May 25, 2020
According to the research report titled ‘Stethoscope Market Size By Product, By Design, By Usability, By Tube Type, By Material, By End-use, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global stethoscope market is anticipated to record momentous growth during 2020-2026.
Increased pervasiveness of pulmonary and cardiovascular diseases along with escalating healthcare expenditure are major factors driving the stethoscope market growth. The market is expected to further expand owing to growing demand for stethoscopes and other medical equipment.
As per product type, acoustic stethoscope market segment is expected to record a 4.3% growth rate between 2020 and 2026. This product type is the most common type of diagnostic device used in medical applications, since it is not only available at lower cost, but also offers simple mechanical design.
In terms of design, the triple head segment reached USD 53 million in the year 2019 and is predicted to showcase continuous growth in the subsequent years. This type of stethoscope is specifically developed to hear and analyze critical heart sounds accurately.
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By usability, reusable stethoscope market segment is presumed to record a y-o-y growth rate of 4.9% through 2026.
Speaking of tube type, the single tube segment is expected to grow with a CAGR of 4.8% during the period of 2020-2026. This type of stethoscope comprises of one tube that connects to the chest piece and then splits into two. The product is available at relatively lower cost as compared to double tube stethoscopes.
Based on material, the aluminum stethoscope market segment was worth USD 88 million in the year 2019 and is projected to register similar growth in the ensuing years. Aluminum is not only highly durable, but also offers exceptional acoustic performance. This type of stethoscope offers better overall sound quality which further enables medical professionals to hear and analyze complicated sounds.
Global stethoscope market share from physician office end-user segment is reckoned to witness a 5.4% growth rate during 2020-2026. The growth is attributed to increasing healthcare expenditure and rising number of physicians across the globe.
Regionally, the stethoscope market in Latin America and Middle East & Africa is expected to register 6% and 6.5% growth rate respectively during the period of 2020-2026. High occurrence of cardiovascular diseases is favoring the market scenario in MEA.
Welch Allyn, Ultrascope, Smiths Medical, Sklar Instruments, Rudolf Riester GmbH, Omron, Medline Industries Inc., MDF Instruments, McCoy, Invacare Supply Group, HEINE Optotechnik GmbH & Co. KG, GF Health Products Inc., Eko Devices Inc., Cardionics, American Diagnostic Co. and 3M are the major companies in global stethoscope market.