MEDICAL PENDANTS MARKET ANALYSIS

The global medical pendants market size is expected to reach US$ 880.1 Mn by 2030, from US$ 542.2 Mn in 2023, growing at a CAGR of 7.2% during the forecast period. Medical pendants are systems designed to support high load of instruments in areas such as operating theaters or intensive care units. These pendants are provided by highly maneuverable arms with sufficient range to be able to reposition the bed space to suit specific nursing practices without the risk of entanglement or occlusion. Increasing demand for flexible, more space saving, and light-weight systems and systems with multiple features is compelling manufacturers to design and develop new systems with advanced features. For instance, in October, 2013, Ondal Medical System, leading provider for suspension systems announced that over 1,000 MediBoom ceiling pendant systems with electromagnetic braking system have been sold and installed in Europe within a very short time. Thus, the adoption of these devices by hospitals of various regions are expected to drive the growth of the medical pendant system over the forecast period.

Global Medical Pendants Market Regional Insights

• North America is expected to be the largest market for medical pendants during the forecast period, which accounted for over 39.8% of the market share in 2023. The growth of the market in North America is attributed to the large spending on research and development activities by both private companies and academic institutions.
• Europe is expected to be the second-largest market for medical pendants, which accounted for over 29.8% of the market share in 2023. The growth of the market in Europe is attributed to the rising healthcare expenditure and the presence of key players in the region.
• Asia Pacific is expected to be the fastest-growing market for medical pendants, which is expected to grow at a CAGR of over 8.9% during the forecast period. The growth of the market in Asia Pacific is attributed to the growing advancements in medical pendants, thus making it affordable to domestic customers.

Figure 1. Global Medical Pendants Market Share (%), by Region, 2023

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Analyst’s Views:

The medical pendant market is witnessing strong growth globally due to the rising geriatric population and increasing prevalence of chronic diseases. North America currently dominates the market due to an improving healthcare infrastructure and the adoption of advanced technologies. Asia Pacific is expected to witness the fastest growth over the forecast period.

Key drivers for the medical pendant market include the growing need for independent living solutions among elderly population and rising healthcare costs. Technological advancements in connectivity solutions and integration of artificial intelligence assistance are further fueling the adoption of medical pendants. However, data privacy concerns and lack of awareness in developing nations can restrain the market growth.

With rapid digitalization in healthcare, medical pendants integrated with advanced remote patient monitoring capabilities are expected to gain traction. The ability to keep senior citizens connected with caregivers and provide assistance in emergencies will significantly drive their demand. The integration of fall detection sensors and activity tracking will also boost sales.

Rising healthcare expenditure in economies in Asia Pacific presents lucrative opportunities for medical pendant manufacturers. Partnerships with hospitals, nursing homes, and telehealth providers can facilitate comprehensive care delivery solutions. Favorable government policies and initiatives to promote independent living will encourage uptake.

In summary, the medical pendant market has immense scope driven by aging demographics and technological advancements. Ongoing digital transformation in healthcare globally will further strengthen the demand.

Global Medical Pendants Market Drivers:

• Growing geriatric population: The growing geriatric population across the world is a major driver for the growth of the medical pendant market. As per data from the World Health Organization (WHO), the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 and 2050. The number of persons aged 60 years or over is expected to more than double, from 901 million globally in 2015 to nearly 2.11 Bn in 2050. This increase in the ageing population implies higher healthcare needs and necessitates remote patient monitoring solutions.
• Increasing number of hospitals and healthcare facilities: The medical pendant market has been witnessing significant growth over the past few years owing to the increasing number of hospitals and healthcare facilities across the globe. As more number of hospitals are being established with advanced medical equipment and operating rooms, the demand for medical pendants has also risen substantially. The growth in elderly population worldwide who are more prone to critical illnesses has also contributed to this growth. According to the data by the WHO, the number of people aged 65 years and above is projected to increase from 727 million in 2020 to 51 billion in 2050 globally. This rising geriatric population will elevate the need for advanced medical devices and intensified healthcare services. More hospitals with super specialty departments are being established to cater to the needs of these patients. This increasing focus on providing quality medical services has spurred the demand for medical pendants across hospitals.
• Stringent safety regulations: Stringent safety regulations are a major factor driving the growth of the medical pendant market. Governments worldwide have introduced stricter norms and standards to ensure the maximum safety of patients and healthcare workers. This has increased the demand for reliable emergency call systems within medical facilities. For example, Joint Commission International (JCI), a non-profit established to improve quality and safety in healthcare, requires accredited facilities to have an effective emergency response mechanism in place. Their 2022 patient safety goals specifically mention the need for caregivers to be able to contact urgent assistance through medical pendants or alarm devices in different units including ICUs, operation theatres, etc. Similarly, the World Health Organization (WHO) patient safety guidelines published in 2021 highlight immediate access to emergency assistance as a core element of safety. They recommend medical pendant systems for patients across settings from community health centers to large multi-specialty hospitals.
• Technological advancements: The medical pendant market is experiencing significant growth driven by advancements in remote patient monitoring technologies. With patients preferring to receive medical care at home rather than hospitals, there is a growing need for devices that allow remote supervision and emergency assistance. Technological developments are helping to fulfil this need and drive further the adoption of medical pendants. According to the World Population Ageing report released by United Nations in 2020, the global population aged 65 years and above is projected to more than double its size to reach nearly 1.52 Bn in 2050. Advancements in medicine and standards of living are also seeing populations worldwide having increased life expectancy. With chronic diseases rising among the elderly, technologies like AI-powered medical pendants providing 24/7 health monitoring will see a growing demand as they enable independent living. The growth of telemedicine due to the COVID-19 pandemic has further accelerated the adoption of remote monitoring solutions.
• Growing need for improved healthcare infrastructure: The need for improved healthcare infrastructure across the world has been steadily rising over the past few years. With growing populations and aging demographics in several developing and developed countries alike, the pressure on existing medical facilities and resources has increased tremendously. This has positively impacted the growth of the medical pendant market. Medical pendant systems are designed to provide easy communication between patients and caregivers for emergency assistance or help. They are helpful for the elderly or those recovering from illnesses/surgeries who need to call for assistance when feeling uneasy or in discomfort. With limited healthcare budgets, more hospitals and nursing homes are adopting these low-cost systems that allow patients to summon a nurse or doctor with just a press of a button instead of installing expensive nurse-call bells or audio/visual monitoring in all rooms.

