Artificially Intelligent Stethoscope Market Size, Share, Growth, and Industry Analysis by Type (Wireless Stethoscope, Stethoscope with Wire) By Application (Hospitals, Clinics, and Others) Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global artificially intelligent stethoscope market size was USD 176.6 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with artificially intelligent stethoscopes experiencing lower-than-anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 275.6 million in 2028, exhibiting a CAGR of 7.7% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The stethoscope is unquestionably one of the most important medical instruments that medical physicians utilize on a daily basis all around the world. The earliest stethoscope, invented two hundred years ago by French physician René Laennec, consisted of a simple wood pipe that allowed him to listen to heart sounds without having to proudly place his ear on a woman's chest.

Because of the increased frequency of chronic diseases and the need to deliver better healthcare services, the artificially intelligent stethoscope market is expected to rise in the coming years. Furthermore, throughout the forecast period, technical advancements due to the adoption of digitalization are likely to provide substantial potential prospects in the market.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

Artificially intelligent stethoscopes are gaining in popularity and novelty due to the COVID-19 outbreak. During the COVID-19 epidemic, some healthcare businesses are using telehealth and telemedicine systems, and wearable technologies, to enable remote patient monitoring. For example, think laboratories One, an electronic stethoscope, was just released to keep healthcare workers safe during the epidemic. Telehealth services can help isolated COVID-19 patients in rural locations with limited medical treatment, especially during a pandemic. Therefore, COVID-19 will have a favorable impact on the artificially intelligent stethoscope industry.

LATEST TRENDS

"Increasing Prevalence of Respiratory Diseases to Boost Market Growth"

The global artificially intelligent stethoscope market is expected to grow due to factors such as rising cardiovascular and respiratory disease prevalence, rising infant mortality rate due to pulmonary diseases such as chronic obstructive pulmonary disease and pneumonia, increasing adoption of smart stethoscopes due to advantages such as higher cost-efficiency and user-friendliness, and rapidly advancing healthcare infrastructure in developing countries. According to research published by the World Health Organization, heart disease is one of the leading causes of death globally, with almost 17.9 million people dying from it each year.

Segmentation

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• By Type Analysis

By type, the market is segmented into Wireless Stethoscope, Stethoscope with Wire.

• By Application Analysis

Based on application, the market is divided into Hospitals, Clinics, and Others.

DRIVING FACTORS

"Increasing Adoption of Smart Stethoscopes to Boost Industry Progress"

The artificially intelligent stethoscope is a user-friendly and cost-effective piece of technology that helps doctors get accurate results. These stethoscopes aid in the identification of respiratory illnesses and disorders by measuring heart rate. To date, the classic stethoscope has played an important role in cardiology departments. The medical equipment, however, has several drawbacks, including low sound quality, which is especially obvious in obese people and those with a thick chest wall. Therefore, there is a growing need for improved stethoscopes to replace traditional medical stethoscopes, resulting in market growth.

"Technological Advancements to Foster Progress of the Market"

Artificially intelligent stethoscopes are enhanced, computerized versions of classic stethoscopes with smart features like active acoustics, which helps with noise cancellation and sound capturing. LED screens, battery cases, and battery status indications are also important elements of artificially intelligent stethoscopes. These devices are powered by digital sensing technology, which aids in accurate disease diagnosis and can also track heart rate and blood pressure efficiently.

RESTRAINING FACTORS

"High Pricing and Innovations to Impede Market Growth"

It is useful in healthcare environments where superior acoustic performance is required. Electronic stethoscopes, for example, magnify auscultation sounds, provide noise cancellation, and even have Bluetooth compatibility. Users can also record and replay audio/video taken with stethoscopes that have specialized mobile apps.

REGIONAL INSIGHTS

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"Increasing Investments in Healthcare to Facilitate Market Growth in North America"

North America is expected to dominate the artificially intelligent stethoscope market share. The fast adoption of technologically improved medical kit and improved investments in the healthcare sector is likely to drive up demand for stethoscopes in the U.S. The market will rise due to rising per capita healthcare spending and the use of digital medical devices in the U.S. Key players are offering fresh products to capitalize on increased demand for digital electronic stethoscopes.

Asia Pacific is expected to have a sizable market share. The existence of a big patient base is likely to provide the industry in the region with significant growth potential. Furthermore, due to their low-cost structure, prominent market players' significant R&D investments are also high effect rendering industry drivers in the region. Market expansion in this area is predicted to be driven by rising awareness of chronic disease treatment and advances in the clinical development framework of developing economies.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, new products, technological developments, acquisitions, mergers, and partnerships. Other aspects examined for the global peripheral guidewire market include which companies are producing the maximum revenue, bringing inventions in products, costing and pricing of their products.

INDUSTRY DEVELOPMENT

Eko said in May 2021 that its smart stethoscope with artificial intelligence (AI) algorithm for identifying heart murmurs has been approved as accurate and dependable, with performance comparable to that of a cardiologist.

List of Market Players Profiled

• 3M Littmann (India)
• Thinklabs (India)
• Hill-Rom (U.S.)
• CliniCloud (U.S.)
• American Diagnostics (U.S.)
• Dongjin Medical (U.S.)
• Cardionics (Belgium)
• Eko Devices (U.S.)
• EKuore (Spain)
• HD Medical (U.S.)
• SMART SOUND (South Korea)
• Childcare (U.S.)

REPORT COVERAGE

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