Medical pendants are wearable devices that can store important medical information, such as allergies, medications, and medical history. They can also be used to send emergency alerts or to activate medical equipment.
The global medical pendant market is expected to grow at a CAGR of 5.86% from 2023 to 2028. The growth of the market is being driven by a number of factors, including the increasing prevalence of chronic diseases, the aging population, and the growing demand for patient safety.
According to Stratview Research, the medical pendant market was valued at USD 537.39 million in 2022 and it is projected to reach USD 760.12 million by 2028, growing at a CAGR of 5.86% during the forecast period.
Market Drivers
The increasing prevalence of chronic diseases is one of the major drivers of the medical pendant market. Chronic diseases such as diabetes, heart disease, and asthma require frequent monitoring and treatment, and medical pendants can help to ensure that people with these conditions receive the care they need.
The aging population is another major driver of the medical pendant market. The global population is aging, and older adults are more likely to have chronic diseases and to experience falls. Medical pendants can help to keep older adults safe and independent.
The growing demand for patient safety is also a major driver of the medical pendant market. Medical pendants can help to improve patient safety by providing a way to quickly and easily call for help in an emergency.
Market Segmentation
The global medical pendant market is segmented by product type, installation type, application type, end-user type and region.
By product type, the market is segmented into personal medical alert pendants and clinical medical pendants. Personal medical alert pendants are designed for use by individuals who want to be able to call for help in an emergency. Clinical medical pendants are designed for use by healthcare professionals.
By region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is the largest market for medical pendants, followed by Europe and Asia-Pacific.
Key Players
Some of the major medical pendant manufacturers are-
- Elektra Hellas S.A.
- Starkstrom
- Brandon Medical Co., Ltd.
- Skytron LLC
- Ondal Medical Systems GmbH
- Surgiris
- Beaconmedaes
- Medimaxkorea
- Tedisel Medical
- Megasan Medikal
- Steris plc
Market Trends
Some of the key trends in the medical pendant market include:
- The increasing adoption of wireless technology
- The growing popularity of wearable devices
- The development of new medical pendant technologies
Conclusion
The medical pendant market is a growing industry, and it is expected to continue to grow in the coming years. The growth of the market is being driven by a number of factors, including the increasing prevalence of chronic diseases, the aging population, and the growing demand for patient safety.
The key players in the market are focusing on developing innovative products and expanding their product portfolio. They are also focusing on expanding their distribution network to reach a wider range of customers.
The medical pendant market is expected to witness significant growth in the coming years. The growth of the market will be driven by the increasing demand for wearable devices and the growing adoption of wireless technology.
