The Single-arm Medical Pendant Market is projected to register a CAGR of 6.3% during the forecast period.
The COVID-19 pandemic is an unprecedented health concern and adversely affects communities, industries, businesses, and lives worldwide. Many companies have already received approval for vaccines against the SARS-CoV-2 virus and are still focusing on developing therapeutics against COVID-19. Supply chain disruption and government-imposed lockdown have affected the growth of the single-arm medical pendant market. Moreover, the COVID-19 pandemic affected the global economy and significantly impacted the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe.
The rise in the number of minimally invasive surgeries is expected to drive the single-arm medical pendant market over the forecast period. For instance, as per the Organisation for Economic Co-operation and Development (OECD), in 2019, approximately 460,070 laparoscopic appendectomies were performed 2019. Furthermore, according to the study published in October 2020, titled "The Rise of Minimally Invasive Surgery: 16 Year Analysis of the Progressive Replacement of Open Surgery with Laparoscopy", there has been an increase in the adoption of minimally invasive surgery globally since the introduction of laparoscopic surgery in the late 1980s. This is anticipated to drive market growth.
Additionally, the increasing investment in hospitals and medical equipment is anticipated to further propel the single-arm medical pendant market. For instance, India Brand Equity Foundation 2021 report stated that under Union Budget 2019-2020, the government allocated INR 800 crore (USD 110.88 million) for the up-gradation of state Government medical colleges at district hospitals and INR 1,361 crore (USD 188.63 million) for Government medical colleges and Government health institutions. Also, according to the same source, there has been a rise in foreign direct investment (FDI) in hospitals and diagnostic centers. The FDI in the hospitals' sector was USD 7.03 billion and USD 2.17 billion in diagnostic centers, respectively, between April 2000 and December 2020. Such investments are expected to increase the adoption of single-arm medical pendant devices over the forecast period.
Therefore, due to the above-mentioned factors, the market is expected to grow over the forecast period of the study.
The anesthesia segment is expected to dominate the single-arm medical pendant market owing to the rise in the number of anesthesia procedures globally. For instance, according to the data published by the American Society of Anesthesiologists in 2021, overall anesthesia services increased by about 6% between 2015 and 2019 in the United States. Also, the benefits offered by the single-arm anesthesia pendant are anticipated to further propel the segment growth over the forecast period. The single-arm anesthesia pendant offers the necessary medical gas and power output terminal. It is used to set up anesthesia working area, integrate anesthesia machine, monitor, infusion pump, anesthesia information station, and allows rapid movement. This is expected to increase the adoption of single-arm medical pendants during anesthesia procedures.
Furthermore, an increase in the prevalence of chronic diseases is expected to increase the total number of surgeries and anesthesia procedures. And the rise in anesthesia procedures will create the demand for an advanced medical pendant in the industry. For instance, according to an article published in June 2021 by the National Library of Medicine titled "German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery," there were approximately 29,444 isolated coronary artery bypass grafting procedures, 35,469 isolated heart valve procedures, and 843 assist device implantations (including left/right/biventricular assist devices, total artificial devices) registered in Germany. According to the same source, the number of solitary heart transplants in Germany has surged to 340, a 2.1% increase over the previous year.
Furthermore, as per the British Heart Foundation Centre, in 2022, about 7.6 million people suffer from heart and circulatory disorders, an aging and expanding population in the United Kingdom. The high prevalence of cardiovascular diseases increases the number of surgical procedures for the management of the disease, which ultimately drives the demand for pendant systems, positively impacting the segment growth.
This is likely to increase the anesthesia procedures and drive the single-arm medical pendant market growth.
North America is estimated to dominate the single-arm medical pendant market due to the presence of key single-arm medical pendant providers in the region coupled with advanced healthcare infrastructure. For instance, according to the data published by the American Hospital Association in 2022, there are about 6,093 hospitals in the United States. According to the same source, there are about 2,960, 1,228, 951, 207, 635, and 112 Nongovernment Not-for-Profit Community Hospitals, Investor-Owned (For-Profit) Community Hospitals, State and Local Government Community Hospitals, Federal Government Hospitals, and Nonfederal Psychiatric Hospitals respectively. Also, according to Canada.ca, there are about 1265 hospitals in Canada in 2022. Thus, the high number of healthcare facilities is expected to increase the demand for the single-arm medical pendant in the region.
Moreover, the increasing prevalence of chronic diseases is one of the key factors for the growth of the market. According to the Global Cancer Observatory (Globocan) 2020, the United States has had the second-highest number of prevalent cancer cases in the last five years. Furthermore, according to statistics published by the Government of Canada, released in November 2021, an estimated 229,200 Canadians are diagnosed with cancer, and 84,600 will die from cancer every year. Thus, the increasing prevalence of chronic diseases is expected to increase the need for surgical procedures and thereby drive the demand for single-arm medical pendants in the region.
Thus, due to the abovementioned factors, the single-arm medical pendant market is likely to grow over the forecast period in the North American region.
In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Dragerwerk AG & Co. KGaA, Brandon Medical Co. Ltd, BeaconMedaes, Novair Medical, and Steris PLC, among others.
This product will be delivered within 2 business days.
