The medical pendant market was valued at USD 373.79 million in 2020, and it is expected to reach USD 549.35 million by 2026, registering a CAGR of 5.76% during the forecast period, 2021-2026.
The COVID-19 pandemic is expected to have a positive impact on the medical pendant market, which is projected to experience significant growth in the forecast period. Globally, the World Health Organization (WHO) has given new guidance on healthcare that is to focus on strengthening healthcare systems and health security during the COVID-19 pandemic. This factor is predicted to drive the demand for improvement of hospital facilities, which is expected to propel the market growth.
The factors driving the market growth include increasing the number of surgeries and improving healthcare infrastructure for better workflow.
Adding to that is the growing government support to maintain a constant supply of medical equipment to meet the consumer demand. These aspects are expressively affecting the medical pendant market's growth.
According to the European Heart Journal, in 2019, approximately 75% of upper gastrointestinal bleeding was diagnosed in a population. Furthermore, between 80 to 150 per 100,000 population incidences were reported for upper gastrointestinal bleeding. Endoscopy is a procedure that is used for the diagnosis of gastrointestinal bleeding. Hence, as the number of endoscopic procedures is increasing, the demand for a pendant system may also rise.
According to the World Health Organization (WHO) 2018, globally, chronic diseases are the leading causes of death and disability. Disease rates from chronic conditions are accelerating worldwide, advancing across every region and pervading all socio-economic classes. In 2020, the contribution of chronic diseases caused 73% of all deaths and 60% of the global burden of disease. 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 introduction of new advanced products by market players 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 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 unavailability of skilled nursing staff are factors impeding the market growth.
Key Market Trends
The Fixed Pendant Segment is Expected to Hold a Major Market Share
The major factors driving the segment growth include the rising number of surgeries, anesthesia, and endoscopy procedures. Fixed medical pendant systems are economical, lightweight, and can be easily installed, which further increases their demand in the market. Thus, an increasing prevalence of chronic diseases and an increasing number of hospitals using fixed pendant systems are driving the market growth.
During the COVID-19 pandemic in 2020, the medical pendant market showed positive growth owing to increased hospital admissions, along with the rising number of surgeries for patients suffering from chronic disorders. Medical oxygen is a key treatment for severe pneumonia caused by COVID-19.
Moreover, these systems provide protection from infections and safety in hospitals. As per the World Health Organization (WHO), as of March 3, 2021, there have been 114,315,846 confirmed cases of COVID-19, including 2,539,427 deaths. The growing numbers of COVID-19 patients in hospitals and the need for attention and care of these patients have increased the demand for fixed medical pendants.
Coronary heart disease (CHD) is the most common type of heart disease. According to the British Heart Foundation Centre, in 2018, there were around 7.4 million people with heart and circulatory diseases in the United Kingdom. More than 43,000 people under the age of 75 in the United Kingdom die from heart and circulatory diseases each year. The high prevalence of cardiovascular diseases increases the number of surgical procedures in the management of the disease, which ultimately drives the demand for fixed pendant systems, positively impacting the market.
A fixed pendant system provides multiple sockets for the supply of gas, connecting ventilators, etc. It has a crucial role as a supporting device in hospitals to maintain safety and minimize the risk of contamination. It is commonly used in recovery rooms and intensive care units.
Furthermore, according to Eurostat, in the United Kingdom, approximately 731.1 per 100,000 cataract surgeries were performed in 2017. These surgeries require a pendant system for operating, and thereby, the increase in these surgeries is expected to drive the market over the forecast period.
North America is Expected to Hold a Significant Share in the Market in the Forecast Period
North America is expected to be dominant in the medical pendant market due to the increasing number of hospitals and their improving healthcare infrastructure. According to the American Hospital Association 2021 survey, there were approximately 6,090 hospitals in the United States in 2019. Medical pendants provide an optimum workspace and wireless floors, which reduces the risk of accidents. Also, with the evolving hospitals in terms of their infrastructure and equipment, the demand for medical pendants may rise and drive the market growth.
In the North American region, the United States has been the most affected country with COVID-19. As per the World Health Organization (WHO), as of March 3, 2021, there have been 28,345,585 confirmed cases of COVID-19, with 510,924 deaths. The increasing cases of COVID-19 are likely to drive the market as this will increase the demand for medical pendants for use in intensive care units to manage COVID-19 patients.
According to the American Heart Association, 2019, approximately 121.5 million US adults have some form of cardiovascular disease, which directly resulted in a higher demand for highly efficient and immediate diagnosis, positively impacting the market growth.
Furthermore, as per the 2019 updates of Healthgrades Operating Company Inc., it was reported that every year, about 500,000 women in the United States have a hysterectomy, about 460,000 US residents have a cholecystectomy, and 1.3 million pregnant women seek C-section.
In addition, as per the OECD data in 2018, in Canada, around 38,045 laparoscopic appendectomy procedures, 72,998 laparoscopic cholecystectomy procedures, and 105,689 cesarean section procedures were performed. The increasing number of surgeries is expected to drive the market as this will increase the demand for medical pendant systems. Thus, considering the aforementioned factors, the market is likely to register significant growth over the forecast period.
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 Dragerwerk AG & Co. KGaA, NOVAIR Medical, BeaconMedaes, Steris PLC, and Shenzhen Mindray Bio-Medical Electronics Co. Ltd, among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rising Number of Surgeries
- 4.2.2 Improving Healthcare Infrastructure
- 4.3 Market Restraints
- 4.3.1 High Cost of Devices
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product Type
- 5.1.1 Fixed Pendant
- 5.1.2 Single-arm Pendant
- 5.1.3 Dual/Multi-arm Pendant
- 5.1.4 Accessories
- 5.2 By Application
- 5.2.1 Surgery
- 5.2.2 Endoscopy
- 5.2.3 Anesthesia
- 5.2.4 Intensive Care Unit
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 Middle-East and Africa
- 5.3.5 South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 BeaconMedaes
- 6.1.2 Brandon Medical Co. Ltd
- 6.1.3 Dragerwerk AG & Co. KGaA
- 6.1.4 Novair Medical
- 6.1.5 Ondal Medical Systems GmbH
- 6.1.6 Skytron LLC
- 6.1.7 Starkstrom
- 6.1.8 Steris PLC
- 6.1.9 Tedisel Medical
- 6.1.10 Elektra Hellas SA
- 6.1.11 Medimaxkorea Co. Ltd
- 6.1.12 Beijing Aeonmed Co. Ltd
- 6.1.13 Brandon Medical
- 6.1.14 Pneumatik Berlin GmbH
- 6.1.15 Shenzhen Mindray Bio-Medical Electronics Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS