Report Overview
The Global Patient Examination Devices Market reached US$ 704.5 million in 2023 and is expected to reach US$ 1466.8 million by 2031 growing with a CAGR of 9.6% during the forecast period 2024-2031.
The patient examination devices market encompasses the range of tools and instruments used by healthcare professionals to perform physical assessments of patients. These devices are crucial for accurately diagnosing and managing medical conditions, tracking patient progress, and facilitating informed healthcare decisions.
The market includes various diagnostic tools such as stethoscopes, thermometers, and other devices. Stethoscopes are mainly utilized for auscultation, a process that entails listening to the internal sounds of a patient's body. This encompasses sounds such as heartbeats, lung sounds, and bowel sounds. The device amplifies these sounds, enabling healthcare professionals to identify any abnormalities that could suggest underlying medical conditions.
Thermometers are used to measure body temperature, which is a crucial vital sign for evaluating a patient's health. A higher or lower body temperature can signal the presence of infection, illness, or other medical issues.
Market Dynamics: Drivers
Rising incidence of chronic disease and technological advancements
Multiple factors drive the demand for the global patient examination devices market. The increasing prevalence of chronic conditions, including cardiovascular diseases, diabetes, and respiratory disorders, necessitates ongoing monitoring and evaluation, which in turn drives the growth of the market for patient examination devices. According to the World Health Organization (WHO) data in August 2024, chronic diseases are among the leading causes of mortality worldwide, highlighting the critical need for effective monitoring solutions.
Advancements in medical technology, such as the introduction of digital and electronic stethoscopes, sophisticated thermometers, and various diagnostic instruments, significantly enhance healthcare providers' capabilities. These innovations lead to improved diagnostic precision and better patient outcomes, fostering greater adoption among medical professionals.
Moreover, key players in the industry's innovative launches & developments and product approvals would drive this market growth. For instance, in November 2023, a Kerala-based startup, Versicles Technologies, launched a pioneering digital health kiosk named Prognosis. This innovative kiosk aims to enhance healthcare accessibility by providing instant and accurate basic diagnostics, including blood pressure, blood sugar, heart conditions, temperature, and weight, at very low prices.
Similarly, in June 2023, Eko Health launched its next-generation digital stethoscope, the CORE 500, which has recently received 510(k) clearance from the U.S. Food and Drug Administration. This advanced device is designed to enhance diagnostic accuracy and facilitate early disease detection, serving as an essential tool for healthcare professionals (HCPs) during patient assessments.
Also, in February 2023, Eko, a digital health introduced the SENSORA Cardiac Disease Detection Platform. SENSORA combines cutting-edge machine learning advancements with the traditional stethoscope, allowing for the capture and analysis of heart sounds and electrical signals. The platform aims to simplify and enhance cardiovascular disease detection in primary and urgent care settings.
Restraints
Factors such as the high cost of devices, limited reimbursem*nt, lack of medical training & skilled professionals, and data security & privacy concerns, are expected to hamper the market.
Market Segment Analysis
The global patient examination devices market is segmented based on product type, end-user, and region.
The stethoscopes segment accounted for approximately 68.4% of the global patient examination devices market share
The stethoscope segment is expected to hold the largest market share over the forecast period. Stethoscopes are crucial diagnostic instruments utilized by healthcare providers to evaluate the sounds of patients' hearts, lungs, and other bodily functions, rendering them essential in clinical environments.
As healthcare professionals become more aware of the critical role that precise diagnostics play in the management of chronic diseases, the demand for both conventional and advanced stethoscopes is expected to grow. Furthermore, the continuous incorporation of technology into healthcare will likely drive further advancements in stethoscope design and functionality, maintaining their significance in contemporary medical practice.
Moreover, key players in the industry have technological advancements such as the implementation of AI in stethoscopes and key developments that would propel this segment's growth in this market. For instance, in February 2024, Sparrow BioAcoustics launched its groundbreaking Stethophone software that transforms smartphones into medical-grade digital stethoscopes. This innovative application empowers users to capture, analyze, and share critical heart health data with healthcare providers from anywhere.
Similarly, in February 2024, the NCH Healthcare System announced that it would be the first hospital in the U.S. to implement an artificial intelligence-based stethoscope. The device, known as the Sensora EKO, is expected to significantly enhance the ability to identify pre-existing heart conditions in patients aged 50 and older, potentially doubling diagnostic effectiveness.
In addition, major players more focus on technological advancements driving this segment's growth. For instance, in January 2024, Withings introduced BeamO, a revolutionary 4-in-1 health assessment device designed for at-home health monitoring. This compact device combines several key health monitoring functions traditionally performed in clinical settings, making it easier for individuals and families to track vital health metrics from the comfort of their homes.
