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

Single-arm Medical Pendant Market Analysis

The single-arm medical pendant market is poised to grow at a CAGR of 6.3% during the forecast period (2022-2027).

The COVID-19 pandemic was an unprecedented health concern and had impacted the growth of the studied market due to government-imposed lockdown, and cancellation of nonessential surgeries. For instance, as per the World Economic Forum Organization data, published in May 2020, approximately 28 million elective surgeries were canceled during the 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 equipment in medical facilities due to increased demand for single-arm medical pendants in intensive care units (ICUs) and critical care units (CCUs) for the care of COVID-19 patients. Thus, COVID-19 significantly impacted the growth of the market.

Factors such as the increasing number of minimally invasive surgeries and the rising number of hospitals coupled with increasing government spending are expected to majorly drive the growth of the market. For instance, as per the Organization for Economic Co-operation and Development (OECD) 2021 statistics, there were 394,485 cataract surgical procedures performed in the year 2020 in Turkey. Thus, such a high number of surgical procedures is likely to increase the demand for single-arm medical pendant systems, thereby contributing to market growth.

Additionally, the increasing investment in hospitals and medical equipment is anticipated to further propel the single-arm medical pendant market. For instance, the India Brand Equity Foundation 2021 report stated that under Union Budget 2019-2020, the government allocated INR 800 crore (USD 110.88 million) for the up-gradation of state government medical colleges and district hospitals and INR 1,361 crore (USD 188.63 million) for government medical colleges and government health institutions. Also, according to the same source, there has been a rise in foreign direct investment (FDI) in hospitals and diagnostic centers. The FDI in the hospital sector was USD 7.03 billion and USD 2.17 billion in diagnostic centers, respectively, between April 2000 and December 2020. Such investments are expected to increase the adoption of single-arm medical pendant devices over the forecast period.

Furthermore, the strategic initiatives taken by the market players are also expected to drive the growth of the market. For instance, in October 2020, STERIS plc signed a definitive agreement to purchase Key Surgical, a portfolio company of Water Street Healthcare Partners, LLC, for USD 850 million. The acquisition of Key Surgical complements and expands the consumable product portfolio for STERIS's customers in sterile processing departments, operating rooms, and endoscopy. Such an acquisition is expected to boost the growth of the market.

Therefore, due to the above-mentioned factors, the market is expected to grow over the forecast period of the study. However, the high cost of the medical pendant may impede the growth of the market over the forecast period.

Single-arm Medical Pendant Market Trends

This section covers the major market trends shaping the Single-arm Medical Pendant Market according to our research experts:

The Anesthesia Segment is Expected to Hold a Significant Market Share Over the Forecast Period

Single-arm Medical Pendant Industry Segmentation

As per the scope, the single-arm medical pendant is a rotary medical pendant, which is an indispensable gas supply medical device in the modern operating room of the hospital. It is mainly used for the terminal transfer of oxygen, suction, compressed air, nitrogen, and other medical gases in the operating room. The medical pendant is mainly controlled by the motor to lift the platform, which is safe and reliable. It is also used for placing monitors, electric knives, equipment, etc., which are required for general surgery. The Single-arm Medical Pendant Market is segmented by Application (Surgery, Anesthesia, Endoscopy, and Others), End User (Hospitals, Clinics, and Other End Users), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the value (in USD million) for the above segments.