Market Size of Medical Pendant Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
