New Innovations in Medical Pendant Technology to Drive Market Growth in the Forecast Period
The global medical pendant market is projected to increase from a valuation of US$ 496.2 million in 2022 to US$ 652 million by 2027 and Expanding at a CAGR of 5.6%. China’s market for medical pendants is expected to rise rapidly at a CAGR of 9% and reach US$ 134 million by 2027. The medical pendant market refers to the market for pendant systems used in healthcare settings, such as hospitals, nursing homes, and assisted living facilities. These pendant systems typically include a pendant unit that can be worn by patients or caregivers and a central control unit that can be mounted on a wall or ceiling. The pendant unit is equipped with buttons or other controls that allow patients or caregivers to call for assistance or trigger an alarm in case of an emergency
The market for medical pendants is driven by the growing demand for advanced medical technology and the need for better patient care in healthcare settings. Some key factors that are contributing to the growth of this market include an increasing elderly population, rising prevalence of chronic diseases, and an increase in the number of hospitals and other healthcare facilities
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There are several different types of medical pendant systems available on the market, each with its own unique features and capabilities. Some of the most common types include wireless pendants, pendant systems with built-in fall detection, and pendants that can be integrated with other healthcare devices, such as electronic medical records or patient monitoring systems
Key Takeaways from Market Study
- The global market for medical pendants is expected to expand at a CAGR of 5.6% from 2022 to 2027.
- The market is projected to reach US$ 652 million by the end of 2027.
- China’s medical pendant market is predicted to rise rapidly at a CAGR of 9% from 2022 to 2027.
- Global sales of fixed medical pendants are expected to increase at a significant CAGR of 5.5% during the next 5 years.
Region-wise insights
- North America: North America is one of the largest markets for medical pendants due to the high adoption rate of advanced medical technologies and the increasing geriatric population. The United States is the largest market in this region, followed by Canada. The market is expected to grow significantly due to the increasing number of hospitals, rising demand for better healthcare infrastructure, and favorable government initiatives.
- Europe: Europe is also a significant market for medical pendants due to the increasing prevalence of chronic diseases, aging population, and the rising demand for advanced medical equipment. Countries such as Germany, France, and the UK are the major contributors to the growth of the market in this region. The market is expected to grow in the future due to the increasing healthcare spending, technological advancements, and the presence of established healthcare infrastructure.
- Asia Pacific: The Asia Pacific region is the fastest-growing market for medical pendants due to the increasing population, rising awareness about healthcare, and the growing demand for advanced medical equipment. Countries such as China, Japan, and India are the major contributors to the growth of the market in this region. The market is expected to grow significantly due to the increasing government initiatives to improve healthcare infrastructure, rising medical tourism, and increasing healthcare spending.
- Middle East and Africa: The Middle East and Africa region are also expected to witness significant growth in the medical pendant market due to the increasing demand for advanced medical equipment and the growing need for better healthcare infrastructure. The market is expected to grow significantly due to the rising prevalence of chronic diseases and the increasing government initiatives to improve healthcare infrastructure
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Winning Strategy
For market expansion, these players put strong emphasis on strategic alliances, new product launches, and commercialization. Additionally, market players are making significant investments in research to enable them to launch novel technologies and generate the greatest possible revenue.
- In March 2020, AEONMED Group acquired Heyer Medical AG, a manufacturer of medical ventilators and anaesthesia devices. Due to this strategic acquisition, the firm was able to improve its industrial position and gain a competitive advantage.
Key Companies Profiled
- Elektra Hellas S.A
- Starkstrom
- Brandon Medical Co. Ltd
- Skytron LLC
- Surgiris
- BeaconMedaes
- MEDIMAXKOREA
- Tedisel Medical
- Ondal Medical Systems GmbH
- Megasan Medikal
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Key Questions Covered
- What is a medical pendant, and what are its applications in healthcare?
- What are the key factors driving the growth of the medical pendant market?
- What are the different types of medical pendants available in the market, and how do they differ from each other?
- What are the challenges faced by the medical pendant market, and how can they be addressed?
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