The COVID-19 pandemic is expected to impact the global medical pendant market in positive way and is projected to experience a significant growth in the forecast years. In recent times, World Health Organization (WHO) has given new guidance on healthcare financing policies which is primarily focusing on strengthening healthcare systems and health security during the COVID-19 emergency. This factor is eventually predicted to drive the demand for improvement of hospital facilities, which is expected to propel the market growth. Nevertheless, the COVID-19 emergency has a considerable effect on supply chains between manufacturers and contractors owing to shutdown of several industries activities across the globe. Growing government supports to maintain constant supply of medical equipment’s to meet consumer demand. These aspects are expressively affecting the medical pendant market growth during the emergency period.
In addition, some of the governments are executing various initiatives to help the organizations in the pandemic time. For example, the Spain government has announced new economic measures for the supply of medical equipment’s and accessories from manufacturers to hospitals, public bodies and NGO’s. In this announcement, VAT tax is reduced to zero percentage and the VAT on magazines, newspapers and books has also been minimized.
According to new study published by Research Dive, the global medical pendant market will reach up to $775.1 million till 2027 and is predicted to grow at a noteworthy CAGR of 8.1% throughout the projected period 2020-2027. The global market segmentation has been done on the basis of material product, installation, application, end user and region. This report offers complete insights of drivers, opportunities, restraints, segmentation and prominent manufacturers of the market.
Factors affecting market growth
As per our analysts predicts, rapidly growing demand for medical pendants along with growing investments to improve hospital amenities are significantly driving the market growth in the forecast period. However, huge initial investments are required for the installation of the medical pendants is expected to restrict the growth of the market.
Fixed pendant and ceiling mounted pendant segment contributed a major market share in 2019
By product, the global market is segmented into fixed pendant and movable pendant. In both of these, fixed pendant generated for highest medical pendant market size, it was valued at $213.6 million in 2019 and is expected to generate a revenue of $372.1 million by the end of 2027. High usage of fixed pendants due to its benefits such as light weight, economic and easy use & installation, which is predicted to accelerate the market growth in the forecast time. Besides fixed pendant, movable pendant will experience a remarkable growth and is expected to grow at a highest rate of 9.1% CAGR during the prediction period. Increasing use of movable pendant systems in the ICU and hospitals due to utilize in multiple operations with high performance. This factor is anticipated to fuel the market growth in the upcoming time.
By installation, the global market is segmented into ceiling mounted pendant and wall mounted pendant. Among these, ceiling mounted pendant held the global market share in 2019 and is expected to continue its dominance in the forecast time. Growing usage of ceiling mounted pendant in the hospitals due to it is equipped with medical rails, medical accessories, wound care items and many others. This aspect will boost the medical pendant market growth in the projected time.
ICU and ambulatory surgical centers segments are anticipated to have lucrative growth
Based on application, the global market has been categorized into general surgery, endoscopy, ICU, anesthesia and others. Among these, general surgery accounted for the significant medical pendant market size in the previous time and will witness to grow at a healthy CAGR of 7.7% in the forecast years. This dominance is accredited to wide utilization of medical pendants in the general surgery operations to conduct various operations. The market for ICU applications is expected to rise at a noteworthy rate of 8.7% CAGR during the estimated period, due to increasing hospital investments on ICU units is directly rising demand for medical pendants and is predicted to drive the market growth in the coming years.
Based on end user, the global market has been categorized into hospitals, ambulatory surgical centers and others. Among these, hospitals segment accounted for major revenue share in the previous years and is anticipated to have a steady growth in the global market during the forecast time. Hospitals are well equipped with advanced equipment’s and high quality accessories to perform surgeries, which will boost the market growth in the projected time. Ambulatory surgical centers will witness to rise at a notable rate of 8.9% CAGR and is expected to experience a remarkable growth during the estimated time. This expected growth majorly attributed to rising adoption of medical pendants in the ambulatory surgical centers to perform emergency operations.
Medical pendant market, Regional outlook
North America dominated the global medical pendant market share in 2019, which was 40.0% and is predicted to remain its growth over the global market throughout the analysis timeframe. Presence of significant manufacturers along with well-developed healthcare facilities is encouraged the utilization of medical pendants, which will drive the market growth in the forecast time. Along with North America, Asia-Pacific will witness to grow at a significant rate of 8.7% CAGR during the forecast time and is estimated to create huge growth prospects in the upcoming years. Growing healthcare investments along with government favorable implementations to improve medical devices adoption are the major factors for the growth of the market in Asia-Pacific region.
Top 11 Prominent Players in the Medical Pendant Market are-
1. Hutz MedicalHu
2. Bradon Medical
6. Ondal Medical Systems GmbH
8. SKYTRON, LLC
11. Trivitron Healthcare
Mr. Abhishek Paliwal
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