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Wireless Device To Monitor Lung Sound Market | Acumen Research and Consulting

Wireless Device to Monitor Lung Sound Market (By Technology: Diagnostic Ultrasound, Therapeutic Ultrasound; By Device Display: Color Ultrasound, B/W Ultrasound; By End-User: Hospitals, Surgical Centers, Diagnostic Centers, Ambulatory Surgical Centers, Research And Academia, Others) - Global Industry Analysis, Market Size, Opportunities And Forecast 2020 - 2027

Published : Feb 2021

Report ID: ARC2456

Pages : 190

Format : Wireless Device to Monitor Lung Sound Market (By Technology: Diagnostic Ultrasound, Therapeutic Ultrasound; By Device Display: Color Ultrasound, B/W Ultrasound; By End-User: Hospitals, Surgical Centers, Diagnostic Centers, Ambulatory Surgical Centers, Research And Academia, Others) - Global Industry Analysis, Market Size, Opportunities And Forecast 2020 - 2027

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The global wireless device to monitor lung sounds market is expected to grow at a CAGR of around 6.3% from 2020 to 2027 and expected to reach the market value of around US$ 8.5 Bn by 2027.

The basic requirement for monitoring anesthetized patients during surgery is assessment of cardiac and respiratory function. Esophageal stethoscopes have been designed such that these devices monitor continuous auscultation of heart and lung sounds in anesthetized patients. The system comprises of transmitter and a receiver. The former acquires, amplifies, and transmits the acquired sound signals to the latter through a frequency modulation transmitter. The receiver demodulates, amplifies, and delivers the received signal to a headphone for hearing by the anesthesiologist.

Strados Labs received FDA clearance for its Remote E-Stethoscope Platform (RESP), a system for measurement, recording, and analysis of sounds remotely across the healthcare settings. The RESP system is assessed through clinical trials to quantify changes in lung sound over time to compare against the treatment, patient-reported outcomes, and other vital signs. The RESP captures, store, and make available for clinical analysis changes in patient's lung sounds remotely with a small body-worn sensor and a cloud-based, Health Insurance Portability and Accountability Act (HIPAA) compliant software system.

Growth factors

Impact of COVID-19 on wireless device to monitor lung sound

As of July 2020, severe acute respiratory syndrome corona virus 2 (SARS-CoV-2), has infected over 12.7 million people globally and caused more than 560,000 deaths. In the earlier time for course of infections, chronic obstructive pulmonary disorder (COPD) in COVID-19 from China was 13.6% in adults aged >40 years. For cohorts in China reporting on hospitalized patients, the prevalence of COPD has ranged from 0 to 10%. The prevalence of COPD in Northern Italy, Spain, New York State, and Washington State was 11.7%, 10.2%, 5.8%, and 4.1% respectively. Such factors bolster the demand for wireless device to monitor lung sounds market worldwide. On the other hand, the COVID-19 pandemic has resulted into implementation and use of telemedicine and tele-health platforms and devices for standard care in many hospitals and healthcare systems.

Auscul-X System (AusculSciences Canada, Inc.) announced launching of new product namely, "Auscul-X". The product is a novel, professional grade, multichannel, touch-free electronic stethoscope with disposable element designed to protect healthcare professionals (HCPs) from exposure to infectious diseases by allowing them to auscultative patients from a safe distance (10 feet away).

Adoption of digital technology

Consistent effort in the healthcare industry is bolstering the development of new technology and introduction of more digital innovation. According to the World Economic Forum (WEF), digitization in healthcare has created lucrative opportunities for the new entrants responsible for disruption of the industry. Digital adoption fuels the traditional boundaries. Moreover, new entrants are disrupting the healthcare system by introducing disruptive technology. Accelerated investments into healthcare startup funding enables the trend by assisting to create as set of niche solution that disrupts specific segments in the long run. As per the reports of WEF, digital health has witnessed more than US$ 14 Bn funding and investments over the past six years worldwide, that cohorts nearly US$ 5 Bn investments in 2014.

New entrants are recording profitable index through filling technology gaps and delivering new patient experiences. Advancements in computational technology and wide proliferation of data have given rise to smaller and non-traditional entrants to address and utilize healthcare system to its fullest globally.  Healthcare startups, such as Castlight Health, HealthSparq and PokitDok have been successfully developed cloud and analytics based solutions that drive greater price realization resulting greater patient health insights and directing patients to make decisions.