Global Medical Pendants Market Opportunities:

• Emergence of IoT in the healthcare industry: The emergence of the Internet of Things (IoT) in the healthcare sector presents a great opportunity for growth in the medical pendant market. IoT technologies allow for real-time monitoring of patients' vital signs from anywhere. Remote patient monitoring enabled by wearable medical devices and sensors connected to telehealth platforms empowers independent living for elderly and disabled patients. These medical pendant systems integrated with biosensors can track metrics like heart rate, blood pressure, blood oxygen levels, and physical activity of patients around the clock. The data is transmitted wirelessly to doctors and caregivers. This gives timely alerts in case of emergencies like falls or irregularities detected in vital parameters. For example, a 2019 report by the United States Department of Health and Human Services found that remote patient monitoring programs led to a 25% reduction in hospital readmissions among patients with chronic diseases. This signifies how IoT driven medical pendants can help lower healthcare costs in the long run.
• Growing medical tourism in developing countries: The growth of medical tourism in developing countries provides tremendous opportunities for expansion in the medical pendants market. As healthcare costs continue to rise significantly in developed nations, more patients are travelling abroad for elective procedures and specialized treatment. This trend allows hospitals and clinics in developing regions to boost revenues while providing high-quality care at a fraction of the price. Countries like India, Thailand, Mexico, and Turkey have emerged as popular medical tourism hubs, attracting hundreds of thousands of international patients annually across several medical disciplines. For instance, according to India's Ministry of Tourism, medical visa arrivals grew from over 200,000 in 2018 to nearly 550,000 in 2021. This rise in foreign patients means greater demand for state-of-the-art medical facilities, equipment, and technologies to ensure treatment adherence and care continuity. Medical pendants are indispensable devices that allow timely access to nursing or emergency assistance. With growing numbers of elderly international clients seeking treatment, medical pendants provide crucial fall detection, ambient monitoring, and emergency call functionality.
• Increasing healthcare expenditure: Healthcare expenditure has been consistently rising globally, which indicates a positive potential for the medical pendant market. According to data from the World Health Organization, the global healthcare spending increased by 9.8% annually between 2000 and 2019 reaching US$ 8.3 trillion in 2019. This trend reflects the growing focus on improving access to quality healthcare as countries endeavor to enhance citizen well-being.

Global Medical Pendants Market Trends:

• Adoption of wireless medical pendants: The medical pendant market has seen significant growth in recent years driven by the increasing adoption of wireless technology solutions. Traditional corded medical pendants that require the user to be close to a base unit have been replaced by advanced wireless pendants. Wireless pendants allow for greater mobility and independence for the user. This has been highly desirable for the growing elderly population who want to continue living at home safely. For example, according to AARP data from 2021, over 90% of seniors above 65 years of age in the U.S. expressed a preference to age in their own homes for as long as possible. Wireless pendants enable independent living by providing mobile emergency communication anywhere in the home or backyard. This has boosted the demand for wireless pendants from both individual users and nursing homes.
• Integration of artificial intelligence in medical pendants: The integration of artificial intelligence in medical pendants is having a profound impact on the medical pendant market. By incorporating AI capabilities, modern medical pendants are able to significantly improve patient monitoring and emergency response times compared to traditional devices. AI-enabled pendants can continuously monitor a patient's vital signs such as heart rate, temperature, and oxygen saturation levels using sensors. They are able to detect any abnormal readings or changes in a patient's condition in real-time by analyzing the sensor data through machine learning algorithms. This allows for problems to be identified much sooner than if the data was only intermittently reviewed by humans. In the event of an emergency, the pendants can automatically alert caregivers and medical responders. Some advanced pendants even provide the exact medical emergency details to the responders based on the AI analysis to allow them to prepare appropriately in advance of arriving at the location.
• Growing demand for ambulant care medical pendants: The growing demand for ambulant care medical pendants is having a significant influence on the medical pendant market. As populations around the world continue to age, there is an increasing need for solutions that allow seniors and those with medical conditions to live independently at home instead of moving to assisted living or nursing home facilities. Medical pendants allow individuals to summon help at the push of a button if they fall or experience a medical emergency when alone. For example, Public Health England, the executive agency of the Department of Health and Social Care in the U.K., recognizes the health and social value of technologies like medical pendants that enable independent living. In their 2020 report on technology and older adults, they highlighted how devices that can detect falls or medical emergencies can improve safety, wellbeing, and autonomy for older populations choosing to remain in their own homes rather than moving into full-time facilities. This government support for independent living aid is expected to further drive the market demand for medical pendants and other remote patient monitoring solutions in the coming years.

