Medical Pendant Market Growth Analysis | 2023-2028

Market Insights

The medical pendant market was estimated at USD 537.39 million in 2022 and is likely to grow at a CAGR of 5.86% during 2023-2028 to reach USD 760.12 million in 2028.

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What is a medical pendant?

A medical pendant is a device used by healthcare professionals in surgical settings, including operating rooms, intensive care units, and emergency departments. It serves as a convenient and accessible hub for surgeons and anesthesiologists to maintain an effective workflow by positioning medical devices and various necessary objects. These pendants offer access to medical gases, electrical power, and data connections, ensuring that medical professionals have the necessary tools and utilities at their fingertips while attending to patients.

COVID–19 Analysis

COVID-19 has affected the growth of the medical pendant market due to the resumption of surgeries and procedures across the world due to the containment measures imposed by the government to prevent the spread of the coronavirus among people. For example, according to data from the World Economic Forum Organization released in May 2020, about 28 million surgeries were canceled in the first 12 weeks of the COVID-19 outbreak. Around 38% of global cancer surgeries have been postponed or canceled.

As a result, the number of patients in hospitals and clinics is greatly disrupted, which eventually destroys the use of medical pendants in medical facilities. However, World Health Organization guidelines updated in June 2020 require countries to strengthen their health systems and health protection amid the pandemic. This has led to the improvement of many facilities in the healthcare industry, leading to an increase in the demand for medical pendants in intensive care units (ICUs) and critical care units (CCUs) for patient care. Therefore, the market should regain its strength in the next two or three years.

Market Dynamics

The major factors driving the growth of the medical pendant market are-

• The rising number of healthcare facilities around the world, the growing need for a safe and low-risk workspace, increasing technological advancement in medical pendants, increasing number of healthcare professionals, clinics, hospitals, and other healthcare centers are the prime factors that are driving the demand for medical pendants.
• Medical pendant provides the correct positioning of terminal units, medical gas, medical equipment, and specialty and electrical services, for fulfilling the hospital requirements. It plays an important role in providing a stable flexible platform for medical devices and accessories.
• With the growing need for low-risk and safe workspace for the medical workforce, the market is expected to accelerate during the assessment period. The high demand for medical pendant systems in operation theatres and intensive care units is driving the global medical pendant market. Also, the effective results achieved in the areas of surgery and endoscopy are triggering the demand for medical pendants.

Challenges:

• High cost: Medical pendants are a relatively expensive piece of medical equipment. This can make them out of reach for some healthcare facilities, especially in developing countries.
• Lack of standardization: There is no single standard for medical pendants, which can make it difficult for different facilities to interoperate. This can also lead to safety concerns, as different pendants may have different features and capabilities.
• Cybersecurity risks: Medical pendants are increasingly connected to networks, which makes them vulnerable to cyberattacks. This could potentially compromise patient safety or disrupt the delivery of care.
• Maintenance and repair costs: Medical pendants require regular maintenance and repairs. This can be a significant expense for healthcare facilities, especially if the pendants are not well-designed or made with high-quality materials.
• Lack of skilled workforce: There is a shortage of skilled healthcare workers, which can make it difficult to install, maintain, and use medical pendants properly. This can lead to safety concerns and reduce the effectiveness of the pendants.

Opportunities:

• Development of new and innovative features: Manufacturers are developing new and innovative features for medical pendants, such as wireless connectivity, touchscreen controls, and integrated data management systems. These features are making medical pendants more user-friendly, efficient, and secure.
• Expansion into new markets: The medical pendant market is expanding into new markets, such as developing countries and emerging economies. This is due to the increasing demand for patient safety and the growing number of surgeries and procedures being performed in these markets.
• Collaboration between manufacturers and healthcare providers: Manufacturers are collaborating with healthcare providers to develop and deliver medical pendants that meet the specific needs of their patients. This is helping to improve the safety and efficiency of patient care.
• Focus on patient-centered design: Manufacturers are focusing on patient-centered design when developing medical pendants. This means that they are designing pendants that are easy to use and that meet the needs of patients and healthcare providers.

