The first stethoscope was introduced in the market in 1818 by a French physician René Laennec. Since then, there have been huge advancements in the field of cardiac imaging and radiology. Cardiovascular diseases are still the major cause of death in the world, and early diagnosis is quintessential to save lives. A vast number of noninvasive investigational modalities exist for early diagnosis of cardiac disorders, such as cardiac computed tomographic (CT) scan, electrocardiography, echocardiography, and cardiac magnetic resonance imaging, which have diminished the use of conventional stethoscope in modern times.

 However, the major limitations with these advancements are the need of trained personnel for investigation and interpretation of results. The other significant limitations are their cost and availability only in advanced centers. Compared to this, stethoscope is relatively cost effective, easy to use, and easily available that can be used by paramedics and nurses. In developing country like India, where penetration of advanced medical imaging in rural areas is low, stethoscope plays important role in diagnosis of cardiac and pulmonary disorders. Smart or digital stethoscopes offer a new perspective over the conventional stethoscope and hence it would be a useful tool in armamentarium of healthcare professionals.

Smart Stethoscopes Market – Competitive Landscape

The global smart stethoscopes market comprises large and mid-size vendors. Key players in smart stethoscopes market include Thinklabs Medical LLC, 3M, HD Medical Group, Welch Allyn, Clinicloud Inc, American Diagnostic Corporation, eKuore and Cardionics. These companies are making efforts to expand their presence in developing and underdeveloped countries through collaboration with various suppliers.

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Welch Allyn, Inc.

Founded in 1915, Welch Allyn, Inc. is a U.S.-based global medical device company, engaged in the manufacture of medical diagnostic equipment. The company markets its products in over 50 countries globally through an established sales and distribution network. It offers products in areas of vital signs monitoring, patient monitoring, diagnostic cardiopulmonary, blood pressure measurement, physical assessment, thermometry, cardiopulmonary, population health management technologies, and software and services. Headquartered in New York, the U.S., Welch Allyn, Inc. principally operates in North America, Asia Pacific, Europe, the Middle East, and Latin America. 

3M

3M is a leading global player in the field of technology innovation. It manufactures and markets diverse products and services worldwide. It primarily operates through five business segments: healthcare, industrial, safety and graphics, electronics and energy, and consumer. The company’s healthcare segment caters to various markets including medical clinics and hospitals, pharmaceuticals, dental and orthodontic practitioners, health information systems, and food manufacturing and testing. 3M has corporate operations in 70 nations and customers spread across 200 countries worldwide.

New Perspective over Conventional Stethoscope is likely to drive the Smart Stethoscopes Market

The smart stethoscope is a user friendly and cost efficient equipment that help physicians to arrive at accurate results. Smart stethoscopes are now emerging as a new homecare medical device and an effective assistant for doctors. These stethoscopes aid in diagnosis of respiratory diseases and disorders based on heart rate. The conventional stethoscope since have been playing a very important role in the department of cardiology until now. However, nowadays there is huge demand to replace the conventional stethoscopes with advanced versions. There are some drawbacks associated with conventional stethoscopes such as low sound quality, especially in obese patients and patients with thick chest wall. There is complete abolition of sound transmission in case of cardiac murmurs. The electronic stethoscope contains a large chest piece with a battery case below it which contains the LED display showing volume control, battery status, heart rate and a control mode to choose between bell, diaphragm, and extended mode.

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High Adoption of Technologically Advanced Products and Expanding Healthcare Infrastructure is likely to drive the Smart Stethoscopes Market

Globally, North America is expected to account for the highest share of the smart stethoscopes market in terms of revenue followed by Europe. These two regions are expected to retain their leadership positions throughout the forecast period. The superiority of these two regions is majorly due to well-developed healthcare infrastructure, presence of major players operating in medical devices, high adoption of technologically advanced products and high disposable income. Moreover, high incidence and prevalence of cardiac and pulmonary disorders has further fuelled the smart stethoscopes market in the region. According to the Centers for Disease Control and Prevention (CDC), one in every four deaths in North America is caused due to heart disease. China and India are the major markets in Asia Pacific that offer large opportunities for the smart stethoscopes market.  The smart stethoscopes market in Asia Pacific is projected to expand at the highest CAGR compared to other regions. Cardiovascular disease is among the top five causes of death in Asia and is characterized by large unmet needs that provide ample growth opportunities for the players in the region. Expanding health care infrastructure, rising disposable income, large obese and geriatric populations are some of the factors that are expected to play a key role in making Asia Pacific the most attractive market for manufacturers operating in the region. 

Smart Stethoscopes Market - Segmentation

On the basis of product type, the smart stethoscopes market is segmented into:

  • Wireless stethoscopes
  • Stethoscopes with wire.

Based on end-user, the market is classified into:

  • Hospitals
  • Ambulatory surgical centers
  • Private clinics
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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