Rockville, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The research by Fact.MR, a market research and competitive intelligence provider, reveals that, the global Medical Pendant Market is valued at US$ 529 million in 2023 and is forecasted to jump to US$ 951 million by the end of 2033. Demand for medical pendants in the North American region is projected to account for a significant global market share throughout the study period (2023 to 2033).
Increasing focus on optimizing the workflow of healthcare institutions to improve the quality of patient care and efficiency is projected to create high demand for medical pendant systems. Expanding geriatric population and increasing preference for home healthcare are also slated to create new opportunities for established as well as new medical pendant providers in the future.
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In March 2021, Mindray, a renowned medical device manufacturer, announced the launch of a new range of ceiling supply units. This also included the HyPort R80 medical pendant system to help caregivers organize their medical devices.
Key Segments of Medical Pendant Industry Research Report
| By Type | By Application | By End Use |
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Key Takeaways from Market Study
- The medical pendant market stands at a valuation of US$ 529 million in 2023.
- Demand for medical pendants is projected to increase at a CAGR of 6% from 2023 to 2033.
- The global market is anticipated to reach a value of US$ 951 million by 2033.
- Rising investments in healthcare infrastructure development, expanding aging population, advancements in medical device technologies, and increasing focus on quality of patient care are major market drivers.
- High costs of medical pendants are projected to be the prime restraint for market growth going forward.
- North America is estimated to account for significant global market share through 2033.
- Sales of fixed medical pendants are predicted to rise at 5.5% CAGR from 2023 to 2033.
- Hospitals are predicted to account for a majority of medical pendant demand across the study period.
“Sales of multi-arm medical pendants projected to overtake demand for fixed medical pendants in the long run,” says a Fact.MR analyst
Winning Strategy
Medical pendant suppliers are focusing on developing products that are affordable to target developing and emerging economies such as India and China. Companies are also projected to opt for other organic and inorganic strategies such as mergers, product launches, and acquisitions to improve their business potential across the study period and beyond.
| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 951 Million |
| Growth Rate (2023-2033) | 6 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Competitive Scenario
Leading manufacturers of medical pendants are prioritizing product innovation to enhance sales prospects and strengthen their position in the global market.
For instance,
- In September 2021, HandsFree Health, a renowned digital health platform provider, unveiled its latest offering - the WellBe Pendant. This medical pendant provides users with 24/7 access to emergency response services through the company's digital health platform.
Key Companies Profiled
- Elektra Hellas S.A
- Surgiris
- MEDIMAXKOREA
- Tedisel Medical
- Brandon Medical Co. Ltd
- Skytron LLC
- Ondal Medical Systems GmbH
- Starkstrom
- BeaconMedaes
- Megasan Medik
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Prospects for Medical Pendants in the United States
The United States boasts an advanced healthcare infrastructure, with a multitude of hospitals and clinics. Within these healthcare settings, medical pendants serve as indispensable workstations, promoting safer, wireless environments and mitigating accident risks. As hospitals continuously upgrade their facilities and embrace cutting-edge technologies, the demand for medical pendants is on the rise in the United States.
Moreover, the United States has witnessed a notable increase in the number of surgical procedures performed in recent years, a trend projected to persist until 2033. This upswing can be attributed to factors such as the growing prevalence of obesity, the expanding aging population, and an increased incidence of trauma and accidents. These factors collectively indicate a promising future for medical pendant sales in the United States.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global medical pendant market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product type (fixed, fixed retractable, single-arm movable, double & multi-arm movable, accessories), application (surgeries, endoscopies, anesthesia, intensive care units, others), and end user (hospitals, clinics, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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