Medical Pendant Market |Industry Growth, Trends & Analysis (2022-27)

 

Market Overview

The medical pendant market was valued at USD 398.56 million in 2021, and it is expected to reach USD 573.77 million by 2027, registering a CAGR of 6.1% during the forecast period, 2022-2027.

The impact of COVID-19 on the medical pendant market was adverse in its initial phase, considering the postponement of surgeries and procedures worldwide in order to prevent the spread of the virus. For instance, as per the World Economic Forum Organization data, published in May 2020, approximately 28 million elective surgeries were canceled during the 12 weeks of the COVID-19 outbreak. As a result, patient visits to hospitals and ambulatory centers were severely disrupted, ultimately impacting the usage of medical pendants within healthcare settings. However, the World Health Organization's guidance update in June 2020 demanded that countries strengthen their healthcare systems and health security amid the pandemic. This resulted in the upgrading of several equipment in medical facilities, leading to an increase in the demand for medical pendants in intensive care units (ICUs) and critical care units (CCUs) for the care of COVID-19 patients. Thus, the impact of the outbreak in the post-pandemic phase is expected to boost the market's growth over the coming years.

Further, the factors driving the market's growth include increasing number of surgeries and improving healthcare infrastructure for better workflow. For instance, as per a September 2020 published article, titled "Estimation of the National Surgical Needs in India by Enumerating the Surgical Procedures in an Urban Community Under Universal Health Coverage", the reported rates of surgery vary from 295 in low- and middle-income countries (LMICs) to 23,000 in high-income countries (HIC) per 100,000 population. Moreover, as per the Organization for Economic Co-operation and Development (OECD), the number of cataract surgical procedures reported in the year 2020 in Turkey was 393,901. As per the same source, the number of hip replacement procedures performed in Italy in 2020 was 84,647, and cesarean section procedures were approximately 114,601. Thus, this growth in the number of surgical procedures is likely to increase the demand for medical pendant systems, thereby, contributing to market growth.

Additionally, noncommunicable diseases (NCDs) threaten the lives of 41 million people each year, accounting for 71% of all deaths worldwide, according to the World Health Organization (WHO) 2021. More than 15 million people between the ages of 30 and 69 die each year from an NCD, with 85 percent of early deaths occurring in low- and middle-income countries. Low and middle-income nations account for 77% of all NCD mortality. The most common NCD is cardiovascular disease, which kills 17.9 million people each year, followed by cancer (9.3 million), respiratory diseases (4.1 million), and diabetes (1.5 million). Thus, the growing burden of chronic diseases, which increases demand for various treatment procedures and surgeries, may ultimately increase the use of medical pendant systems, thereby driving the market in the future. Furthermore, the increasing commercial availability of new advanced systems is also contributing to market growth. For instance, Ondal Medical Systems GmbH offers MediBoom with Service Head M6, a single-arm movable medical pendant that can be integrated with the M6 MediSound-System. This system is manufactured using a special antibacterial material and is resistant to harmful bacteria. However, the high cost of medical pendant system set-up and the unavailability of skilled nursing staff are factors impeding the market's growth.

Scope of the Report

As per the scope of the report, medical pendant systems, majorly used in operating rooms, work as supportive equipment. They consist of multiple outlets for gas supply, light sourcing, and keeping other necessary equipment. The medical pendant market is segmented by product type (fixed pendant, single-arm pendant, dual/multi-arm pendant, and accessories), application (surgery, endoscopy, anesthesia, and intensive care unit), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments. Read Full Report

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