Global Medical Pendant Market is expected to grow at a CAGR of 6.1% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Medical Pendant Market by Product (Single Arm Movable, Double & Multi-Arm Movable, Fixed, Fixed Retractable, Accessories), Capacity (Low Duty, Medium Duty, Heavy Duty), Application (Intensive Care Unit, Endoscopy, Surgery, Anesthesia, Others), End-Use (Clinics, Hospitals, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Global Forecast 2020 to 2027.
The global medical pendant market is expected to grow from USD 362.3 million in 2019 to USD 581.82 million by 2027, at a CAGR of 6.1% during the forecast period 2020-2027. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2020-2027. This growth is due to factors like expanding public as well as private healthcare expenditure, expanding geriatric population, and supportive government initiatives regarding the use of medical devices. Economies like India, Japan, and China are especially lucrative, considering their growth potential. On the other hand, the North America region accounted for the major market share of 47.1% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as rising number of healthcare specialists, increasing occurrences of critical diseases, presence of key market players, presence of superior healthcare facilities in the region, technologically advanced medical pendants, and rising healthcare spending.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global medical pendant market are Elektra Hellas S.A, Brrandon Medical Co. Ltd, Starkstrom, Skytron LLC, Surgiris, Medimax Korea, BeaconMedæs, Ondal Medical Systems GmbH, Tedisel Medical, and Megasan Medikal, among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global medical pendant market.
The product segment includes single arm movable, double & multi-arm movable, fixed, fixed retractable, and accessories. The double & multi-arm movable segment is expected to witness the highest CAGR over the forecast period due to increasing use in clinics and hospitals. The capacity segment includes low duty, medium duty, and heavy duty. The low duty segment dominated the market in 2019 due to the increasing demand for low-cost fixed arm pendants in small clinics and small hospitals. A load volume of up to 200 kg enables most basic equipment to be hoisted on the deck, such as surgical lighting. Low-duty pendants often need less upkeep and are more cost-effective than heavy-duty pendants. The application segment includes intensive care unit, endoscopy, surgery, anesthesia, and others. The intensive care unit segment is estimated to grow at the highest rate over the forecast period, primarily due to the rising incidences of chronic conditions. The end-use segment includes clinics, hospitals, and others. The hospitals segment dominated the market and in 2019 due to key factors such as the rising number of hospitals worldwide, increasing government funding for hospitals, and the use of special-purpose medical pendants in operation rooms & ICUs.
About the report:
The global Medical Pendant market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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