Global Medical Pendant Market Is Expected to Reach USD 581.82 million by 2027 : Fior Markets
Medical Pendant Market by Product (Single Arm Movable, Double & Multi-Arm Movable, Fixed, Fixed Retractable, Accessories), Capacity (Low Duty, Medium Duty, Heavy Duty), Application (Intensive Care Unit, Endoscopy, Surgery, Anesthesia, Others), End-Use (Clinics, Hospitals, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, Sept. 15, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the *global medical pendant market* is expected to grow from USD 362.3 million in 2019 to USD 581.82 million by 2027, at a CAGR of 6.1% during the forecast period 2020-2027.
Some of the key factors driving the medical pendant market are growing technological advancements in the medical devices sector, the increasing number of healthcare professionals, hospitals, clinics, & other healthcare centers, and increasing demand for medical pendants in ICUs & operation theatres.
Medical pendants are medical devices designed to bring optimal positioning & arrangement of medical equipment, electrical services, terminal units, specialty, medical gas, etc. used in surgical processes. Medical pendant systems are mounted on hospital ceilings with solid body structures consisting of stainless-steel reinforcements & supporting rods. These medical pendant systems are compact and come with customizable configurations to meet the exact requirements of hospitals and other healthcare centers.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the medical pendant market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Another factor that is restricting the growth of this market is the high cost of medical pendants.
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Key players operating in the global medical pendant market include Elektra Hellas S.A., Brrandon Medical Co. Ltd, Starkstrom, Skytron LLC, Surgiris, Medimax Korea, BeaconMedæs, Ondal Medical Systems GmbH, Tedisel Medical, and Megasan Medikal, among others. To gain a significant market share in the global medical pendant market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Elektra Hellas S.A. and Ondal Medical Systems GmbH are some of the biggest manufacturers and suppliers of medical pendants in the global market.
· For instance, Brandon Medical released new products such as Mediclean, Medicontrol iTCP device, Astralite AL10, surgical light & examination light in March 2017. The launch of these products has helped the company raise considerable sales and further aided business expansion.
*Fixed segment dominated the market and held the largest market share of 25.8% in the year 2019*
The product segment includes single arm movable, double & multi-arm movable, fixed, fixed retractable, and accessories. Fixed segment dominated the market and held the largest market share of 25.8% in the year 2019. Fixed medical pendants provide multiple advantages. They are lightweight, economical, and can be easily installed, which boosts the demand for fixed medical pendants in the market.
*Low duty segment dominated the market and valued at USD 235.6 million in the year 2019*
Based on capacity, the market has been segmented into low duty, medium duty, and heavy duty. Low duty segment dominated the market and valued at USD 235.6 million in the year 2019. This was primarily due to the increasing demand for low-cost fixed arm pendants in small clinics and small hospitals. A load volume of up to 200 kg enables most basic equipment to be hoisted on the deck, such as surgical lighting. Compared with high duty pendants, low duty pendants are easier to manage and operate. Low-duty pendants often need less upkeep and are more cost-effective than heavy-duty pendants.
*Surgery segment dominated the market and held the largest market share of 28.5% in the year 2019*
On the basis of application, the global market has been divided into intensive care unit, endoscopy, surgery, anesthesia, and others. Surgery segment dominated the market and held the largest market share of 28.5% in the year 2019. This is mainly due to the rising number of surgical procedures being performed. As per the American Society of Plastic Surgeons (ASPS), upwards of 1.8 million cosmetic surgical operations were performed in the United States in 2018.
*Hospitals dominated the market and valued at USD 248.3 million in the year 2019*
The end-use segment comprises of clinics, hospitals, and others. Hospitals dominated the market and valued at USD 248.3 million in the year 2019. The large share of this segment is attributed to key factors such as the use of special-purpose medical pendants in operation rooms & ICUs, increasing government funding for hospitals, and the rising number of hospitals worldwide.
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*Regional Segment Analysis of the Medical Pendant Market*
· North America (U.S., Canada, Mexico)
· Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan India, Rest of APAC)
· South America (Brazil and Rest of South America)
· Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global medical pendant market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 47.1% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as rising healthcare spending, technologically advanced medical pendants, presence of superior healthcare facilities in the region, presence of key market players, increasing occurrences of critical diseases, and rising number of healthcare specialists. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2020-2027. This growth is due to factors like supportive government initiatives regarding the use of medical devices, expanding geriatric population, and expanding public as well as private healthcare expenditure. Economies like India, Japan, and China are especially lucrative, considering their growth potential.
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*About the report: *
The global medical pendant market is analyzed on the basis of value (USD million), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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