Medical Pendant Market Analysis

Medical Pendant Market Analysis

Based on product, the market is segmented as fixed pendants and movable pendants. The movable pendants segment exceeded USD 338 million in 2021. This dominant market share is owing to the high preference and increasing adoption of movable pendants. Movable pendant includes single-arm and multi-arm medical pendant systems that possess the capabilities of exhibiting flexible movements and optimum performance as they feature pneumatically operated brakes. Also, some of these systems promote easier sterilization and adjustable height arm to gain access to better flexibility. Thus, the healthcare professionals prefer movable pendant systems as compared to fixed pendant systems. The above-mentioned factors are projected to significantly contribute to the industry expansion.
 

Based on installation, the medical pendant market is segmented as ceiling mounted pendants, wall-mounted pendants, and others. The ceiling mounted pendants segment accounted for around 85% of business share in 2021 and is projected to witness robust growth over the analysis timeframe. This significant market share is primarily owing to the numerous clinical advantages offered by ceiling mounted pendants. Ceiling pendants are developed to offer an easy access to medical electrical outlets, gas supply, data connectivity, and are majorly required in operating theatres & ICU. Ceiling pendants feature the rotary design that facilitate horizontal movements and can be regulated using intermediate position with the help of an electric drive. As a result, several clinical benefits are projected to amplify the market outlook.
 

Based on application, the medical pendant market is segmented as intensive care unit (ICU), surgery, anesthesia, endoscopy, and others. The intensive care unit (ICU) segment is poised to reach more than USD 287 million by 2028. This dominant market share is due to the growing prevalence of chronic conditions and increasing utility of ICU in critical disease management & therapeutics. The surging prevalence of chronic disorders including respiratory conditions, trauma events, surgical site infection, and cancer has led to a substantial increase in ICU admissions.
 

According to the National Hospital Ambulatory Medical Care Survey, in 2018, the emergency department accounted for around 130 million visits and approximately 2.3 million patients were admitted in ICU. Thus, the rising number of patients suffering from chronic conditions are expected to drive the demand for medical pendant in ICUs during the foreseeable future.
 

Based on end-use, the market is segmented as hospitals, ambulatory surgical centers, and others. The hospital segment is anticipated to reach more than USD 443 million by 2028. This majority market share is owing to the growing hospital admissions, increased healthcare spending, and surging adoption of these devices in hospitals. High adoption rate of novel devices offering enhanced post-surgical care would drive the patient preference for these healthcare settings. The increasing admissions with surging incidence of critical conditions, trauma events coupled with availability of skilled healthcare workforce are other variable promoting the hospitals segment growth positively. Moreover, the COVID-19 pandemic has further fueled the adoption of this medical equipment in hospitals, thereby fuelling the market statistics in the coming years.
 

U.S. medical pendant market is anticipated to surpass USD 262 million by 2028. The significant market share is attributable to several factors such as the high demand to optimize clinical workflow, rise in incidence of chronic ailments, and growing healthcare expenditure to develop healthcare infrastructure across the country. According to the National Health Expenditures 2017, the U.S. health care spending surged by 3.9% to reach around USD 3.5 trillion.

Further, the hospital care expenditure that accounts for 33% of the total spending increased by 4.6%. The increased healthcare expenditure is expected to drive the product adoption to promote the clinical workflow efficiency across the country.