The worldwide medical pendant market accounted for USD 466 Million in 2021 and is expected to hit USD 830 Million by 2030, with a significant CAGR of 6.7% from 2022 to 2030.
A medical pendant is a critical medical device that is used in operating rooms for general surgery. A medical pendant alone is used to place monitors, medical equipment, electric knives, etc. and it provides the necessary medical gas and output power terminals during surgeries. Medical pendants play an important role in hospitals in ensuring efficient workflows, safety, and infection prevention. These pendants enable the user-friendly positioning of medical devices and provide an innovative system that allows for a wide range of solutions and applications. It is generally controlled by the motor to lift or drop the platform that is safe and reliable in a healthcare setting. Moreover, a medical pendant can be rotated to boost the equipment's work coverage and efficiency, as well as make modifications to operate more simply.
Market Growth Drivers:
|Market||Medical Pendant Market|
|Market Size 2021||US$ 466 Mn|
|Market Forecast 2030||US$ 830 Mn|
|CAGR||6.7 % During 2021 - 2028|
|Analysis Period||2018 - 2030|
|Forecast Data||2021 - 2028|
|Segments Covered||By Product, By Installation, By Application, By End-Use And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Amico Corporation, Brandon Medical Co. Ltd, BeaconMedaes, Elektra Hellas S.A, MEDIMAXKOREA, MegasanMedikal,Ondal Medical Systems GmbH, Skytron LLC, Starkstrom, Surgiris, and Tedisel Medical.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Covid-19 Impact on the Global Medical Pendant Industry
The medical pendant market grew positively during the COVID-19 pandemic in 2020, owing to increasing hospital admissions and the rising number of surgeries for patients with chronic diseases.Hospital admissions and medical services were provided to COVID-19 affected individuals, with an emphasis on urgent situations and the suspension of the majority of surgical treatments. Moreover, the World Health Organization has issued new healthcare recommendations that emphasize the importance of strengthening healthcare organizations and ensuring health security for the period of the COVID-19 outbreak.These improvements boosted demand for better healthcare settings, allowing the market to grow even faster.
The global medical pendant market is majorly driven by the growing number of hospitals & clinics along with the rising number of medical professionals. The hospital sector is growing at a breakneck pace, thanks to advances in technology and an increase in the prevalence of numerous disorders across the world. In addition, the growing number of surgeries in the world is also expected to boost the demand for the medical pendants industry. As a result of the aging population, the general surgery workload has skyrocketed since 2020. According to the United States Census Bureau, the domestic population has grown 7.9% from 2010 to 17.0% in 2020. Individuals over the age of 65 are the fastest-growing segment of the population, increasing from 13.3 percent to 53.2 percent over the last decade. Thus, the growing elderly population leads to a growth in the number of surgeries resulting in widespread demand for medical pendants.
The rising healthcare expenditure is also expected to create opportunities for industry growth. As the economic situation worsened and health spending grew in several OECD nations, health spending as a percentage of GDP is predicted to have grown significantly in 2020. According to the Organization for Economic Co-operation and Development (OECD) Health Statistics 2021, preliminary health spending estimates for a group of 16 countries imply that per capita health grew by roughly 4.9 percent on average in 2020.
However, the lack of skilled medical professionals in developing countries, and the high cost of the medical pendant are some of the factors that are limiting the market growth. On the other hand, rising technological advancements by key players in the medical pendant industry and the growing integration of new technologies are expected to gain a significant impetus for market growth in the coming years.
The global medical pendant industry is segmented based onproduct, installation, application, end-use, and geography.
Market by Product
· Fixed Pendants
· Movable Pendants
The movable pendants segment is sub-segmented into single-arm and multi-arm. These pendants are expected to dominate the market with the majority of the share in 2021. The governing share of the movable pendants is because of the rising adoption and increasing preference among healthcare professionals. The movable pendants are capable of exhibiting optimum performance and flexible movements as they have pneumatically activated brakes. Moreover, movable pendants require less maintenance and are available in precise sizes in comparison to fixed pendants.
Market by Installation
In 2021, the ceiling mounted pendantssegment held a significant amount of share in the installation segment. This is attributed to the fact that ceiling-mounted pendants are best suited for supplying medical gases and electrical components to operating rooms, intensive care units, and general hospital wards. Additionally, the ceiling-mounted pendant installation allows for the addition and removal of gas and electrical components as needed by hospitals.Furthermore, ceiling pendants have a rotary design, which allows for horizontal movement and could be controlled with an electric drive using an intermediate position.
Market by Application
Among applications, the surgerysub-segment is likely to attain a substantial market share in the projected yearsas a result of the growing number of surgical procedures globally. However, the intensive care unit (ICUs) sub-segment is poised to grow with the fastest CAGR during the forecast period 2022 – 2030. The growing number of chronic diseases such as respiratory disorders, rising number of covid patients, surgical site infections, cancer, and trauma event are all supporting the high growth of ICUs.
Market by End-Use
Based on end-use, the segment of the hospital is likely to attain a substantial market share in the projected years. This can be attributed to the growing use of specialized medical pendants in ICUs and operation theaters and the increasing number of hospitals globally. Moreover, rising number of hospital admissions, increasing adoption of medical pendants due to the rising number of surgeries in hospitals, and growing healthcare expenditure are some of the aspects fueling the growth of the hospital segment.
Medical Pendant Market Regional Overview
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa
The growing number of chronic disorders in North America boosts the regional market growth
Based on the regional segmentation, the North American region conquered the largest market share in 2021. The high growth in the region is credited to the rising sales number of medical professionals, the availability of technologically advanced medical pendants, and the presence of advanced healthcare facilities. However, the Asia-Pacific region is expected to attain the fastest CAGR during the forecast period. Factors such as the increasing elderly population, a growing number of surgical procedures, growing government support for the adoption of advanced medical devices, and rising healthcare spending is expected to stimulate the Asia-Pacific medical pendants market.
Some of the top vendors offered in the professional report include Amico Corporation, Brandon Medical Co. Ltd, BeaconMedaes, Elektra Hellas S.A, MEDIMAXKOREA, MegasanMedikal,Ondal Medical Systems GmbH, Skytron LLC, Starkstrom, Surgiris, and Tedisel Medical.
The estimated value of global medical pendant market in 2021 was accounted to be US$466Mn.
The projected CAGR of medical pendant market during the analysis period of 2022 to 2030is 6.7%.
The prominent players of the global medical pendant market involve Amico Corporation, Brandon Medical Co. Ltd, Beacon Medaes, Elektra Hellas S.A, MEDIMAXKOREA, MegasanMedikal,Ondal Medical Systems GmbH, Skytron LLC, Starkstrom, Surgiris, and Tedisel Medical.
North America held the dominating share for medical pendant during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for medical pendant during the analysis period of 2022 to 2030.
Growing number of healthcare facilities, growth in number of surgeries, and technological innovations in medical devices drives the growth of global medical pendant market.
Based on product, movable pendants segment held the maximum share for medical pendant market in 2021.