The technological advancements that electronic and digital stethoscopes have made in the recent decade have helped them in attaining an edge over traditional stethoscopes. The main development in stethoscopes market include superior digital sound transmission competencies of digital stethoscopes and their growing use in telemedicine. In spite of the introduction of advanced technologies such as portable and handheld ultrasound systems, stethoscopes are still the preferred choice of healthcare professionals for preliminary physical examination. Global stethoscope market is expected to grow at a high rate during the forecast period as a result of growing demand for electronic stethoscope and fetal heart rate detectors. Digital stethoscopes have innovative features such as recording sound and amplifying the recorded sound up to 24 times the original sound, and removing other disruptive sounds for improved prognosis. Moreover, the digital stethoscopes are also furnished with software that allows doctors to extrapolate the readings to chart for monitoring the heart rate of patient. Enhanced acoustics, better performance, and innovative designs are the major focus of most stethoscope industry manufacturers. Fetal dopplers and heart rate detectors are other significant sector driving the growth of this industry.
On the basis of product type the global stethoscope market can be segmented into manual & mechanical stethoscopes, fetal stethoscopes, esophageal stethoscopes, electronic stethoscopes, optical stethoscopes,doppler stethoscopes, teaching stethoscopes, 3d-printed stethoscope, and acoustic stethoscope. Manual & mechanical stethoscopes remain the major segment and expected to remain dominant segment due to ease of use. Electronic stethoscopes, due to their advanced features, offer strongest growth potential in stethoscope industry. Increasing global per capita income and increasing living standards of population in both developed and developing has increased the public affordability and boosted the overall healthcare industry. This in turn has raised the demand for technologically advanced products and is anticipated to drive the medical devices market as a whole including the stethoscope market. The global rise in the geriatric population which is more susceptible to various chronic ailments is also expected to fuel the growth of stethoscope industry. Based on end-user, the global stethoscope market can be segmented into hospitals, physician offices, clinics, ambulatory surgical centers, nursing facilities, research and academic institutes, and others.
Geographically, the global stethoscope market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Growing population and rapid urbanization in emerging economies of Asia Pacific are expected to drive the stethoscope market in the region during the forecast period. Asia Pacific is projected to have the fastest growth, owing to a rapidly developing medical infrastructure, increasing spending on healthcare and growing medical tourism in developing nations such as China and India in this region. Developing countries in the region are likely to witness rising demand for stethoscope in the next few years.
Key players operating in the global stethoscope market are 3M Corporation, A&D Medical, American Diagnostic Corporation, Cardionics, Inc., GF Health Products, Inc., Medline Industries, Inc., Rudolf Riester GmbH & Co. KG, Omron Corporation, McCoy Medical, and Welch Allyn, Inc.
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
- 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.