The global medical pendants market is expected to register a rapid revenue CAGR over the forecast period. The medical pendants market revenue growth is primarily driven by factors such as rising prevalence of chronic diseases requiring surgical intervention, as well as the increase in surgical operations.
Medical pendants are used by healthcare and medical professionals to maintain an effective workflow by situating numerous critical goods and medical devices during surgery or other medical operations. It is mostly utilized in the operating room for the terminal transfer of oxygen, suction, compressed air, nitrogen, and other medicinal gases. The medical pendant is primarily controlled by the motor, which is safe and dependable.
Such devices are expensive and require specialized operation and installation. Medical pendants are divided into two types: passive and active alert devices. Passive devices monitor the wearer and trigger alarms based on lack of activity, whereas active systems require user action to activate the alarm. The medical pendant enables the right installation of terminal units, specialist and electrical services, medical equipment, and medical gas, consequently meeting hospital requirements.
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Some of the Factors Supporting Revenue Growth of the Market
Drivers:
Growing desire for risk-free and secure workplaces among medical workers is largely responsible for revenue growth of the market. Furthermore, factors such as good surgical and endoscopic results, rising demand for medical pendant systems in operating rooms and intensive care units, and technological improvements and innovations are expected to drive revenue growth of the market over the forecast period.
Increasing number of surgeries and enhancing healthcare infrastructure for improved workflow are also boosting market expansion. As surgical procedures become more common, demand for medical pendant systems is expected to rise, contributing to revenue growth of the global medical pendant market over the forecast period.
Restraints:
High costs of medical pendant system setup and the scarcity of skilled nursing staff are major factors expected to restrain revenue growth of the global medical pendant market. The high expense of obtaining a medical pendant limits its use, particularly in developing countries.
However, shortage of qualified medical personnel in underdeveloped nations, as well as expensive cost of the medical pendant, are expected to hamper revenue growth of the global pendant market over the forecast period.
Opportunities:
Medical pendant technological advancements are expected to create several industry growth prospects, driving revenue growth of the market over the forecast period. With the continued advancements in virtual reality technology and the constant development and enhancements in medical equipment, adoption rate and usability of these gadgets have increased.
The incorporation of virtual reality technology in these gadgets has significantly improved the user experience and product usability. Such advancements drive the use of medical pendants in a variety of professions, including surgery, gynecology, obstetrics, endoscopy, and other medical specialized sectors. These factors are further expected to create lucrative opportunities for revenue growth of the market over the forecast period.
Geographic Market Scenario
Largest market share:
North America is expected to account for largest revenue share over the forecast period due to an increase in the number of hospitals and improved healthcare infrastructure. According to the American Hospital Association’s 2022 survey, the U.S. had roughly 6,093 hospitals. In hospital settings, medical pendants give an optimal workstation and wireless floors, lowering the danger of accidents. Furthermore, as hospitals evolve in terms of infrastructure and equipment, demand for medical pendants may rise, driving revenue growth of the market.
Furthermore, according to the Centers for Disease Control and Prevention’s (CDC) September 2020 report, heart disease is the top cause of death in the US. According to the same source, over 805,000 Americans experience a heart attack each year. Increase in heart disease mortality is driving demand for surgical techniques to prevent fatalities. As a result, rising number of surgeries is expected to drive revenue growth of the market, as will demand for medical pendants in the region over the forecast period.
Fastest Growing Region:
Asia Pacific is expected to register a significant revenue CAGR over the forecast period. This development can be linked to presence of favorable government projects that drive the adoption of various medical equipment, including items in the global medical pendant market, as well as rising healthcare expenditure in the region.
Furthermore, regional economies such as China, India, and Japan are expected to provide significant growth possibilities for players and manufacturers in the worldwide medical pendant market. In addition, government programs and emphasis on improving healthcare practices, and increased spending due to rise of the medical tourism market are expected to contribute to revenue growth of medical pendant market in the region over the forecast period.
Key Market Trends and Innovations
Technological innovation has accelerated in recent years and is now largely seen as a substantial potential contributor to health and wealth. However, the track record of technology programs, particularly those requiring large changes in organizations or the broader care system, is poor due to the combined problems of individual non-adoption and abandonment, as well as difficulties with scale-up and dissemination. For example, Trivitron Healthcare provides multi-purpose surgeon pendants, which are lengthy vertical consoles that function as both equipment and fluid management pendants during surgeries. These developments are expected to drive market expansion throughout the forecast period.
Organic and Inorganic Strategies Adopted
- In September 2022, HandsFree Health, the creators of WellBe, a secure, HIPAA-compliant, voice-enabled virtual health assistant platform, announced the release of the WellBe Pendant, an innovative medical alert device with advanced technology that will revolutionize how we call for help, locate loved ones, and communicate in emergencies. The WellBe Pendant has 4G LTE connectivity, GPS, and 2-way communication, making it quick and easy to request assistance from anywhere on the countrywide cellular network. The necklace communicates with the WellBe platform, allowing caretakers and family members to find a loved one via the WellBe Virtual Assistant app.
- In December 2020, Skytron LLC introduced the new Freedom Boom medical pendant system with improved features such as no brakes or buttons to push toward pendant arms, Skytron’s unique Active Assist technology, limited space options, and advanced operation rooms that allow components to be changed without removing the entire medical pendant structure. There are also more electricity and gas utility outlets.
- In May 2020, Heart2Save and Lumoava, both from Finland, decided to merge their expertise, and launched AiVoni Lumoava, which is a next-generation medical device. According to the findings, the ECG necklace produced high-quality ECG recordings from which cardiologists and AiVoni arrhythmia detection algorithms could successfully diagnose arrhythmia.
Major Companies in the Market Include:
- Elektra Hellas S.A.
- Starkstrom Limited
- Brandon Medical Co. Ltd
- Surgiris
- Skytron LLC
- MEDIMAXKOREA
- BeaconMedaes
- Tedisel Medical
- Ondal Medical Systems GmbH
- Megasan Medikal
Type Outlook (Revenue, USD Million; 2023-2032)
- Anesthetic
- Surgical
Product Type Outlook (Revenue, USD Million; 2023-2032)
- Fixed pendants
- Movable pendants
- Single arm pendants
- Double arm pendants
- Multi arm pendants
- Others
Application Outlook (Revenue, USD Million; 2023-2032)
- Endoscopy
- Surgery
- Anesthesia
- Intensive care unit (ICU)
- Others
Capacity Outlook (Revenue, USD Million; 2023-2032)
- Low
- Medium
- Heavy
End-user Outlook (Revenue, USD Million; 2023-2032)
- Hospitals
- Specialty clinics
- Others
Regional Outlook (Revenue, USD Million; 2023-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of Middle East & Africa
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