Medical Pendant Market Size (2024 - 2029)

The medical pendant market is anticipated to experience growth over the forecast period, driven by factors such as an increasing number of surgeries and advancements in healthcare infrastructure. The demand for medical pendants is expected to rise due to the growing prevalence of chronic diseases requiring surgical interventions, which enhances the need for such devices in healthcare settings. Despite the initial impact of COVID-19, which disrupted hospital visits and procedures, the market is projected to recover as healthcare systems strengthen and upgrade their facilities. However, the high cost of medical pendant devices may pose a challenge to market expansion.

Market Size of Medical Pendant Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Medical Pendant Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 6.10 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

rd-img

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Medical Pendant Market Analysis

The medical pendant market was valued at USD 398.56 million in the base year, and it is expected to reach USD 573.77 million, registering a CAGR of 6.1% over the forecast period.

COVID-19 impacted the growth of the medical pendant market owing to the postponement of surgeries and procedures worldwide due to the lockdown measures imposed by governments to avoid the spread of coronavirus among the population. For instance, as per the World Economic Forum Organization data published in May 2020, approximately 28 million elective surgeries were canceled during the initial 12 weeks of the COVID-19 outbreak. As a result, patient visits to hospitals and ambulatory centers were severely disrupted, ultimately impacting the usage of medical pendants within healthcare settings. However, the World Health Organization's guidance update in June 2020 demanded that countries strengthen their healthcare systems and health security amid the pandemic. This resulted in the upgrading of several pieces of equipment in medical facilities, leading to an increase in the demand for medical pendants in intensive care units (ICUs) and critical care units (CCUs) for the care of patients. Thus, the market is expected to regain its full potential in the next two to three years.

Factors such as the rising number of surgeries and improving healthcare infrastructure are boosting market growth. In addition, the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, eye diseases, and other that requires surgical procedures is expected to increase the demand for medical pendants, which in turn is anticipated to fuel the market growth over the forecast period. For instance, according to the data published by OECD, in August 2022, about 94.87 thousand surgeries were performed in Portugal in 2021, followed by 49.33 thousand in Denmark, 32.84 thousand in Ireland, and 21.5 thousand in Norway. Such a huge number of surgical procedures performed in developed European countries is expected to increase the adoption of medical pendants during surgeries that ensure the availability of light, medical tools, and medical gases to a surgeon, hence propelling the market growth.

Additionally, from an article published in the Journal of Orthopaedic Science, in September 2021, about 4,052 knee arthroplasties are expected to be performed on men between the ages of 40 and 64 years, 6,942 on men between the ages of 65 and 74 years, 14,986 on men over 75 years in Japan by 2030. In addition, as per the same source, about 7,092 knee arthroplasties are expected to be performed on women between the ages of 40 and 64 years, 22,957 on women between the ages of 65 and 74 years, and 58,340 on women over 75 years in Japan by 2030.

Furthermore, the rising healthcare infrastructure, healthcare spending, and growing investments in the countries accelerate the development of advanced medical pendants as well as their adoption in hospitals. This is also anticipated to augment the market growth. For instance, as per the 2022 data published by IBEF, in India, public healthcare spending accounted for 2.1% of GDP in 2021-22, up from 1.8% in 2020-21. Also, as per the data published by OECD, in June 2022, Germany's health spending increased from 12.5% in 2020 to 12.8% in 2021 as a share of its GDP.

Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period. However, the high cost of devices is likely to hinder the growth of the medical pendant market over the forecast period.

Medical Pendant Industry Segmentation

As per the scope of the report, medical pendant systems, majorly used in operating rooms, work as supportive equipment. They consist of multiple outlets for gas supply, light sourcing, and keeping other necessary equipment. The Medical Pendant Market is Segmented by Product Type (Fixed Pendant and Movable Pendant), Application (Surgery, Endoscopy, Anesthesia, Intensive Care Unit, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

By Product Type
Fixed Pendant
Movable Pendant
By Application
Surgery
Endoscopy
Anesthesia
Intensive Care Unit
Other Applications
Geography
North America
Europe
Asia-Pacific
Middle-East and Africa
South America
Need A Different Region Or Segment?
Customize Now

Medical Pendant Market Size Summary

The medical pendant market is poised for significant growth over the forecast period, driven by factors such as the increasing number of surgeries and advancements in healthcare infrastructure. The market, which experienced a temporary setback due to the COVID-19 pandemic, is expected to regain its momentum as healthcare systems worldwide continue to upgrade their facilities. The demand for medical pendants is particularly strong in intensive care and critical care units, where they play a crucial role in supporting patient care by providing essential utilities like medical gases and lighting. The rising prevalence of chronic diseases, which often require surgical intervention, is further propelling the market, as more surgeries necessitate the use of these devices to ensure efficient and safe medical procedures.

The fixed pendant system segment is anticipated to witness robust growth, attributed to its affordability, portability, and ease of installation. This segment's expansion is fueled by the increasing incidence of chronic diseases and the growing number of hospitals adopting these systems. North America is expected to see healthy growth due to the rising number of hospitals and improved healthcare infrastructure, alongside a surge in chronic disease cases requiring surgical interventions. Additionally, substantial investments in healthcare infrastructure in regions like Mexico and India are set to bolster market growth. The market is moderately fragmented, with key players focusing on technological advancements and strategic collaborations to enhance their product offerings and expand their market presence.

Explore More

Medical Pendant Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rising Number of Surgeries

      2. 1.2.2 Improving Healthcare Infrastructure

    3. 1.3 Market Restraints

      1. 1.3.1 High Cost of Devices

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Product Type

      1. 2.1.1 Fixed Pendant

      2. 2.1.2 Movable Pendant

    2. 2.2 By Application

      1. 2.2.1 Surgery

      2. 2.2.2 Endoscopy

      3. 2.2.3 Anesthesia

      4. 2.2.4 Intensive Care Unit

      5. 2.2.5 Other Applications

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 Middle-East and Africa

      5. 2.3.5 South America

Medical Pendant Market Size FAQs

The Medical Pendant Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)

Drägerwerk AG & Co. KGaA , Steris Plc, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, BeaconMedaes and Novair Medical are the major companies operating in the Medical Pendant Market.

Medical Pendant Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)