Medical Pendant Market Analysis
Global medical pendant market is expected to exhibit a solid 7% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global medical pendant market is expected to grow from a valuation of USD 95.18 million to USD 149.01 million by the end of 2023. The report provides a detailed overview of the global medical pendant market, including a review of the major drivers and restraints affecting the global market. The impact of the COVID-19 pandemic on the global medical pendant market is also assessed in the report.
Also Read :https://www.medgadget.com/2020/08/covid-19-outbreak-impact-on-medical-pendant-market-size-2020-industry-size-share-swot-analysis-technology-advancement-business-growth-opportunities.html
Medical pendants are wireless devices that alert healthcare professionals if the wearer has an attack of certain diseases. The increasing adoption of advanced technology in the healthcare sector is the major driver for the global medical pendant market. Medical pendants are among the most advanced medical technologies available to man, as they combine medical diagnostic capabilities with the wireless communication technology needed to alert healthcare professionals. The adoption of high-grade wireless communication technology around the world is a major driver for the global medical pendant market. Instant alerting is essential to the functioning of medical pendants, as medical care needs to reach the patient immediately in case of certain diseases such as heart attacks and stroke. The adoption of advanced wireless communication protocols around the world is thus likely to remain a major driver for the global medical pendant market over the forecast period.
On the other hand, the high cost of medical pendants is the major restraint against the global medical pendant market. Especially in emerging countries, the high cost of medical implants has held the market back, as most consumers cannot afford the high costs of medical pendants. Emerging technological upgrades and the increasing achievement of an economy of scale by medical pendant manufacturers are likely to bring the costs of medical pendants down in the coming years. This is likely to lead to increasing demand from the medical pendant market over the forecast period.
Medical Pendant Market Competitive Leaderboard:
Leading players in the global medical pendant market include BeaconMedaes, Surgiris, Starkstrom, Brandon Medical Co. Ltd., Tedisel Medical, Medimax Korea Co. Ltd., Elektra Hellas SA, Megasan Medikal, Ondal Medical Systems GmbH, and Skytron LLC. Major players in the global medical pendant market are likely to engage in technological innovation in the coming years, in order to come up with solutions that are easier to fit on humans and cheaper to boot.
Medical Pendant Market Segmentation:
The global medical pendant market is segmented based on product, application, and region.
By product, the global medical pendant market is segmented into fixed pendants, fixed retractable pendants, single arm movable pendants, double and multi-arm movable pendants, and accessories. Fixed pendants hold the largest share in the global medical pendant market due to their convenience and their older development, which has led to widespread adoption. The single arm movable pendants segment accounts for the highest growth rate among all product segments of the medical pendant market.
By application, the global medical pendant market is segmented into hospital, clinics, and others. The hospital segment is further sub-segmented into intensive care unit (ICU), operating theater (OT) and recovery room (RR), and emergency room (ER). The clinics segment is the fastest growing segment of the global medical pendant market.
Medical Pendant Market Regional Analysis:
North America is the largest regional market for medical pendants and is likely to dominate the global market over the forecast period. The high healthcare expenditure in North America is the prime driver for the medical pendant market in the region. The high disposable income of patients in the region is also a crucial driver for the medical pendant market, as high amounts of investment is needed to install a medical pendant.
Asia Pacific is the fastest growing regional market for medical pendants. Growing awareness about medical pendants is likely to be a major driver for the medical pendant market in Asia Pacific over the forecast period.
FOR MORE DETAILS – https://www.marketresearchfuture.com/reports/medical-pendant-market-6681
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