Stethoscope Market is Projected to Register 5.8% CAGR till 2028

The global stethoscope market size was valued at USD 528.24 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028.

The global Stethoscope Market size is anticipated to reach USD 826.72 million by 2028, expanding at a CAGR of 5.8%, according to a new report by Grand View Research, Inc. Growing prevalence of cardiovascular and respiratory disorders, and increasing geriatric population are driving the market. Increase in incidence of numerous cardiovascular and pulmonary diseases in several countries is anticipated to impact market growth over the forecast period. Stethoscope is widely used for heart auscultation (listening to the heart sound) during diagnosis of cardiac illness. It is also used to primarily examine the condition of phlegm in the respiratory tract.

Moreover, growing elderly population has increased the demand for the medical device for the primary diagnosis of numerous chronic health ailments. According to the CDC, people aged above 65 years are at a higher risk of developing several chronic diseases. In addition, the world population aged 60 years and above is expected to increase from 900 million in 2015 to 2 billion in 2050 from. This is expected to boost the market.

Furthermore, several government initiatives, the introduction of new products, and incorporation of new technologies by market players, are likely to boost the market during the forecast period. For instance, 3M has launched ‘Single-Patient Stethoscope’ to overcome the issues related to disposable stethoscopes such as, inadequate audibility and discomfort faced by healthcare professionals. The device helps in minimizing the risk of cross-contamination while enhancing patient care.

Related Press Release@ Stethoscope Market Report

Stethoscope Market Report Highlights

• In terms of revenue, the teaching type segment dominated the market in 2019. The device is widely used for teaching/training purposes and is ideal for instructors and medical students
• The electronic type segment is expected to witness the highest CAGR of 5.5% from 2020 to 2027 owing to advanced features offered by the medical device such as, electronically amplified sound quality, audio recording, and reduced background noises for improved diagnosis
• North America dominated the market with the highest revenue share in 2019 owing to the presence of well-established healthcare facilities and increasing prevalence of numerous heart and lung associated diseases
• In Latin America, the market is expected to witness the highest CAGR of 5.3% from 2020 to 2027 due to increasing healthcare expenditure in most of the countries in the region.