Segmental Outlooks

Wireless device to monitor lung sounds market is segmented based on technology, device display, and end-user. Based on technology, market is bifurcated into diagnostic ultrasound and therapeutic ultrasound. By diagnostic ultrasound, the market is segregated as 3D & 4D ultrasound and Doppler ultrasound. By therapeutic ultrasound it is divided as high intensity focused ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL). By device display, it is classified into color ultrasound and B/W ultrasound. Further, by end-user, it is segmented as hospitals, surgical centers, and diagnostic centers, ambulatory surgical centers, research and academia, and among others. 

Technology Insights

Based on technology, diagnostic ultrasound segment is anticipated to register largest share of the wireless device to monitor lung sound market. The largest share of this segment is attributed to significant utility of 2D ultrasound, availability of medical reimbursement policies, ongoing technological advancements in the field of diagnostic ultrasound imaging, and surge in applications of emerging ultrasound techniques.

Hospitals, surgical centers, and diagnostic centers dominate the market

Since the past, hospitals and diagnostic centers are dominating the overall market of wireless devices to monitor lung sounds and will continue its trend in the forthcoming years. Additionally, also records significant market share in the global market due to significant number of ultrasound medical procedures performed in hospitals, coupled with growing number of hospitals across major markets and rising adoption of minimally invasive procedures of diagnosis in these facilities.

North America recorded largest market share for global wireless device to monitor lung sounds market

Demand for wireless device to monitor lung sound is high owing to large patient base suffering from lung disorder.

According to the Centers for Disease Control and Prevention (CDC), in the US number of adults diagnosed with chronic bronchitis was 9.0 million that constitutes around 3.6%. Additionally, number of deaths recorded was 448 and deaths per 100,000 populations are 0.1. Apart from that, statistics released by the American Lung Association in the US more Americans are surviving from lung cancer. With the disease remains the leading cause of cancer deaths among both women and men, over the past few years the survival rate has increased by a dramatic 13% to 22.6%. The digital healthcare industry revolutionizes diagnosis and treatment with a shift towards prevention and management. With the widespread integration and seamless coordination of digital apps and connected devices, the healthcare industry is transforming from a reactionary system to one that is proactively centered on the patient and driven by data. Smart care plays a crucial role for the healthcare sector over the next decade by improvement in patient outcome and lowering costs.

Europe is expected to grow fastest in the coming years for wireless device to monitor lung sound market. Factors that contribute for the growth of the regional market involves ongoing clinical research projects in the field of ultrasound, expansion in the clinical applications of focused ultrasound and the early commercialization of the devices in the European market (involving Germany, UK, Italy, France, and Spain) drives the growth of the wireless device to monitor lung sound market.

Competitive Landscape

Key companies profiled in this report involve GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens Healthineers AG, Hitachi, Ltd., Samsung Electronics, Ltd., and FUJIFILM Holdings Corporation. Other players involve Esaote S.p.A., Mindray Medical International Ltd., Shimadzu Corporation, Analogic Corporation, Carestream, Hologic, Mobisante, and Chison Medical Imaging.

Market Segmentation

Market By Technology

Diagnostic Ultrasound

  • 3D & 4D Ultrasound
  • Doppler Ultrasound

Therapeutic Ultrasound

  • High Intensity Focused Ultrasound (HIFU)
  • Extracorporeal Shockwave Lithotripsy (ESWL)

Market By Device Display

Color Ultrasound

B/W Ultrasound

Market By End-User

Hospitals

Surgical Centers

Diagnostic Centers

Ambulatory Surgical Centers

Research And Academia

Others

Market By Geography

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

Frequently Asked Questions

What will be the market value of the Wireless device to monitor lung sounds market?

Wireless device to monitor lung sounds market is expected to reach a market value of around US$ 8.5 Bn by 2027.

At what CAGR, the wireless device to monitor lung sounds market is expected to grow during the forecast period (2020-2027)?

The wireless device to monitor lung sounds market is expected to grow at a CAGR of around 6.3% from 2020 to 2027.

Which is the leading segment in the wireless device to monitor lung sounds market?

Based on technology, diagnostic ultrasound segment is the leading segment in the overall market.

What are the key drivers of the wireless device to monitor lung sounds market?

Rising adoption of technology is one of the prominent factors that drive the demand for wireless device to monitor lung sounds market.

Which are the prominent players in the wireless device to monitor lung sounds market?

GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens Healthineers AG, Hitachi, Ltd., Samsung Electronics, Ltd., and FUJIFILM Holdings Corporation

Which region held the highest market share in the wireless device to monitor lung sounds market?

North America is anticipated to grab the highest market share in the regional market

Which region is expected to be the fastest growing market over the forecast period?

Europe is expected to be the fastest growing market in the forthcoming years

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