outward will capture noise from the environment.
Smart Stethoscope Market is expected to reach USD 98.9 billion, growing at a CAGR of 7.0% during the forecast period owing to the increasing cases of respiratory and cardiovascular diseases, technological improvements, and the growing application of smart or intelligent stethoscopes in the diagnosing different chronic conditions. These factors are expected to boost the growth of Smart Stethoscope Market in the forecast period.
Wired Electronic Stethoscope segment is expected to dominate in the forecast period
Smart Stethoscope Market is classified based on the Type into Wireless/ Portable Stethoscope and Wired Electronic Stethoscope. The Wired Electronic Stethoscope will hold maximum share in comparison with the portable or wireless stethoscope. The wireless or portable stethoscope, which has become a top requirement among the general people for self-health and self-consultation analysis, will, however, be the fastest-growing segment.
Single-Use Stethoscope segment is expected to dominate in the forecast period
Smart Stethoscope Market is classified based on the Application into Single-Use Stethoscope and Dual-Use Stethoscope. The single-use stethoscope registered maximum market share. It only offers reliable health information on the lungs, the heart, heart murmurs, general chest area, and illnesses. The dual-use stethoscope, however, is the device with the utmost growth rate since it not only records the sound of the thoracic area but also the patient's blood pressure, ECG, EKG, and temperature.
Market Dynamics
Increasing Number of Diseases and Growing Application of Smart Stethoscopes for Diagnosis is Expected to Boost the Market Growth
The main reason fuelling the growth of the Smart Stethoscope Market is the sharp increase in the prevalence of respiratory and cardiovascular disorders. The market is also driven by the growing usage of smart stethoscopes in the diagnosis of chronic illnesses and the strong demand for these instruments among end users like private clinics and hospitals. Also, a favorable reimbursement system and encouraging government campaigns to raise awareness of sophisticated stethoscopes are anticipated to fuel the Smart Stethoscope Market.
Growing Interest to Develop Advanced Smart Stethoscopes is Expected to Boost the Market Growth
The market is expanding on the back of manufacturers' increasing desire to develop technically superior smart stethoscopes. Modern smart stethoscopes have artificial intelligence technology built in, which helps in providing a better sound of the lungs during lung diseases like pneumonia, which have a significant impact on quality of life. Another element driving the Smart Stethoscope Market is the stethoscopes' ability to improve sound resolution, provide data for viewing and storage, and reduce noise interference.
Lack of Awareness and Funding by Hospital for the Required Tools May Restrain the Market Growth
The Smart Stethoscopes Market is constrained by the general public's lack of awareness and hospital management's lack of financing for the acquisition of auxiliary instruments required by medical workers. However, the growth of the Smart Stethoscope Market would be hampered by safety concerns due to complicated high-level interface.
Smart Stethoscope Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America led the Smart Stethoscope Market in previous years and is anticipated to expand significantly over the coming years. The primary drivers of market growth are the rise in chronic diseases including respiratory and cardiovascular disorders brought on by an unhealthy lifestyle and the presence of a well-developed healthcare infrastructure. Asia Pacific is also projected to display a lucrative CAGR over the forecast period owing to a sizable patient base is predicted to offer significant growth potential to the industry in the area.
The popularity and novelty of smart stethoscopes significantly increased during the COVID-19 epidemic. During the COVID-19 epidemic, a number of healthcare organizations employed wearable technology, telemedicine systems, and telehealth to provide remote patient monitoring. In remote places where access to healthcare was not possible, isolated COVID-19 patients were helped by telemedicine services, particularly during the pandemic. COVID-19 thus had a favorable effect on the Smart Stethoscope Market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 7.0% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Type |
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Connectivity |
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Application |
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End User |
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By Region |
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Smart Stethoscope Market size was estimated at USD 46.92 billion in 2021 and is expected to reach USD 98.9 billion in 2032.
Smart Stethoscopes are the electric stethoscopes that have five minimum-frequency microphones inside a programmable head. This makes it easy to detect and capture lung sounds, even though it is not placed on the body perfectly.
Wired Electronic Stethoscope and Single-Use Stethoscope segments accounted for the largest Smart Stethoscope Market share.
Key players: Eko Devices Inc., StethoMe, HD Medical Inc., AISTETH, Sonavi Labs, and Other Prominent Players are the key players in the Smart Stethoscope Market.
Growing number of respiratory and cardiovascular diseases and technological advancements in stethoscopes are the factors driving the Smart Stethoscope Market.
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