PUBLISHER: Grand View Research | PRODUCT CODE: 1170954
PUBLISHER: Grand View Research | PRODUCT CODE: 1170954
The global medical pendant market is anticipated to reach USD 845.51 million by 2030, registering a CAGR of 6.69% during the forecast period, according to a new report by Grand View Research, Inc. Increasing volume of chronic care patients and rising investments in healthcare infrastructural development are the factors expected to boost demand for medical pendants.
The rise in number of patients needing medical care is expected to propel the medical pendant market growth. For instance, escalating geriatric population, surging prevalence of chronic and infectious diseases has caused in a significant growth in hospital admissions for critical care. This in turn has led to uplifting demand for the medical pendant installations in healthcare settings, thereby boosting the market growth.
Emergence of highly sophisticated hospitals such as super-specialty and multi-specialty hospitals will increase demand for the installation of medical pendants. For instance, according to American Hospital Association statistics in 2020, there were 6,146 acute care and critical acess hospitals in the U.S.
In addition, due to the significant outbreak of this infectious disease, there has been a global demand for the modern healthcare services and infrastructure to treat infected patients that have never been seen before. Therefore, the medical pendants which are an important aspect of the healthcare services are in high demand, globally, due to the escalation in COVID-19 patients. Thus, the outbreak of COVID-19 in the year 2020 has positively impacted the market growth..