Portland, OR, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global single-arm medical pendant market generated $278 million in 2020, and is estimated to reach $516 million by 2030, witnessing a CAGR of 6.5% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Rise in prevalence of chronic disorders, surge in endoscopic procedures, and technological advancements drive the growth of the global single-arm medical pendant market. However, high cost of pendant systems and scarcity of skilled professionals hinder the market growth. Contrarily, surge in number of surgical procedures presents new opportunities in the coming years.
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Impact of Covid-19 on Single-Arm Medical Pendant Market-
- The Covid-19 pandemic disrupted the healthcare system due to nationwide lockdown and disrupted the supply chain. There were limitations and bans on medical procedures and selected surgeries. These restrictions reduced the demand for single-arm medical pendants.
- Moreover, single-arm medical pendant manufacturing companies faced issues such as production at full capacity, in-person product demonstrations, and conferences due to restriction on social gathering.
- Lockdown in Asia-Pacific countries such as India and China delayed the production and shipments of single-arm medical pendant products. This hampered the overall revenue of the global market.
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The report offers detailed segmentation of the global single-arm medical pendant market based on application, type, end user, and region.
Based on application, the surgery segment held the largest share in 2020, contributing to nearly half of the total share, and is estimated to maintain its lead position during the forecast period. However, the intensive care unit (ICU) segment is projected to manifest the highest CAGR of 7.4% from 2021 to 2030.
Based on type, the fixed medical pendant segment accounted for the highest share in 2020, contributing to nearly two-thirds of the global single-arm medical pendant market, and is projected to maintain its leadership status during the forecast period. However, the movable medical pendant segment is estimated to witness the largest CAGR of 7.3% from 2021 to 2030.
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Based on region, North America contributed to the highest share in 2020, accounting for around one-third of the total market share, and is expected to maintain its dominant share in terms of revenue by 2030. However, Asia-Pacific is estimated to portray the fastest CAGR of 7.6% during the forecast period.
Leading players of the global single-arm medical pendant market analyzed in the research include Elektra Hellas S.A., HIPAC, Starkstrom Ltd., Unicorn Medicals, Brandon Medical Company Ltd, BeaconmedÆS, Ondal Medical Systems, Shanghai Pax Medical Instrument Co., Ltd., Megasan Medika, and Tedisel Medical S.L.
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