The COVID-19 pandemic is an unprecedented health concern and adversely affects communities, industries, businesses, and lives worldwide. Many companies have already received approval for vaccines against the SARS-CoV-2 virus and are still focusing on developing therapeutics against COVID-19. Supply chain disruption and government-imposed lockdown have affected the growth of the single-arm medical pendant market. Moreover, the COVID-19 pandemic affected the global economy and significantly impacted the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe.
The rise in the number of minimally invasive surgeries is expected to drive the single-arm medical pendant market over the forecast period. For instance, as per the Organisation for Economic Co-operation and Development (OECD), in 2019, approximately 460,070 laparoscopic appendectomies were performed 2019. Furthermore, according to the study published in October 2020, titled "The Rise of Minimally Invasive Surgery: 16 Year Analysis of the Progressive Replacement of Open Surgery with Laparoscopy", there has been an increase in the adoption of minimally invasive surgery globally since the introduction of laparoscopic surgery in the late 1980s. This is anticipated to drive market growth.
Additionally, the increasing investment in hospitals and medical equipment is anticipated to further propel the single-arm medical pendant market. For instance, India Brand Equity Foundation 2021 report stated that under Union Budget 2019-2020, the government allocated INR 800 crore (USD 110.88 million) for the up-gradation of state Government medical colleges at district hospitals and INR 1,361 crore (USD 188.63 million) for Government medical colleges and Government health institutions. Also, according to the same source, there has been a rise in foreign direct investment (FDI) in hospitals and diagnostic centers. The FDI in the hospitals' sector was USD 7.03 billion and USD 2.17 billion in diagnostic centers, respectively, between April 2000 and December 2020. Such investments are expected to increase the adoption of single-arm medical pendant devices over the forecast period.
Therefore, due to the above-mentioned factors, the market is expected to grow over the forecast period of the study.
Key Market Trends
Anesthesia Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The anesthesia segment is expected to dominate the single-arm medical pendant market owing to the rise in the number of anesthesia procedures globally. For instance, according to the data published by the American Society of Anesthesiologists in 2021, overall anesthesia services increased by about 6% between 2015 and 2019 in the United States. Also, the benefits offered by the single-arm anesthesia pendant are anticipated to further propel the segment growth over the forecast period. The single-arm anesthesia pendant offers the necessary medical gas and power output terminal. It is used to set up anesthesia working area, integrate anesthesia machine, monitor, infusion pump, anesthesia information station, and allows rapid movement. This is expected to increase the adoption of single-arm medical pendants during anesthesia procedures.
Furthermore, an increase in the prevalence of chronic diseases is expected to increase the total number of surgeries and anesthesia procedures. And the rise in anesthesia procedures will create the demand for an advanced medical pendant in the industry. For instance, according to an article published in June 2021 by the National Library of Medicine titled "German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery," there were approximately 29,444 isolated coronary artery bypass grafting procedures, 35,469 isolated heart valve procedures, and 843 assist device implantations (including left/right/biventricular assist devices, total artificial devices) registered in Germany. According to the same source, the number of solitary heart transplants in Germany has surged to 340, a 2.1% increase over the previous year.
Furthermore, as per the British Heart Foundation Centre, in 2022, about 7.6 million people suffer from heart and circulatory disorders, an aging and expanding population in the United Kingdom. The high prevalence of cardiovascular diseases increases the number of surgical procedures for the management of the disease, which ultimately drives the demand for pendant systems, positively impacting the segment growth.
This is likely to increase the anesthesia procedures and drive the single-arm medical pendant market growth.
North America is Expected to Dominate the Market Over the Forecast Period
North America is estimated to dominate the single-arm medical pendant market due to the presence of key single-arm medical pendant providers in the region coupled with advanced healthcare infrastructure. For instance, according to the data published by the American Hospital Association in 2022, there are about 6,093 hospitals in the United States. According to the same source, there are about 2,960, 1,228, 951, 207, 635, and 112 Nongovernment Not-for-Profit Community Hospitals, Investor-Owned (For-Profit) Community Hospitals, State and Local Government Community Hospitals, Federal Government Hospitals, and Nonfederal Psychiatric Hospitals respectively. Also, according to Canada.ca, there are about 1265 hospitals in Canada in 2022. Thus, the high number of healthcare facilities is expected to increase the demand for the single-arm medical pendant in the region.
Moreover, the increasing prevalence of chronic diseases is one of the key factors for the growth of the market. According to the Global Cancer Observatory (Globocan) 2020, the United States has had the second-highest number of prevalent cancer cases in the last five years. Furthermore, according to statistics published by the Government of Canada, released in November 2021, an estimated 229,200 Canadians are diagnosed with cancer, and 84,600 will die from cancer every year. Thus, the increasing prevalence of chronic diseases is expected to increase the need for surgical procedures and thereby drive the demand for single-arm medical pendants in the region.
Thus, due to the abovementioned factors, the single-arm medical pendant market is likely to grow over the forecast period in the North American region.
Competitive Landscape
In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Dragerwerk AG & Co. KGaA, Brandon Medical Co. Ltd, BeaconMedaes, Novair Medical, and Steris PLC, among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
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:
- Dragerwerk AG & Co. KGaA
- Brandon Medical Co. Ltd
- BeaconMedaes
- Novair Medical
- Steris PLC
- Ondal Medical Systems GmbH
- Skytron LLC
- Starkstrom Ltd.
- Tedisel Medical
- Elektra Hellas SA
- Medimaxkorea Co. Ltd
- Beijing Aeonmed Co. Ltd
Methodology
LOADING...
