The medical pendant market was valued at USD 398.56 million in the base year, and it is expected to reach USD 573.77 million, registering a CAGR of 6.1% over the forecast period.
COVID-19 impacted the growth of the medical pendant market owing to the postponement of surgeries and procedures worldwide due to the lockdown measures imposed by governments to avoid the spread of coronavirus among the population. For instance, as per the World Economic Forum Organization data published in May 2020, approximately 28 million elective surgeries were canceled during the initial 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 pieces of 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 patients. Thus, the market is expected to regain its full potential in the next two to three years.
Factors such as the rising number of surgeries and improving healthcare infrastructure are boosting market growth. In addition, the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, eye diseases, and other that requires surgical procedures is expected to increase the demand for medical pendants, which in turn is anticipated to fuel the market growth over the forecast period. For instance, according to the data published by OECD, in August 2022, about 94.87 thousand surgeries were performed in Portugal in 2021, followed by 49.33 thousand in Denmark, 32.84 thousand in Ireland, and 21.5 thousand in Norway. Such a huge number of surgical procedures performed in developed European countries is expected to increase the adoption of medical pendants during surgeries that ensure the availability of light, medical tools, and medical gases to a surgeon, hence propelling the market growth.
Additionally, from an article published in the Journal of Orthopaedic Science, in September 2021, about 4,052 knee arthroplasties are expected to be performed on men between the ages of 40 and 64 years, 6,942 on men between the ages of 65 and 74 years, 14,986 on men over 75 years in Japan by 2030. In addition, as per the same source, about 7,092 knee arthroplasties are expected to be performed on women between the ages of 40 and 64 years, 22,957 on women between the ages of 65 and 74 years, and 58,340 on women over 75 years in Japan by 2030.
Furthermore, the rising healthcare infrastructure, healthcare spending, and growing investments in the countries accelerate the development of advanced medical pendants as well as their adoption in hospitals. This is also anticipated to augment the market growth. For instance, as per the 2022 data published by IBEF, in India, public healthcare spending accounted for 2.1% of GDP in 2021-22, up from 1.8% in 2020-21. Also, as per the data published by OECD, in June 2022, Germany's health spending increased from 12.5% in 2020 to 12.8% in 2021 as a share of its GDP.
Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period. However, the high cost of devices is likely to hinder the growth of the medical pendant market over the forecast period.
A fixed pendant system offers numerous connectors for attaching ventilators, supplying gas, etc. In hospitals, it plays a critical supportive role in preserving safety and reducing the risk of contamination. It is commonly used in recovery rooms and intensive care units. In addition, fixed medical pendant systems are in high demand due to their affordability, portability, and ease of installation. As a result, the market is expanding due to an increase in the incidence of chronic diseases and the number of hospitals utilizing fixed pendant systems.
Furthermore, the rising number of surgeries is expected to increase the demand for fixed medical pendants in hospitals and surgical centers, thereby propelling segment growth. For instance, as per an article published in the Annals of the Royal College of Surgeons of England in December 2021, it was observed that the demand for hip and knee joint replacement surgeries is expected to increase by almost 40% by 2060 in England, Wales, Northern Ireland, and the Isle of Man. In addition, as per the same source, older patients are expected to have the biggest relative increase in volume over time.
Therefore, owing to the aforementioned factors, such as the increasing burden of chronic diseases and the growing number of surgical procedures, the studied segment is expected to grow over the forecast period.
In addition, the rising number of patients suffering from chronic diseases further fuels the demand for surgeries. This is also expected to increase the demand for medical pendant systems for endoscopic and laparoscopic applications, hence bolstering market growth. For instance, according to the 2022 statistics published by ACS, an estimated 1.9 million new cancer cases (15,900 cases in men and 10,480 in women) were expected to be diagnosed in the United States in 2022. Also, as per the data published by CCS, in May 2022, colorectal cancer was expected to be the fourth most commonly diagnosed cancer in Canada, and nearly 24,300 Canadians were predicted to be diagnosed with colorectal cancer in 2022, which is 10% of all new cancer cases in Canada in 2022.
