Market Challenges And Opportunities

Digital Stethoscope Market Drivers:-

Increasing technological development in digital stethoscope such as electronic stethoscope with Bluetooth wireless capability is expected to be one of the major drivers aiding growth of the digital stethoscope market. Compared to manual stethoscopes, digital stethoscopes offer several advantages such as the ability to amplify sounds, as well as observe the received sounds on a visual display. Moreover, some digital stethoscopes can record and replay the captured video or audio, which further helps to retain patients’ medical data. Key players in the market are focused on launching new products to expand their product portfolio. For instance, in April 2018, Steth IO, a U.S.-based company, launched Steth IO, a smartphone-based digital stethoscope that can be used exclusively on iPhones (module 6 and above). The device can be used to listen and measure heart rates or lung sounds using an app on the phone and by placing it close to the patient’s chest. This device was approved by the U.S. Food and Drug Administration (FDA) in 2016 and does not require batteries as it draws power directly from the iPhone. This device can also help to maintain medical records of the patients, add flag clips, or notes within the recordings.

High prevalence of cardiovascular disorders, improved diagnosis due to advantages offered by digital stethoscope, and growing awareness among the populace regarding the adoption of digital stethoscope are some of the other factors that boost growth of the digital stethoscope market. For instance, according to a study conducted by the Centers for Disease Control and Prevention (CDC), in 2017, in the U.S., around 735,000 people were suffering from cardiovascular disorders.

However, high cost of the digital stethoscope as compared to conventional stethoscope is expected to hinder growth of the market.