BeamO combines four vital health monitoring functions into a single device including an electrocardiogram (ECG), pulse oximeter, digital stethoscope, and thermometer. This innovative device allows users to conduct comprehensive health assessments conveniently at home.
Also, in April 2023, TytoCare developed a compact, portable handheld device designed to facilitate comprehensive medical examinations at home. This device includes a complete exam kit with several attachments, allowing users to perform various assessments like a digital stethoscope, thermometer, and tongue depressor.
Market Geographical Share
North America accounted for approximately 43.7% of the global patient examination devices market share
North America region is expected to hold the largest market share over the forecast period owing to the growing elderly population in North America is a significant factor fueling the patient examination devices market. Older individuals often necessitate more frequent medical evaluations and monitoring due to their higher susceptibility to chronic conditions, resulting in heightened demand for diagnostic instruments.
North America has one of the highest global healthcare spending, which bolsters the expansion of the patient examination devices market. This increased financial support enables healthcare facilities to invest in cutting-edge diagnostic tools and technologies.
Moreover, in this region major number of key players' presence, well-advanced healthcare infrastructure, and a rising number of research studies drive this market growth. For instance, in January 2024, research from the Mayo Clinic indicated that artificial intelligence (AI) could significantly enhance the diagnosis of peripartum cardiomyopathy (PPCM), a serious and treatable condition that weakens the heart muscle in women during pregnancy or shortly after childbirth.
The study utilized an AI-enabled digital stethoscope capable of capturing both electrocardiogram (ECG) data and heart sounds. This innovative approach allowed researchers to identify twice as many cases of PPCM compared to standard diagnostic methods, as reported in a news release by the American Heart Association.
In addition, key players product launches and approvals that would drive this market growth. For instance, in March 2024, ChestPal, a UK-based medical technology company, launched its innovative digital stethoscope, ChestPal Pro, in the U.S. market. This device represents a significant advancement in diagnostic tools, particularly for healthcare practitioners dealing with respiratory conditions.
Also, in April 2023, Masimo announced that its Rad-G with temperature device received FDA 510(k) clearance. This handheld monitor is designed to be rugged and versatile, offering clinically validated SET pulse oximetry, respiration rate measurement from the pleth (RRp), and other essential parameters, all while incorporating non-contact infrared thermometry.
With a long-lasting rechargeable battery, durable rubber casing, and lightweight design, the Rad-G with Temperature allows healthcare teams to quickly and efficiently measure vital signs using a single, compact device. This capability enables informed decision-making in various settings where patient assessments are necessary.
Market Segmentation
By Product Type
- Stethoscopes
- Single Head Stethoscope
- Dual-Head Stethoscope
- Electronic Stethoscope
- Thermometers
- Digital Thermometer
- Electronic Thermometer
- Glass & Mercury Thermometer
- Others
By End-User
- Hospitals
- Specialty Clinics
- Ambulatory Surgery Centers
- Homecare Settings
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Rest of Europe
- South America
- Brazil
- Argentina
- The rest of South America
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
Market Competitive Landscape
The major global players in the patient examination devices market include 3M, Eko Health, Inc., GPC Medical Ltd., IndoSurgicals Private Limited., Baxter, Exergen Corporation, Medline Industries, LP., Cardinal Health., Medtronic, and Microlife Corporation among others.
Key Developments
- In April 2024, Eko Health received FDA clearance for its Low EF detection AI. This groundbreaking technology enables U.S. healthcare providers to detect low ejection fraction (Low EF) a critical indicator of heart failure in just 15 seconds during routine physical examinations using an Eko stethoscope.
- In January 2024, ChestPal Ltd. launched its digital stethoscope, the ChestPal Pro, in the U.S. market, claiming it to be the first device of its kind capable of automatically detecting and classifying lung crackles and wheezes. This innovative stethoscope can convert lung sounds into visual spectrograms, allowing for enhanced analysis. Additionally, it features the ability to record, monitor, and transmit these lung sounds, thereby facilitating better communication and assessment in clinical settings.
- In July 2023, Astellas Pharma, Eko Health, and Welldoc announced a collaboration to develop an innovative, non-invasive device-digital therapeutic solution for patients with heart failure. The solution, currently known as Z1608, will integrate Eko's FDA-cleared CORE 500TM Digital Stethoscope and AI technology with Welldoc's digital therapeutic capabilities.
Why Purchase the Report?
- To visualize the global patient examination devices market segmentation based on product type, application, end-user, and region and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of the patient examination devices market with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping is available in Excel consisting of key products of all the major players.
The global patient examination devices market report would provide approximately 54 tables, 43 figures, and 184 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
