Digital Stethoscopes Boom: Medical Pros Drive Market to $539.6 Million by 2034, AI Tech Redefines Diagnostics in China, India, UK
NEWARK, Del., Feb. 20, 2024 /PRNewswire/ -- According to Future Market Insights' recent publication, the digital stethoscope market is expected to grow at a 5.7% rate, driven by trends like telehealth and the preference for enhanced functionality by medical professionals. Uncover key stakeholder opportunities and unlock the market's full potential with our exclusive report.
The digital stethoscope market is expected to be valued at US$ 310.0 million in 2024. Projections indicate robust growth persisting from 2024 to 2034 at a commendable CAGR of 5.7%. By 2034, the market value is forecasted to hit US$ 539.6 million.
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Healthcare is rapidly transitioning into the digital sphere as hospitals and other diagnostic centers undergo modernization. As part of this digitization trend, digital stethoscopes are increasingly being integrated into medical care. The proliferation of telehealth and remote patient monitoring is further supporting the market growth.
Many doctors nowadays prefer digital stethoscopes for the enhanced functionality they offer compared to traditional stethoscopes. Digital stethoscopes allow doctors to detect sounds from hearts and lungs that might be missed with traditional methods. They also incorporate additional features such as monitoring blood pressure, respiratory rates, and more.
Both traditional and digital stethoscopes play their part in managing the increasing number of people with cardiovascular and respiratory problems. However, the adoption of digital stethoscopes is slowed down by the limited funds available to some hospitals, particularly public institutions and those in underdeveloped areas. Another concern for the digital stethoscope market is the lack of familiarity among medical professionals with the equipment.
"The advancement of technology presents a prime opportunity for increased demand in the market. Digital stethoscope innovation, with the help of AI, smartphone apps, and more, is giving a new facet to the demand in the market. Thus, technological innovation is recognized as the way forward for market players," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Digital Stethoscope Market
Amplifying stethoscopes are the prevailing type of digital stethoscopes in the market. This type of stethoscope is expected to account for 64.20% of the market share in 2024.
Hospitals are the predominant end-users in the market. For 2024, hospital end-use is anticipated to account for 21.02% of the market share.
India is one of the most promising countries for the digital stethoscope market. For the forecast period, the CAGR for India is estimated to be 13.7%.
China is another Asian country with a bright future for the market. The CAGR for China over the forecast period is predicted to be 12.1%.
The market is expected to register a CAGR of 5.8% in the United Kingdom over the forecast period.
Competition Analysis of the Digital Stethoscope Market
The market is home to a contingent of companies that have established dominance, though there is still room for small-level players and startups. Collaborations with companies in the healthcare sector are prevalent. Some of the prominent companies in the market include:
FarmaSino Pharmaceuticals
Contec Medical Systems
Hefny Pharma Group
Eko Health Inc.
3M
Think Labs Medical LLC
TeleSensi
American Diagnostics
EKuore
Hill-Rom
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Recent Developments in the Digital Stethoscope Market
In September 2023, the FIGS | Eko CORE 500 Digital Stethoscope was launched, a collaboration between FIGS, Inc. and Eko Health Inc.
In October 2022, the AiSteth digital stethoscope was introduced by Ai Health Highway India.
Key Segments Covered in Digital Stethoscope Industry Research
By Product Type:
Amplifying Stethoscope
Digitalization Stethoscope
By Technology:
Integrated Chest-Piece System
Wireless Transmission System (Bluetooth)
Integrated Receiver Head-Piece System
Numerical Simulation and System Integration
By End User:
Hospitals
Clinics
Healthcare Institutes & Organizations
Home Care Settings
Others
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)
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About the 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.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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