According to Acumen Research & Consulting, the Global Medical Pendant Market size is projected to grow at a CAGR of above 6% during the projected years and reach a value of over US$ 800 Mn by 2030.
The increasing number of chronic disorders coupled with the rising number of surgeries worldwide is primarily driving the medical pendant market growth. According to the Centers for Disease Control and Prevention (CDC), more than half of adults (51.8 percent) had at least one of ten selected diagnosed chronic conditions (cancer, arthritis, coronary heart disease, chronic obstructive pulmonary disease, diabetes, current asthma, stroke, hypertension, hepatitis, and weak or failing kidneys), and 27.2 percent had multiple chronic conditions. Moreover, according to the WHO, chronic diseases accounted for 73 percent of all deaths and 60 percent of the global disease burden in 2020.
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Global Medical Pendant Market Growth Factors
The improved healthcare infrastructure and rising government support to maintain a consistent supply of medical devices are two important factors driving the worldwide medical pendant market. The increasing number of healthcare facilities such as hospitals & clinics along with the growing number of healthcare professionals are expected to boost the demand for the medical pendant market. For instance, according to the American Hospital Association, currently, there are more than 5000 community hospitals alone in the United States.
The medical pendant was created to concentrate the procedural support equipment and utility services for surgeons and operating room workers in an ergonomic way. These devices are used in healthcare settings to make medical gases such as oxygen, carbon dioxide, and nitrogen, as well as electrical power, more accessible. The increasing demand for flexible, lightweight, more space-saving and multi-featured systems is compelling manufacturers to design and develop newer systems with advanced features. This is resulting in a slew of product innovations, which will drive up demand for medical pendant systems.
Another market trend is the creation of medical pendant systems with a greater number of electrical points and gas services. This trend is being driven by hospitals' extensive use of electronic devices. Such product innovations are expected to open up new avenues of opportunity in the market. Trivitron Healthcare, for example, sells multi-purpose surgeon pendants, which are made up of lengthy vertical consoles that may be used as both equipment and fluid management pendants during operations.
Global Medical Pendant Market Segments
The market for the medical pendant is categorized into product, installation, application, end-use, and geography. The product segment is further bifurcated into fixed pendants and movable pendants (multi-arm and single-arm movable pendants). Based on our analysis, the movable pedant segment is expected to lead the market with a considerable market share in 2021. The increasing preference for movable pendants among healthcare professionals propels the demand for segmental growth. However, the fixed pendants are expected to attain a stable growth rate during the forecast period 2022 – 2030.
Based on the installation, the market is divided into ceiling-mounted, wall-mounted, and others. Based on them, the ceiling-mounted segment is likely to account for a considerable share in the coming years. Ceiling mounted pendants are best suited for supplying electrical components and medical gas to ICUs, operating theaters, and general hospital wards.
Based on application, the market is split into surgery, anesthesia, intensive care unit (ICU), endoscopy, and others. In 2021, the surgery segment achieved a substantial market share due to the growing number of surgical procedures worldwide. On the other hand, the intensive care unit (ICU) segment is anticipated to register the fastest growth rate due to the increasing number of hospital admissions, increased cases of COVID-19, and rising number of chronic disorders.
The end-use segment can be categorized into hospitals, ambulatory surgical centers, and others. By end-use, the hospital segment achieved a noteworthy market share due to the growing number of hospitals across the globe, and the increasing use of specialized medical pendants in ICUs and operation theaters.
Medical Pendant Market Regional Stance
North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa are covered under the regional category. The market for the North American region accumulated the leading chunk during the projected period 2022 to 2030. The dominant share of the region could be ascribed to the presence of advanced healthcare facilities, the rising burden of critical diseases, and increased healthcare expenditure. Meanwhile, the Asia-Pacific region is expected to attain the fastest growth rate throughout the forecast timeframe. Factors such as improving healthcare facilities, favorable government initiatives, and increasing adoption of several medical devices are supporting the growth of the Asia-Pacific medical pendant industry.
Major Players
The medical pendant industry involves many key players. The top players presented in the report include BeaconMedaes, Amico Corporation, Brandon Medical Co. Ltd, Elektra Hellas S.A, Megasan Medikal, MEDIMAXKOREA, Ondal Medical Systems GmbH, Skytron LLC, Surgiris, Starkstrom, and Tedisel Medical.
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