Global medical pendant market size was anticipated at US$ ~472.89 million in 2021 by Growth+ Reports' deep-dive market assessment study. From 2022 to 2030, the market is predicted to grow at a CAGR of ~6.27%.
Medical pendants are well known for protecting safety, facilitating efficient workflows, and supporting infection control. The tools make it possible to position medical devices in an approachable manner and provide a cutting-edge system that permits a wide range of solutions and applications. Medical pendants also provide the provision of medical gases while ensuring a secure connection to data and power networks.
An increase in surgeries and better healthcare facilities for better workflow are two factors propelling the market's expansion. For instance, according to a September 2020 report named "Estimation of the National Surgical Needs in India by Enumerating the Surgical Procedures in an Urban Community Under Universal Health Coverage," the conveyed rates of surgery in low- and middle-income countries range from 300 (approx.) and in high-income countries it is 23,000 per 0.1 million people.
Moreover, as chronic illnesses like cancer, urological problems, neurovascular diseases, cardiovascular disorders, and other persistent conditions become more common, hospital admission rates have sharply increased. Medical pendants are widely used by healthcare professionals to hold various pieces of equipment and other significant items when doing surgical procedures. These systems are also used to properly position gas, terminal units, and medical equipment. The widespread usage of medical pendants during surgeries may be to blame for the rise in demand for them. The installation of medical pendant systems is therefore anticipated to expand as a result of rising hospitalisation rates and an increase in chronic diseases, which is anticipated to fuel market expansion. The World Health Organization (WHO) estimates that chronic diseases cause 60.0% of all deaths globally. Together, cardiovascular illnesses account for 17.9 million annual fatalities worldwide. Similarly, according to the same source, cancer is the leading cause of death worldwide and accounts for nearly 1 in 6 fatalities.
A key development in the medical pendant industry is the government's initiatives to improve the healthcare system. For example, the Spanish government announced new economic measures in September 2022 for the transfer of medical supplies and equipment from the producers to hospitals, government agencies, and NGOs. The declaration lowered VAT on periodicals, newspapers, and books as well as cut VAT to 0%. The potential demand for inpatient room care facilities has increased due to the demand for specialised healthcare services in developing economies. The demand for better room care services has been driven by the strong trend of payment for a number of operations in day-care and patient settings. In addition, healthcare experts claim that a major trend fuelling the potential for revenue growth in the medical pendant market is the recent rise in the population of elderly people.
However, it is anticipated that the market's growth would be constrained in the coming years by the availability of alternatives, a lack of technical expertise, and the high price of medical pendant systems. As a capital item, a medical pendant costs a lot of money. For example, a medical pendant's adoption is hampered by its high price, especially in developing countries. A multi-arm pendant frequently costs more than USD 2,000. An ICU bridge pendant or a high-end fixed pendant can cost up to USD 8,000. These are not only the costs associated with purchasing the device; also, extra costs are associated with maintaining these machines.
Geographically, North America, Asia Pacific, Europe, Latin America, and the rest of the world are among the key regions examined in the expert research study on the worldwide medical pendant market. Due to the availability of technologically advanced medical pendant products, an increase in healthcare spending in the region, and the presence of well-developed healthcare and medical infrastructure in the region, the North American region has recently led the global medical pendant market among these. Other factors supporting the growth of the global medical pendant market in North America include the presence of large, well-established players there, the increase in healthcare and medical professionals, and the increased prevalence of serious and chronic diseases among the local populace. Asia Pacific is another area that is anticipated to offer exceptional growth prospects in the worldwide market for medical pendants. The existence of supportive government initiatives that promote the adoption of different medical devices, including those found in the global medical pendant market, as well as rising healthcare costs in the area, can be used to explain this trend. Furthermore, regional economies like China, India, and Japan are expected to provide players and manufacturers in the global medical pendant market fantastic potential prospects.
In global medical pendant market, the players are engaging in strategic measures, such as product innovation, geographic growth, debuts, mergers, and purchases, to enhance industry share because there are enormous prospects in developing nations. Additionally, producers are always releasing cutting-edge items to obtain a competitive advantage. The key companies ruling the global market of medical pendant are, Elektra Hellas S.A, Starkstrom, Brandon Medical Co. Ltd, Skytron LLC, BeaconMedaes, MEDIMAXKOREA, Tedisel Medical, Ondal Medical Systems GmbH, Megasan Medikal, Comprise Skytron LLC. Surgiris, and BeaconMedaes LLC.