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The global medical pendant market accounted a revenue of about $410.9 million in 2019 and is expected to grow at a rate of 8.1% CAGR and reach up to $775.1 million by 2027.
The global medical pendant market has experienced a noteworthy growth, due to increasing demand for medical pendants majorly from hospitals and clinics previously. During unpredicted COVID-19 outbreak also, the global market should experience a considerable growth in 2020, owing to increasing hospital admissions along with rising number surgeries for patients who are suffering with chronic disorders. This study is conducted to recognize the behavior of the global medical pendant market in the coronavirus outbreak period, and have come to below inferences.
MARKET STATS
| CAGR Pre COVID-19 |
CAGR Post COVID-19 |
Realtime BPS | *Estimated market Size, 2020, Pre COVID |
**Real Time market Size, 2020, Post COVID |
|---|---|---|---|---|
| 7.3% | 8.1% | 76 | USD 439.2 Million | USD 450.5 Million |
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Medical pendants will play a significant role in maintaining safety and efficient workflows in hospitals while performing surgeries. These pendants provide safe connection to data & power networks as well as to the source of medical gases which are required for operations. Also, medical pendants offer a stable and flexible platform for medical accessories and devices. Due to these benefits, increasing demand for medical pendant systems will be a major driving factor for the growth of the market in the forecast years. In addition, increasing healthcare infrastructure to improve hospital and clinical facilities is expected to drive incorporation of medical pendants due to rising hospital admission across the globe. This factor is expected to propel the market growth in the forecast timeframe. Furthermore, increasing demand for more flexible, light weight and space saving systems along with effective results achieved with advanced pendants especially in endoscopy is further estimated to fuel the growth of the market in the prediction time.
However, the high costs associated with medical pendant systems is expected to be the major restraint for the growth of the market. Also, stringent regulations on the approvals of products is predicted to limit the medical pendant market growth in the forecast years.
CONSTRUCTING BRIDGES
APPLYING WISDOM
The impact of COVID-19 emergency and global lockdown have trigged almost all industry verticals and all sectors are experiencing a challenging situation in the pandemic period. However, the novel coronavirus has had a positive impact on the global medical pendant market growth. During this pandemic, World Health Organization (WHO) is functioning with governments and medical equipment manufacturers for constant supply of medical devices and increase the production to meet the supply demand. Also, increasing healthcare expenditure to adopt advanced medical devices and accessories to conduct regular surgeries is indirectly driving demand for medical pendant systems. These factors are anticipated to fuel the market growth in this crisis.
In addition, various governments are continuously taking initiatives to support the healthcare industry in the pandemic. For instance, in recent times, U.S. government released interim coronavirus relief package of about $500 billion, which is known as “COVID 3.5” to help small businesses. Also, this package provides additional financial support for healthcare providers & hospitals as well as it help additional funding for economic injury disaster loan program and paycheck protection program.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global medical pendant market will witness a noticeable growth in 2020 and is predicted to continue its steady trend during the forecast period. Technology advancements and innovations in medical pendant systems are encouraging manufacturers to introduce advanced products and novel designs. For instance, Surgiris has introduced revolutionary medical pendant system with electromagnetic breaks to provide more safe, simple and easy-to-use equipment. This pendant does not need any compressed air networks like pneumatic breaks and are maintenance free as well as less expensive to fix. This factor is expected to create huge growth opportunities in the global market during the forecast years.
In addition, major market players are implementing various growth approaches such as new technology introductions and R&D investments to strengthen their position in the overall industry. For example, in May 2019, European investment bank (EIB) has lend about $129 million to Drager, a leading company in medical and safety technology, for R&D investments to improve medical technology development. The investments in medical systems will boost the patient monitoring products and equipment in ICU to provide advanced life saving systems. These aspects are projected to accelerate the medical pendant market growth in the coming years.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Medical Pendant Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity
