Luton, Bedfordshire, United Kingdom, Nov. 05, 2024 (GLOBE NEWSWIRE) -- The COVID-19 pandemic significantly impacted the medical pendant market, primarily due to the widespread postponement of elective surgeries and various medical procedures resulting from global lockdown measures. These measures were implemented by governments worldwide to mitigate the spread of the virus among populations. For instance, data published by the World Economic Forum in May 2020 indicated that approximately 28 million elective surgeries were canceled during the initial 12 weeks of the pandemic. This disruption severely affected patient visits to hospitals and ambulatory care centers, ultimately leading to decreased utilization of medical pendants within healthcare settings.
Market Recovery and Demand Surge https://exactitudeconsultancy.com/reports/34461/medical-pendant-market/#request-a-sample
However, the World Health Organization (WHO) provided updated guidance in June 2020, emphasizing the need for countries to strengthen their healthcare systems and enhance health security amid the ongoing pandemic. This guidance prompted numerous healthcare facilities to upgrade their equipment, particularly in critical care areas. As a result, demand for medical pendants in intensive care units (ICUs) and critical care units (CCUs) began to rise. The market is expected to recover and regain its full potential in the next two to three years as healthcare systems adapt to the new normal.
One significant factor contributing to this recovery is the increasing number of patients presenting with severe respiratory illnesses due to COVID-19. Many patients experience reduced oxygen levels, necessitating medical interventions. Medical pendant systems, equipped with medical gas supply capabilities, are critical for administering oxygen to individuals suffering from severe respiratory issues. This surge in the need for critical care and advanced healthcare services during the pandemic is anticipated to drive growth in the medical pendant market.
Despite the positive factors contributing to market growth, the medical pendant industry faces challenges, particularly due to the high costs of devices. This cost barrier may hinder widespread adoption and implementation, especially in developing economies where healthcare budgets may be limited.
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Factors Driving Market Growth
Several factors are propelling the demand for medical pendants:
- Chronic Diseases: The rising prevalence of chronic conditions, including neurovascular diseases, cardiovascular disorders, cancer, and other long-term illnesses, has led to increased hospital admission rates. Medical pendants are instrumental in positioning various medical devices and essential equipment during surgical procedures, further driving market demand. The WHO reports that chronic diseases account for 60% of all deaths globally, underscoring the growing need for medical interventions. Cardiovascular diseases alone cause approximately 17.9 million deaths annually, with cancer as the leading cause of mortality worldwide.
- Increased Surgical Procedures: Factors such as the rising number of surgical procedures and the ongoing improvement of healthcare infrastructure are expected to bolster market growth. According to data from OECD published in August 2022, notable surgical volumes were performed in several developed European countries, highlighting the rising demand for medical pendants during surgeries. These devices ensure the availability of light, medical tools, and gas supply to surgeons, which is vital for successful surgical outcomes.
- Aging Population: The increasing geriatric population contributes to heightened demand for specialized healthcare services. As people age, they are more likely to experience chronic health conditions that require surgical intervention. The Journal of Orthopaedic Science has projected substantial increases in knee arthroplasties in Japan by 2030, indicating a growing need for medical pendants to support these surgical procedures.
- Government Initiatives: Governments are actively seeking to enhance healthcare infrastructure and maintain stable supply chains for medical devices. For example, the Spanish government announced new economic measures in September 2022 to support the supply of medical equipment, including a reduction in VAT on medical devices and supplies. Such initiatives are aimed at ensuring hospitals and clinics have access to necessary equipment, including medical pendants.
- Investment in Healthcare: Increasing healthcare expenditure and investments in various countries are driving the development and adoption of advanced medical pendant systems. In India, public healthcare spending rose from 1.8% to 2.1% of GDP between 2020-21 and 2021-22, demonstrating a commitment to improving healthcare quality. Similarly, Germany's healthcare spending increased from 12.5% to 12.8% of GDP from 2020 to 2021, indicating a broader trend of investment in healthcare infrastructure.
Regional Insights
- United States: The U.S. holds a dominant position in the medical pendant market, accounting for 85.73% of the share in 2022. The prevalence of various chronic diseases, such as cardiac, neurological, and orthopedic disorders, is a significant driver of this market. According to the Centers for Disease Control and Prevention (CDC), chronic diseases are leading causes of death and disability in the U.S., affecting 6 in 10 adults. The CDC also reported that approximately 659,000 people died from cardiovascular diseases in 2020, with projections indicating a 46% increase in heart disease cases by 2030.
- Europe: The European market for medical pendants is growing due to increased healthcare spending and improvements in healthcare infrastructure across various countries. Reports indicate that a substantial number of surgeries are being performed, necessitating the use of medical pendants to facilitate efficient surgical procedures.
- Asia-Pacific: Countries in the Asia-Pacific region are also seeing increased demand for medical pendants, driven by rising healthcare standards and investment in advanced medical technology. The region's growing population and increasing prevalence of chronic diseases create significant opportunities for market growth.
Medical Pendant Market Trends
Growth of the Fixed Pendant Segment
The fixed pendant segment is projected to hold a significant share of the medical pendant market during the forecast period. This growth can be attributed to various factors, including an increasing number of surgeries, the prevalence of anesthesia and endoscopy procedures, and the overall rise in hospital infrastructure.
