Metagenomics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 29, 2021 by statzyreports

The Medical Pendant Market was valued at USD 373.79 million in 2020 and is expected to reach USD 549.35 million by 2026, registering a CAGR of 5.76 % during the forecast period.

 
The COVID-19 pandemic is expected to show the positive impact on the global medical pendant market and is projected to experience significant growth in the forecast period. Globally, the World Health Organization (WHO) has given new guidance on healthcare that is to focus on strengthening healthcare systems and health security during the COVID-19 pandemic. This factor is predicted to drive the demand for improvement of hospital facilities, which is expected to propel the market growth.

The factors driving the market growth include increasing the number of surgeries and improving healthcare infrastructure for better workflow.

Adding to that, the growing government supports maintaining a constant supply of medical equipment to meet consumer demand. These aspects are expressively affecting the medical pendant market growth.

According to the European Heart Journal, in 2019, approximately 75% of upper gastrointestinal bleeding was diagnosed in a population. Furthermore, between 80 to 150 per 100,000 population incidences were reported for upper gastrointestinal bleeding. Endoscopy is a procedure that is used for the diagnosis of gastrointestinal bleeding. Hence, as the number of endoscopic procedures is increasing, the demand for a pendant system will also boost.

According to the World Health Organization (WHO) 2018, globally, Chronic diseases are the leading causes of death and disability. Disease rates from chronic conditions are accelerating worldwide, advancing across every region and pervading all socioeconomic classes. In the year 2020, the contribution of chronic diseases caused 73% of all deaths and 60% of the global burden of disease. Thus, growing burden of chronic diseases which increases demand for various treatment procedures and surgeries which ultimately increases use of medical pendant systems thereby leads to the growth of the market in future.

Furthermore, the introduction of new advanced products by market players is also contributing to market growth. For instance, Ondal Medical Systems GmbH offers MediBoom with Service Head M6, a single-arm movable medical pendant that can be integrated with M6 MediSound-System. This system is manufactured using a special antibacterial material and is resistant to harmful bacteria. However, the high cost of medical pendant system setup and unavailability of skilled nursing staff are factors which are impeding the market growth.

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Key Market Trends

Fixed Pendant Segment is Expected to Hold a Major Market Share in the Medical Pendant Market



The major factors driving the segment growth include rising number of surgeries, anesthesia and endoscopy procedures. Fixed medical pendant systems are economic, lightweight, and can be easily installed, which further increases the demand for medical pendant systems in the market. Thus, an increasing prevalence of chronic diseases, and an increasing number of hospitals using fixed pendant systems are driving the market growth.


During COVID-19 pandemic 2020, the global medical pendant market showed positive growth owing to increasing hospital admissions along with rising number surgeries for patients who are suffering with chronic disorders. Medical oxygen is a key treatment for severe pneumonia caused by COVID-19.


Moreover, these systems provides a protection from infections and provides safety in hospital. For instance, As per World Health Organization (WHO), as of 3 March 2021, there have been 114,315,846 confirmed cases of COVID-19, including 2,539,427 deaths. With the growing numbers of COVID-19 patients in hospitals and the need for attention and care of these patients have increased the demand for fixed medical pendants.


Coronary heart disease (CHD) is the most common type of heart disease. According to the British Heart Foundation Centre, in 2018, there were around 7.4 million people with heart and circulatory diseases in the United Kingdom. More than 43,000 people under the age of 75 in the United Kingdom die from heart and circulatory diseases each year. Due to high prevalence of cardiovascular diseases increases number of surgical procedures in the management of the diseases which ultimately rise demand for fixed pendant systems which shows positive impact on the market.


A fixed pendant system provide multiple sockets for supply of gas, connecting ventilators, etc. It has a crucial role as a supporting device in a hospital for maintaining safety and minimizing the risk of contamination. It is commonly used in recovery rooms and intensive care units.


Furthermore, according to Eurostat, in the United Kingdom, approximately 731.1 per 100,000 cataract surgeries were performed in the year 2017. These surgeries require a pendant system for operating and thereby it is expected to drive the market growth over the forecast period.


North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to be dominant in the medical pendant market due to the increasing number of hospitals and their improving healthcare infrastructure. According to the American Hospital Association 2021 survey, there are approximately 6,090 hospitals in the United States in 2019. This demand for efficient work-space and workflow with minimal risk. Medical pendant enables to provide an optimum work-space and wireless floors which reduces the risk of accidents. Also, with the evolving hospitals in terms of their infrastructure and equipment, it is expected to fuel the demand for the medical pendants and drive the market growth.

In the North American region, United States has been the most affected country with COVID-19. As per World Health Organization (WHO), as of 3 March 2021, there have been 28,345,585 confirmed cases of COVID-19, with 510,924 deaths. With the increasing cases of COVID-19, it is likely to drive market growth as this will raise demand for medical pendant use in Intensive Care Units in the management of COVID-19 patients.

According to the American Heart Association, 2019, approximately 121.5 million U.S. adults have some form of cardiovascular disease, which directly resulted in a higher demand for highly efficient and immediate diagnosis which shows positive impact on market growth.

Furthermore, as per the 2019 updates of Healthgrades Operating Company, Inc. it was reported that every year about 500,000 women in the United States have a hysterectomy, about 460,000 U.S. residents have a cholecystectomy and 1.3 million pregnant women seek by C-section in the United States.

In addition, as per the OECD data in 2018, in Canada around 38,045 Laparoscopic Appendectomy procedures, 72,998 Laparoscopic Cholecystectomy procedures and 105,689 Caesarean Section procedures were performed. With the increasing number of surgeries is expected to drive market growth as this will rise demand for medical pendant systems. Thus, considering above mentioned factors it is expected to show significant growth over the forecast period.

Competitive Landscape

The Medical Pendant Market is moderately fragmented and consists of several major players. The market players are adopting various growth strategies such as introduction of technological advance products, collaborations, merges, expansions and acquisitions. For instance, Trivitron Healthcare offers multi-purpose surgeon pendants, which consist of long vertical consoles and serve as both equipment and fluid management pendants during surgeries. Some of the market players include Drägerwerk AG & Co. KGaA, NOVAIR Medical, BeaconMedaes, Steris Plc and Shenzhen Mindray Bio-Medical Electronics Co., Ltd, and others.

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Issued By Statzy Market Research
Country India
Categories Health
Tags metagenomics market , metagenomics market forecast , metagenomics market share , metagenomics market size
Last Updated April 29, 2021