Market Trends of Medical Pendant Industry
This section covers the major market trends shaping the Medical Pendant Market according to our research experts:
Fixed Pendant Segment Expected to Hold a Significant Market Share in the Medical Pendant Market Over the Forecast Period
The fixed pendant system is anticipated to witness significant growth in the medical pendant market over the forecast period owing to the factors such as the rising number of surgeries, anesthesia, and endoscopy procedures.
A fixed pendant system offers numerous connectors for attaching ventilators, supplying gas, etc. In hospitals, it plays a critical supportive role in preserving safety and reducing the risk of contamination. It is commonly used in recovery rooms and intensive care units. In addition, fixed medical pendant systems are in high demand due to their affordability, portability, and ease of installation. As a result, the market is expanding due to an increase in the incidence of chronic diseases and the number of hospitals utilizing fixed pendant systems.
Furthermore, the rising number of surgeries is expected to increase the demand for fixed medical pendants in hospitals and surgical centers, thereby propelling segment growth. For instance, as per an article published in the Annals of the Royal College of Surgeons of England in December 2021, it was observed that the demand for hip and knee joint replacement surgeries is expected to increase by almost 40% by 2060 in England, Wales, Northern Ireland, and the Isle of Man. In addition, as per the same source, older patients are expected to have the biggest relative increase in volume over time.
Therefore, owing to the aforementioned factors, such as the increasing burden of chronic diseases and the growing number of surgical procedures, the studied segment is expected to grow over the forecast period.
North America Expected to Hold Significant Market Share During the Forecast Period
The North American segment is expected to witness healthy growth in the medical pendant market over the forecast period owing to factors such as the increasing number of hospitals and improving healthcare infrastructure.
In addition, the rising number of patients suffering from chronic diseases further fuels the demand for surgeries. This is also expected to increase the demand for medical pendant systems for endoscopic and laparoscopic applications, hence bolstering market growth. For instance, according to the 2022 statistics published by ACS, an estimated 1.9 million new cancer cases (15,900 cases in men and 10,480 in women) were expected to be diagnosed in the United States in 2022. Also, as per the data published by CCS, in May 2022, colorectal cancer was expected to be the fourth most commonly diagnosed cancer in Canada, and nearly 24,300 Canadians were predicted to be diagnosed with colorectal cancer in 2022, which is 10% of all new cancer cases in Canada in 2022.
Furthermore, the rise in investments in hospital infrastructure in the countries is predicted to contribute to the market growth over the analysis period. For instance, in May 2022, the Healthcare Information and Management Systems Society (HIMSS) recommended a total investment of nearly USD 36.7 billion for more than 10 years to modernize State, Territorial, Local, and Tribal (STLT) public health infrastructures to ensure readiness for ongoing and emerging public health emergencies. Such investment plans for public health infrastructure development are anticipated to boost market growth.
Moreover, in April 2022, the Jalisco government, Mexico, planned to invest more than USD 301.5 million in healthcare infrastructure over the next three years to build new hospitals and healthcare centers and upgrade existing ones. In addition, the 'Mexican Social Security Institute (IMSS)' also shared plans to invest USD 677.2 million to build 111 new hospitals by 2024 in Mexico. These investments are predicted to fuel the overall market growth in the country.
Therefore, due to the factors mentioned above, such as the growing number of surgical procedures due to the rising chronic diseases among the population and the rise in investments in hospital infrastructure, the studied market is expected to grow over the forecast period.
