New Delhi: The global digital stethoscope market is expected to reach a valuation of US$ 162.2 Mn in 2032, with sales growing at a steady CAGR of 5.7% over the forecast period from 2022 to 2032.
Valued at US$ 93.18 Mn in 2022, the market is fueled by the increasing medical usage and the broad application of the product.
A digital stethoscope transforms acoustic sound into an electrical signal while the heart beats per minute (HBM) are displayed on an LCD. These stethoscopes also provide signal amplification, sound signal storage, analysis, and graphic demonstration. An enhanced digital stethoscope can wirelessly stream heart sounds to a phone. Features like this are facilitating the growth of the digital stethoscope market. Integration of advancing technology has empowered digital stethoscopes with cutting-edge features such as audio recording, sound amplification, and the elimination of other aggravating sounds. These functions of a digital stethoscope promote the sales of the product in the global market.
Moreover, digital stethoscopes are installed with software that allows doctors to generalize the readings for monitoring the patient’s heart rate. Healthcare practitioners can also record an individual’s heart and lung sounds and store them in an electronic health record. The rapid adoption of digital stethoscopes, particularly among dental practitioners who are looking for higher flexibility in general functionality is propelling the market expansion of digital stethoscopes. Certain other factors that foster an environment of market growth are healthcare expenditures, a more active lifestyle, and an aging population.
Along with healthy future prospects, the digital stethoscope market is also faced with certain challenging factors. Incorporating new technology like a digital stethoscope may be expensive, complex, and time-consuming for a lot of medical practitioners. This may stunt the market growth of digital stethoscopes over the forecast period.
“Rising healthcare awareness along with promotional campaigns by manufacturers will likely lead to the market growth of digital stethoscopes over the forecast period,” says an FMI analyst.
The market has high growth potential due to sophisticated features and modern technology.
North America holds about 37.8% of the total market share.
Asia Pacific is predicted to experience the highest growth over the forecast period.
Europe accounts for 28.9% of the overall market share.
Wireless Transmission System stethoscopes will exhibit substantial growth during the assessment period.