I have the exact same topic as you. I also work on simulation of hospital stuff and currently I’m cracking my head over pendants and OR-Lights. Maybe we could work together on this and find a solution together. Feel free to contact me! I would appreciate it.
However, I build a simple pendant and was playing around with physics constraints and I ended up getting pretty good settings for the constraints to have both arms move in a realistic matter. It isn’t that hard though. Just place the physics constraint actor where the pivot of rotation should be und you’re good to go for a simple rotation in at least one axis.
EDIT: I uploaded a video to youtube which shows what I got so far. Note that I am using a VR-Test Pawn because I can’t test with HMD right now. Link: UE4 Physics Constraints Actor Pendants Simulation VR - YouTube