Global Medical Pendants Market Restraints:

• High cost of pendant systems: The high cost of pendant systems has been a major restraint for the growth of the medical pendant market. Pendant systems are integral medical equipment used in operation theatres, ICUs, and other clinical areas for providing infrastructure to support medical equipment. However, the development and installation of pendant systems requires substantial upfront capital investments, which many healthcare facilities especially in developing regions find prohibitive.
• Lack of training to operate medical pendants: Lack of proper training to operate medical pendants is one of the major factors restraining the growth of the medical pendant market. Medical pendants are emergency response systems used by patients who live alone or need emergency assistance. However, many patients and elderly people are hesitant to use medical pendants as they find the devices complex to use, especially during medical emergencies. Operational complexity acts as a barrier for mass adoption of these life-saving devices. Medical pendants require users to properly configure the devices, understand various button functions, and respond appropriately during emergencies. Panic settings, fall detection features, geo-tagging capabilities and two-way voice communication can overwhelm users who have not received adequate training. Even simple tasks like replacing batteries or charging the devices regularly need guidance. With rising aging population globally, more and more elderly people are at risk of not getting timely medical assistance due to lack of confidence in operating advanced medical alert systems.
• Dearth of skilled healthcare professionals: The lack of trained and skilled healthcare professionals is significantly hampering the growth of the medical pendant market. While medical pendant systems offer huge benefits like improved patient monitoring and safety, their widespread adoption requires an adequate number of nurses and doctors who understand how to utilize these advanced tools. Currently, there is a major shortage of healthcare workers across the globe. According to the World Health Organization (WHO), by 2030 there will be a projected shortfall of over 18 million healthcare professionals worldwide including doctors, nurses, midwives, and other health workers. This shortage is more acute in developing nations where healthcare resources are already limited. With fewer trained medical staff on the ground, hospitals find it challenging to properly deploy and leverage new technologies like medical pendants. The staff is overburdened attending to basic duties and does not have the bandwidth to learn complex equipment. This acts as a deterrent for hospitals to invest in supplementary systems despite obvious clinical merits.

Recent Developments

New product launches

• On November 7, 2023, TELUS Health, a division of TELUS Corporation, a Canadian publicly traded holding company, launched a next-generation Medical Alert Pendant, a discreet wearable device which is specifically designed to empower older adults to confidently age in place with peace of mind knowing emergency support is available 24/7. The pendant comes with a connected Caregiver App that allows those who care for aging loved ones to receive updates about the user’s daily routines, mobility, and whereabouts when necessary.
• In May 2023, HandsFree Health, a provider of WellBe – a secure, HIPAA-compliant, voice-enabled virtual health assistant platform – launched Personal Emergency Response Speaker to its product offering. HandsFree Health provides state-of-the-art, secure, and HIPAA-compliant medical alert devices via smartwatch, pendant – and now – speaker. Each device is independent and available for individual purchase

Acquisition and partnerships

• On October 2, 2023, Cordis, a company involved in the development and manufacturing of interventional cardiovascular and endovascular technology, acquired MedAlliance, a Switzerland-based developer of drug-eluting balloon technology. This acquisition has added a key growth driver to the company's coronary and peripheral vascular portfolios as we expect SELUTION SLR (Sustained Limus Release) Drug-Eluting Balloons (DEB) will be the first Sirolimus DEB to market in key geographies.

Figure 2. Global Medical Pendants Market Share (%), by Product Type, 2023

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Top Companies in the Global Medical Pendants Market

• Hipac Healthcare Pty Ltd
• Surgiris
• Ondal Medical Systems
• STERIS plc.
• Elektra Hellas
• Starkstrom Ltd.
• Narang Medical Ltd.
• Brandon Medical
• TLV Healthcare
• Shanghai Amcaremed Technology Co., Ltd.
• Medimaxkorea
• Tedisel Medical
• Skytron LLC
• Starkstrom
• BeaconMedaes

Definition: A medical pendant is an indispensable gas supply medical device in the modern operating room of the hospital. It is mainly used for the terminal transfer of oxygen, suction, compressed air, nitrogen, and other medical gases in the operating room.