Fixed pendant systems are designed with multiple connectors, enabling the attachment of ventilators and gas supply lines. These systems play a vital role in maintaining safety and minimizing contamination risks in hospital environments, particularly in recovery rooms and intensive care units (ICUs). Their affordability, portability, and ease of installation further enhance their appeal, contributing to the growing adoption of fixed medical pendants. As chronic diseases become more prevalent and the number of hospitals utilizing fixed pendant systems rises, the market is set to expand.
A notable driver for this segment is the projected increase in surgical procedures. For instance, an article published in the Annals of the Royal College of Surgeons of England in December 2021 indicated that the demand for hip and knee joint replacement surgeries is expected to increase by nearly 40% by 2060 across England, Wales, Northern Ireland, and the Isle of Man. Older patients are anticipated to account for the most significant relative increase in surgery volumes over time, further propelling the demand for fixed medical pendants. Given these factors, the fixed pendant segment is expected to see robust growth over the forecast period.
North America’s Market Position
The North American market is anticipated to hold a substantial share of the medical pendant market throughout the forecast period. This growth can be attributed to several factors, including a rising number of hospitals and the ongoing improvement of healthcare infrastructure in the region.
Additionally, the increasing prevalence of chronic diseases is expected to drive demand for surgical procedures, further boosting the need for medical pendant systems, especially in endoscopic and laparoscopic applications. For example, according to the American Cancer Society (ACS), an estimated 1.9 million new cancer cases were projected in the United States in 2022, with approximately 15,900 cases in men and 10,480 in women. Similarly, the Canadian Cancer Society (CCS) reported that colorectal cancer is anticipated to be the fourth most commonly diagnosed cancer in Canada, with nearly 24,300 Canadians expected to receive a colorectal cancer diagnosis in 2022, accounting for 10% of all new cancer cases in the country.
The upward trend in investments toward enhancing hospital infrastructure also plays a crucial role in market growth. In May 2022, the Healthcare Information and Management Systems Society (HIMSS) recommended nearly USD 36.7 billion in total investments over ten years to modernize State, Territorial, Local, and Tribal (STLT) public health infrastructures to ensure readiness for ongoing and emerging public health emergencies. Such investment initiatives are likely to significantly boost the medical pendant market.
In addition to this, plans by the Jalisco government in Mexico to invest over USD 301.5 million in healthcare infrastructure over the next three years to establish new hospitals and upgrade existing healthcare centers further underline the commitment to improving healthcare delivery. The Mexican Social Security Institute (IMSS) also announced plans to invest USD 677.2 million to build 111 new hospitals by 2024. These developments are expected to contribute positively to the overall market growth.
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Medical Pendant Industry Key Players
- BeaconMedaes
- Brandon Medical Co. Ltd
- Dragerwerk AG & Co. KGaA
- Novair Medical
- Skytron LLC
- Steris PLC
- Brandon Medical
- Tedisel Medical
- Elektra Hellas SA
- Medimaxkorea Co. Ltd
- Beijing Aeonmed Co. Ltd
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd
Medical Pendant Market News
- Sep 2023: Stryker launched its latest Airo TruCT™ Imaging System, a versatile medical imaging solution that incorporates an innovative pendant design. This new system aims to enhance surgical precision and workflow efficiency by allowing easy access to imaging technology during complex procedures.
- Jun 2023: Philips introduced its Smart Medical Pendant, which features integrated AI capabilities to optimize workflow in operating rooms. This pendant system is designed to improve connectivity and streamline the management of medical devices, enhancing the overall efficiency of surgical teams.
- May 2023: GE Healthcare unveiled its new Versana Active medical pendant, which combines advanced imaging technology with user-friendly design. This system aims to enhance patient safety and comfort while providing healthcare professionals with seamless access to critical tools during procedures.
- Jan 2023: Ziegler announced a partnership with Oberon to co-develop a new line of intelligent medical pendants that incorporate smart sensors for monitoring patient vitals. This initiative is designed to support enhanced patient care in hospitals and surgical centers by providing real-time data to healthcare providers.
- Oct 2022: MedeAnalytics partnered with Siemens Healthineers to integrate advanced analytics into their medical pendant solutions. This collaboration aims to improve the decision-making process for healthcare providers by offering insights on patient management and operational efficiency through integrated pendant systems.
Market Segments :
- By Product
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- Fixed
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- Fixed Retractable
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- Single Arm Movable
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- Double & Multi-arm Movable
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- Accessories
- By Capacity
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- Low Duty
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- Medium Duty
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- Heavy Duty
- By Application
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- Surgery
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- Endoscopy
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- Anesthesia
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- Intensive Care Unit (ICU)
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- Others
- By End-Use
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- Hospitals
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- Clinics
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- Others
- By Geography
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- North America
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- U.S.
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- Canada
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- Europe
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- UK
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- Germany
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- France
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- Italy
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- Spain
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- Asia Pacific
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- Japan
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- China
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- India
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- Australia
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- South Korea
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- Latin America
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- Brazil
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- Mexico
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- Argentina
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- Colombia
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- Middle East and Africa (MEA)
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- South Africa
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- Saudi Arabia
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- UAE
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