Furthermore, the rise in investments in hospital infrastructure in the countries is predicted to contribute to the market growth over the analysis period. For instance, in May 2022, the Healthcare Information and Management Systems Society (HIMSS) recommended a total investment of nearly USD 36.7 billion for more than 10 years to modernize State, Territorial, Local, and Tribal (STLT) public health infrastructures to ensure readiness for ongoing and emerging public health emergencies. Such investment plans for public health infrastructure development are anticipated to boost market growth.
Moreover, in April 2022, the Jalisco government, Mexico, planned to invest more than USD 301.5 million in healthcare infrastructure over the next three years to build new hospitals and healthcare centers and upgrade existing ones. In addition, the “Mexican Social Security Institute (IMSS)” also shared plans to invest USD 677.2 million to build 111 new hospitals by 2024 in Mexico. These investments are predicted to fuel the overall market growth in the country.
Therefore, due to the factors mentioned above, such as the growing number of surgical procedures due to the rising chronic diseases among the population and the rise in investments in hospital infrastructure, the studied market is expected to grow over the forecast period.
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COVID-19 impacted the growth of the medical pendant market owing to the postponement of surgeries and procedures worldwide due to the lockdown measures imposed by governments to avoid the spread of coronavirus among the population. For instance, as per the World Economic Forum Organization data published in May 2020, approximately 28 million elective surgeries were canceled during the initial 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 pieces of 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 patients. Thus, the market is expected to regain its full potential in the next two to three years.
Factors such as the rising number of surgeries and improving healthcare infrastructure are boosting market growth. In addition, the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, eye diseases, and other that requires surgical procedures is expected to increase the demand for medical pendants, which in turn is anticipated to fuel the market growth over the forecast period. For instance, according to the data published by OECD, in August 2022, about 94.87 thousand surgeries were performed in Portugal in 2021, followed by 49.33 thousand in Denmark, 32.84 thousand in Ireland, and 21.5 thousand in Norway. Such a huge number of surgical procedures performed in developed European countries is expected to increase the adoption of medical pendants during surgeries that ensure the availability of light, medical tools, and medical gases to a surgeon, hence propelling the market growth.
Additionally, from an article published in the Journal of Orthopaedic Science, in September 2021, about 4,052 knee arthroplasties are expected to be performed on men between the ages of 40 and 64 years, 6,942 on men between the ages of 65 and 74 years, 14,986 on men over 75 years in Japan by 2030. In addition, as per the same source, about 7,092 knee arthroplasties are expected to be performed on women between the ages of 40 and 64 years, 22,957 on women between the ages of 65 and 74 years, and 58,340 on women over 75 years in Japan by 2030.
Furthermore, the rising healthcare infrastructure, healthcare spending, and growing investments in the countries accelerate the development of advanced medical pendants as well as their adoption in hospitals. This is also anticipated to augment the market growth. For instance, as per the 2022 data published by IBEF, in India, public healthcare spending accounted for 2.1% of GDP in 2021-22, up from 1.8% in 2020-21. Also, as per the data published by OECD, in June 2022, Germany's health spending increased from 12.5% in 2020 to 12.8% in 2021 as a share of its GDP.
Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period. However, the high cost of devices is likely to hinder the growth of the medical pendant market over the forecast period.
Medical Pendant Market Trends
Fixed Pendant Segment Expected to Hold a Significant Market Share in the Medical Pendant Market Over the Forecast Period
The fixed pendant system is anticipated to witness significant growth in the medical pendant market over the forecast period owing to the factors such as the rising number of surgeries, anesthesia, and endoscopy procedures.A fixed pendant system offers numerous connectors for attaching ventilators, supplying gas, etc. In hospitals, it plays a critical supportive role in preserving safety and reducing the risk of contamination. It is commonly used in recovery rooms and intensive care units. In addition, fixed medical pendant systems are in high demand due to their affordability, portability, and ease of installation. As a result, the market is expanding due to an increase in the incidence of chronic diseases and the number of hospitals utilizing fixed pendant systems.
