Estimated at a valuation of US$ 529 million in 2023, the global medical pendant market is forecasted to expand at a 6% CAGR over the 2023 to 2033 study period to reach US$ 951 million by the end of 2033 reports FACT.MR.
The purpose of a medical pendant, also known as a surgical boom or ceiling pendant, is to provide assistance for other devices during a surgical procedure in an operating theatre or to facilitate operations in intensive care units (ICUs). The development of the medical pendant aims to ergonomically consolidate utility services and procedural support tools for surgeons and operating room personnel.
Hospital ceilings are installed with medical pendant systems that have sturdy bodies made of stainless steel extensions and supporting rods. Because they are compact and adaptable, these systems can be tailored to the unique requirements of a hospital or other healthcare facilities. All electrical, medicinal gas, data transmission, and equipment management duties can be carried out by the various arms of medical pendant devices.
High Cost of Medical Pendants Limiting Sales Revenue Growth
High medical pendant prices could hurt the industry’s expansion. A medical pendant is a capital item that costs a lot to purchase. Buying a medical pendant for hospitals can be a capital-intensive task owing to their high costs.
Purchasing a multi-arm pendant usually sets you back around US$ 2,000 and getting an advanced fixed pendant or an ICU bridge pendant is usually a hefty investment of US$ 8,000 or more and costs just go north as one selects more advanced pendants.
Rising Number of Surgeries Driving Sales of Medical Pendants
The United States is known for its advanced healthcare infrastructure and this can directly be linked to the large number of hospitals and clinics in the country. In hospital settings, medical pendants offer a perfect workstation and wireless floors, which lowers the danger of accidents.
Additionally, as hospitals upgrade their facilities and technologies, the need for medical pendants increases in the United States.
India, China, Japan Leading Asian Markets
India and China are estimated to emerge as leading spaces for medical pendant sales over the next ten years owing to rising healthcare expenditure and supportive government initiatives to promote awareness about healthcare. Growing focus on improving the quality of patient care and the rising availability of novel medical devices and technologies are also anticipated to favor market growth in China and India over the study period.
High Focus on Healthcare Infrastructure Development
Much like all other European countries, the United Kingdom is also focusing on improving its healthcare infrastructure to accommodate the expanding patient pool that is being driven by a high incidence of chronic disorders and a rising senescent population. Medical pendant brands are also focusing on launching new products to improve their business scope in the country and boost sales revenue.
Fixed Medical Pendants Preferred by Most around the World
Based on product, the market is segmented into fixed, fixed retractable, single-arm movable, double & multi-arm movable, and accessories. Global sales of fixed medical pendants are forecasted to rise at a CAGR of 5.5% from 2022 to 2033.
Increasing adoption of fixed medical pendants in operations, endoscopies, anaesthesia, and intensive care units allows it to bring in the most revenue for medical pendant brands. Affordability, portability, and ease of installation are other key prospects promulgating shipments of fixed medical pendant devices. Fixed medical pendant demand is driven by an increase in surgical procedures and a rise in the incidence of chronic diseases.
Competitive Landscape
Top-tier medical pendant manufacturers are focusing on launching new products to improve their sales potential and bolster their market share in the global landscape.
In September 2021, HandsFree Health, a popular digital health platform provider, announced the launch of its new WellBe Pendant. The medical pendant providers round the clock access to emergency response for users through the company’s digital health platform.
Key Segments of Medical Pendant Industry Research
- Fixed
- Fixed Retractable
- Single-Arm Movable
- Double & Multi-arm Movable
- Accessories