The global medical pendant market size is estimated at USD 505.83 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 6.69% from 2023 to 2030. The growth of the medical pendant market is attributed to the increasing prevalence of chronic diseases, technological advancements in medicine, and increasing number of medical professionals, clinics, hospitals, and other medical centers across the globe. Medical pendants are used by medical professionals to maintain an efficient workflow by positioning various necessary items and medical equipment while performing surgeries and procedures. Ensuring secure connectivity to data and power networks plays a critical role as it helps maintain infection control and safety within hospitals.
The 2020 novel coronavirus disease (COVID-19) epidemic had a positive impact on the medical pendant market. This infectious disease pandemic requires modern medical services and infrastructure around the world to treat the never-before-seen infected patients. Due to the increasing number of COVID-19 patients, the demand for bed headboards, an important aspect of healthcare, is increasing worldwide.
The pandemic has also increased the number of patients with severe respiratory illness. Since then, Covid-19 patients have had low oxygen levels, causing breathing difficulties. A medical trailer system with a medical gas supply therefore supports the oxygen supply of people with severe respiratory diseases. Therefore, the number of patients requiring critical care and advanced medical services surged during the pandemic. This is likely to drive the growth of the medical pendant market.
However, the COVID-19 emergency has significantly impacted supply chains between manufacturers and contractors as several industry activities have come to a halt around the world. Increasing government support to maintain a stable supply of medical devices to meet consumer demand is expected to drive the market growth in the coming years. For example, in September 2022, the Spanish government announced new economic measures for the supply of medical equipment and supplies from manufacturers to hospitals, public institutions and NGOs. With this announcement, VAT has been reduced to 0% and VAT on magazines, newspapers and books has also been minimized.
Increased prevalence of chronic diseases such as neurovascular disease, cardiovascular disease, cancer, urological disease, and other persistent diseases have significantly increased hospitalization rates. Medical pendants are commonly used by medical professionals to place various medical instruments and other necessary items while performing surgical procedures. In addition, these systems are used for precise placement of medical equipment, terminals and medical gases. Therefore, the growing demand for medical pendants is mainly due to their high acceptance in surgery. Large segments of the population are now at risk of developing chronic diseases due to hypertension, obesity and smoking. According to the World Health Organization (WHO), 60.0% of all deaths worldwide are due to chronic diseases. All cardiovascular diseases together kill about 17.9 million people worldwide each year. Similarly, according to the same sources, cancer is the leading cause of death worldwide, and nearly one in six deaths can be attributed to the disease. Therefore, increasing hospitalizations associated with rising chronic diseases are expected to lead to increased installations of medical trailer systems, which in turn is expected to drive market growth.
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Market Segmentation
Market segmentation for medical pendants can be done based on a variety of factors, including:
Age: Medical pendants are primarily used by seniors or individuals with disabilities. Segmenting the market based on age can help in developing marketing strategies that are tailored to different age groups.
Medical condition: Different medical conditions require different types of medical pendants. For example, individuals with epilepsy may require a pendant that can detect seizures and alert emergency services.
Income level: Medical pendants can vary greatly in price. Segmenting the market based on income level can help in developing pricing strategies that are targeted towards different income groups.
Lifestyle: Some individuals may lead more active lifestyles than others. Segmenting the market based on lifestyle can help in developing medical pendants that are better suited for different activities.
Gender: Women tend to live longer than men, and may therefore be a more prominent target market for medical pendants.
By segmenting the market based on these factors, companies can better understand the needs and preferences of their target customers, and develop products and marketing strategies that cater to those needs.
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Key Players
Amico Group
Drägerwerk AG & Co. KGaA
Skytron LLC
Steris plc
Hill-Rom Holdings, Inc.
Brandon Medical Co Ltd
Medical Technologies Ltd.
Regional Trend
The global medical pendant market can be segmented by region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Here’s a brief regional analysis of the medical pendant market:
North America:
North America is the largest market for medical pendants due to the presence of well-established healthcare infrastructure and high healthcare spending. The increasing adoption of advanced medical equipment and a growing focus on patient safety are driving the demand for medical pendants in the region.
Europe:
Europe is also a significant market for medical pendants, driven by increasing healthcare expenditure and the adoption of new medical technologies. The region has a well-established healthcare infrastructure and a high demand for efficient medical equipment, which is expected to drive the growth of the medical pendant market.
Asia Pacific:
Asia Pacific is expected to grow at the fastest rate due to increasing healthcare spending, growing demand for advanced medical equipment, and a large population. Rapidly expanding healthcare infrastructure, rising per capita income, and increasing awareness about patient safety are driving the growth of the medical pendant market in the region.
Latin America:
Latin America is a growing market for medical pendants, driven by increasing healthcare expenditure and the adoption of new medical technologies. The region has a developing healthcare infrastructure and a large population, which is expected to drive the growth of the medical pendant market.
Middle East & Africa:
The Middle East & Africa is a developing market for medical pendants, with increasing healthcare expenditure and a growing focus on improving healthcare infrastructure. The region is expected to witness significant growth in the coming years due to the rising demand for advanced medical equipment and increasing awareness about patient safety.
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.
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