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Key Players

Some of the major medical pendant manufacturers are-

• Elektra Hellas S.A.
• Starkstrom
• Brandon Medical Co., Ltd.
• Skytron LLC
• Ondal Medical Systems GmbH
• Surgiris
• Beaconmedaes
• Medimaxkorea
• Tedisel Medical
• Megasan Medikal
• Steris plc

Segment Analysis

By Product Type

The medical pendant market is segmented into fixed pendants and movable pendants. The movable pendant segment held the larger share of the market in 2022 and is expected to register faster growth during the assessment period. The segment is mainly driven by the increasing preference for movable medical pendants in operation theatres and surgical centers. A movable pendant certainly has lesser maintenance and is available in precise sizes compared to fixed pendants. Hospitals that have operating rooms for performing surgical procedures are likely to adopt movable pendants that will further drive the progress of the segment.

By Installation Type

The market is segmented into ceiling-mounted pendants, wall-mounted pendants, and others. The ceiling-mounted pendant segment dominates the market, as ceiling-mounted pendants are best suited for providing medical gases and electrical components to intensive care units, operation theatres, and general hospital wards. The ceiling-mounted pendant installation allows the addition and removal of gas and electrical components as per the requirement for hospitals.

By End-User Type

The market is segmented into hospitals, ambulatory surgical centers, and Others. The hospital's segment held the largest market share in 2022 and is expected to dominate the market during the assessment period. Hospitals are equipped with advanced medical equipment, including specialized pendants used in operation theaters and Intensive Care Units (ICUs), to meet the requirements and ensure the satisfaction of patients. Double-arm medical pendants are commonly utilized to provide necessary medical gases during surgical procedures.

One such example is the range of ceiling-mounted pendant systems offered by Skytron, which facilitate convenient access to displays, lights, utilities, medical gases, and other equipment. Consequently, the rising utilization of medical pendants in operation theaters and ICUs within hospitals is projected to drive market expansion in the assessment period.

By Application Type

The market is segmented into intensive care units (ICU), general surgery/operating theatres, anesthesia, endoscopy, and others. The surgery segment has a market share of more than 25% in 2022 due to the increasing number of surgeries worldwide. For example, Globally, a staggering 310 million major surgeries are performed each year, with around 40 to 50 million in the USA and 20 million in Europe. A medical mask is one of the most important and high-quality materials for performing surgical procedures

Therefore, the increasing number of surgeries across the world is expected to drive market growth. The medical pendant market segment ICUs are expected to witness rapid growth with a CAGR of more than 7% during the forecast period. The increasing number of chronic diseases, such as respiratory diseases, trauma, surgical site infections, and burns, has led to an increase in the number of admissions to hospitals.

Regional Insights

North America is estimated to be the largest market during the forecast period, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities. The growth of the region’s medical pendant market is mainly driven by the increasing number of hospitals and improving healthcare infrastructures in the region. Evolving hospitals on the basis of infrastructure and equipment is likely to create further demand for medical pendants in the region’s market.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The medical pendant market is segmented into the following categories.

By Product Type

• Fixed Pendant
• Movable Pendant

By Installation Type

• Ceiling Mounted Pendant
• Wall Mounted Pendant
• Others

By Application Type

• Intensive Care Unit (ICU)
• General Surgery/Operating Theatres
• Anesthesia
• Endoscopy
• Others

By End-User Type

• Hospitals
• Ambulatory Surgical Centers
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Target Audience

The target audience of the market includes-

• Medical pendant distributors
• Medical pendant suppliers
• Medical pendant manufacturers
• Logistics organizations
• Government bodies

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the global market.

What Deliverables Will You Get in this Report

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Company Profiling

• Detailed profiling of additional market players (up to 3 players).
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Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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