September 12, 2022 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Sept. 12, 2022 (GLOBE NEWSWIRE) -- 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.
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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.
FarmaSino Pharmaceuticals, Eko, Qinhuangdao Contec Medical Systems Co., Ltd., EXANOVO GROUP, Qufu Longercare Meditech Limited, and others, are some of the major players in the digital stethoscope market that are profiled in the full version of the report.
Major market players are employing tactics like partnerships and collaborations to remain a step ahead of the competition. These businesses are partnering to develop an enhanced version of the product with superior acoustics, higher efficiency, and novel technology. Advertisements and promotional strategies are also deployed by these enterprises.
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More Insights into the Digital Stethoscope Market Report
In its latest report, FMI offers an unbiased analysis of the global digital stethoscope market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of technology (integrated chest-piece system, wireless transmission system, integrated receiver head-piece system, numerical simulation and system integration), end user (hospitals, clinics, healthcare institutes and organizations, home care settings, others), and region.
According to the latest FMI reports, based on region, the digital stethoscope market in North America is anticipated to present considerable growth over the forecast period. The regional market currently accounts for 37.8% of the global digital stethoscope market share. This growth can be attributed to the presence of a large base of manufacturers, more awareness about the product, and easier adoption of new technology.
The digital stethoscope market in Europe accounts for about 28.9% of the global market share. The region is predicted to present notable growth over the assessment period. The growing geriatric population and an effective healthcare infrastructure propel the regional market growth over the projected period.
Based on segmentation, the Wireless Transmission System stethoscopes is expected to grow at a substantial rate during the assessment period. This is due to the various benefits associated with the stethoscope such as the amplification of sounds and viewing of the received sound on a visual display.
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