According to a study published by the WHO, heart disease is one of the major causes of death in the world, with nearly 17.9 million of the population dying of the disease each year.
Emergen Research has published its latest report titled “Smart Stethoscope Market, By Product Type (Wireless Stethoscopes, Wired Stethoscopes), By Application (Cardiovascular, Neonatal, Pediatric, Fetal, Teaching, Others), By End-use (Hospitals, Ambulatory Surgical Centers, Private Clinics, Others), and By Region Forecast to 2028”
Market Dynamics:
Revenue growth of the global smart stethoscope market is majorly attributed to factors such as rising prevalence of cardiovascular and respiratory diseases across the globe, increasing infant mortality rate due to pulmonary diseases including chronic obstructive pulmonary disease (COPD) and pneumonia, increasing adoption of smart stethoscopes due to advantages such as higher cost-efficiency and user-friendliness, and rapidly advancing healthcare infrastructure in developing countries around the world. According to a study published by the WHO, heart disease is one of the major causes of death in the world, with nearly 17.9 million of the population dying of the disease each year.
Smart stethoscopes are the advanced, digitized versions of traditional stethoscopes and are equipped with smart features such as active acoustics, which enables noise cancellation and improves sound capture. Other key features of smart stethoscopes include LED displays, battery case, and battery status indicators. These devices are powered by digital sensing technology that aids in accurate disease diagnosis, and moreover, the devices can efficiently track the heart rate and blood pressure.
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Hence, other major factors driving revenue growth of the global smart stethoscope market are rapid integration of emerging technologies such as artificial intelligence into stethoscopes, rising trend of telehealth and telemedicine, growing use of smart stethoscopes in home health care settings, and increasing R&D activities to develop advanced point-of-care diagnostics.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Cardiovascular Segment Accounted for Largest Revenue Share in 2020:
Based on application, the cardiovascular segment dominated other segments in terms of largest revenue share in the global smart stethoscope market in 2020. Increasing prevalence of cardiovascular disorders worldwide, increasing patient visits to hospitals and clinics, and rising demand for smart stethoscopes among cardiologists are key factors driving revenue growth of this segment. High-quality acoustics of these stethoscopes helps physicians better assess and monitor the heartbeat and valve movement of patients.
Hospitals Segment to Account for Fastest Revenue CAGR:
Based on end-use, the hospitals segment is expected to register the fastest revenue growth rate in the global smart stethoscope market over the forecast period. Rising burden of chronic cardiovascular and respiratory diseases, growing geriatric population worldwide, increasing use of smart stethoscopes by healthcare professionals, and rapid adoption of technologically upgraded diagnostic solutions in healthcare facilities are major factors boosting this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America smart stethoscope market accounted for the largest revenue share in the global market in 2020. Rise in geriatric population, growing prevalence of chronic cardiovascular and respiratory disorders, rising adoption of telehealth and telemedicine, and increasing use in home health care settings are among the major drivers for the North America market revenue growth. Presence of advanced healthcare infrastructure in the region is another key factor driving the regional market growth.
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Major Companies in the Global Smart Stethoscope Market Include:
- MedEx
- PharmASSIST
- WinRx
- CoverMyMeds
- McKesson Connect
- SystemOne
- FormWeb
- ARxIUM
- SpineTrader
- ScriptPro
For the purpose of this report, Emergen Research has segmented the global smart stethoscope market based on product type, application, end-use, and region:
By Product Type (Revenue, USD Billion; 2018–2028)
- Wireless Stethoscopes
- Wired Stethoscopes
By Application (Revenue, USD Billion; 2018–2028)
- Cardiovascular
- Neonatal
- Pediatric
- Fetal
- Teaching
- Others
By End-use (Revenue, USD Billion; 2018–2028)
- Hospitals
- Ambulatory Surgical Centers
- Private Clinics
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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