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Global Medical Pendant Industry Share Research Report Information by Product (Fixed Pendants, Fixed Retractable Pendants, Single Arm Movable Pendants, Double & Multiarm Movable Pendants, Accessories), Application (Hospital, Clinics, Others), and Region - Forecast To 2023.
Medical pendant refers to the robotic equipment used in the latest operating theatre that can control all functions seamlessly, using the computer-assisted configuration software. Functions that these pendants can perform include correct positioning of terminal units, delivery of medical gas & medicines, and specialty and electrical services.
Over the last couple of years, the global medical pendant has continuously been rising with the increasing need for low-risk and safe workspace for the medical workforce. Moreover, the augmenting demand for medical pendant systems in operation theatres and intensive care units is escalating the market on the global platform.
Considering the phenomenal upsurges, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the Global Medical Pendant Market Share will garner a value of USD 149.01 MN by 2023 registering a 7% CAGR throughout the forecast period (2017-2023).
Additional factors triggering the demand for medical pendants include the useful results achieved in the areas of surgery and endoscopy and technological advancements and innovations allowing medical systems to move on a press of a button. Also, factors such as the advancements in robotic technology and the increasing number of robotic surgeries are further influencing the market growth.
On the other hand, factors such as the high cost of medical pendant systems are impeding the growth of the market, restricting their uptake.
Global Medical Pendant Market – Competitive Analysis
Highly competitive, the medical pendant market appears to be fragmented due to the presence of many large and small-scale players. They make substantial investments in R&D to develop advanced pendants. High growth opportunities that the market demonstrates are attracting several new entrants to the market, intensifying the competition further in the already fiercely competitive market.
These players also incorporate strategic initiatives such as collaboration, acquisition, expansion, partnership, and product & technology launch to gain an edge over their competitors, maintaining their positions in the market.
Key players leading the global medical pendant market include Ondal Medical Systems GmbH, Skytron LLC, Megasan Medikal, MEDIMAXKOREA, Elektra Hellas S.A., Tedisel Medical, Starkstrom, Brandon Medical Co. Ltd., Surgiris, and BeaconMedæs among others.
Global Medical Pendant Market – Segments
For ease of understanding, the MRFR analysis has been segmented into three key dynamics: -
By Product : Fixed Retractable Pendants, Fixed Pendants, Single Arm Movable Pendants, Double & Multi-arm Movable Pendants, and Accessories among others.
By Application : Hospital and Clinics among others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Medical Pendant Market – Regional Analysis
The North American region heading with the presence of a large number of key players will retain its dominance over the global medical pendant market. Factors such as the presence of world-class healthcare infrastructure, superior healthcare practices, advanced facilities, and strict mandates from the regulating authorities drive the medical pendant market in the region. Also, increasing governmental support for the development of new pendants and R&D activities required for the same are some of the factors propelling the growth in the regional market.
The region is a hub for technology and witnesses constant advancements which is a key reason why North America has improved access to technology that allows the region to have the upper hand in the market. Moreover, the availability to develop advanced technologies alongside the presence of well-established infrastructure that enables a suitable environment for the development as well as the early implementation of advanced technologies helps to increase the size of the market to an extent.
The medical pendant market in the European region is another lucrative market, globally.
The market is predominantly led by robust healthcare penetration and high per capita income in the region.
Besides, additional factors such as the increased funding and the support from the public & private sectors for R&D activities and the resurging economy in the region that is playing a vital role in growing consumers purchasing power are providing impetus to the growth of the regional market. Germany with its flourishing medical devices market dominates the regional market whereas, the UK medical pendant market accounts for the second-significant market in the region.
The Asia Pacific medical pendant market is rapidly emerging as a profitable market, globally. Factors such as the vast technological advancements and the high uptake of these advanced technologies foster the growth of the regional market. Some of the technologically sound countries such as India, China, South Korea, and Japan are innovating technologically advanced pendants which as a result is keeping the APAC at the forefront of the competition.