Furthermore, the rising number of surgeries is expected to increase the demand for fixed medical pendants in hospitals and surgical centers, thereby propelling segment growth. For instance, as per an article published in the Annals of the Royal College of Surgeons of England in December 2021, it was observed that the demand for hip and knee joint replacement surgeries is expected to increase by almost 40% by 2060 in England, Wales, Northern Ireland, and the Isle of Man. In addition, as per the same source, older patients are expected to have the biggest relative increase in volume over time.
Therefore, owing to the aforementioned factors, such as the increasing burden of chronic diseases and the growing number of surgical procedures, the studied segment is expected to grow over the forecast period.
North America Expected to Hold Significant Market Share During the Forecast Period
The North American segment is expected to witness healthy growth in the medical pendant market over the forecast period owing to factors such as the increasing number of hospitals and improving healthcare infrastructure.In addition, the rising number of patients suffering from chronic diseases further fuels the demand for surgeries. This is also expected to increase the demand for medical pendant systems for endoscopic and laparoscopic applications, hence bolstering market growth. For instance, according to the 2022 statistics published by ACS, an estimated 1.9 million new cancer cases (15,900 cases in men and 10,480 in women) were expected to be diagnosed in the United States in 2022. Also, as per the data published by CCS, in May 2022, colorectal cancer was expected to be the fourth most commonly diagnosed cancer in Canada, and nearly 24,300 Canadians were predicted to be diagnosed with colorectal cancer in 2022, which is 10% of all new cancer cases in Canada in 2022.
Furthermore, the rise in investments in hospital infrastructure in the countries is predicted to contribute to the market growth over the analysis period. For instance, in May 2022, the Healthcare Information and Management Systems Society (HIMSS) recommended a total investment of nearly USD 36.7 billion for more than 10 years to modernize State, Territorial, Local, and Tribal (STLT) public health infrastructures to ensure readiness for ongoing and emerging public health emergencies. Such investment plans for public health infrastructure development are anticipated to boost market growth.
Moreover, in April 2022, the Jalisco government, Mexico, planned to invest more than USD 301.5 million in healthcare infrastructure over the next three years to build new hospitals and healthcare centers and upgrade existing ones. In addition, the “Mexican Social Security Institute (IMSS)” also shared plans to invest USD 677.2 million to build 111 new hospitals by 2024 in Mexico. These investments are predicted to fuel the overall market growth in the country.
Therefore, due to the factors mentioned above, such as the growing number of surgical procedures due to the rising chronic diseases among the population and the rise in investments in hospital infrastructure, the studied market is expected to grow over the forecast period.
Medical Pendant Market Competitor Analysis
The medical pendant market is moderately fragmented and consists of several major players. The market players are adopting various growth strategies, such as the introduction of technologically advanced products, collaborations, mergers, expansions, and acquisitions. For instance, Trivitron Healthcare offers multi-purpose surgeon pendants, which consist of long vertical consoles and serve as both equipment and fluid management pendants during surgeries. Some of the market players include Drägerwerk AG & Co. KGaA, NOVAIR Medical, BeaconMedaes, Steris PLC, and Shenzhen Mindray Bio-Medical Electronics Co. Ltd.Additional benefits of purchasing the report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BeaconMedaes
- Brandon Medical Co. Ltd
- Dragerwerk AG & Co. KGaA
- Novair Medical
- Skytron LLC
- Steris PLC
- Brandon Medical
- Tedisel Medical
- Elektra Hellas SA
- Medimaxkorea Co. Ltd
- Beijing Aeonmed Co. Ltd
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd
Methodology
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