Medical Carts Market

Medical Carts Market Size (2022 to 2027)

During the forecast period, the global medical carts market is estimated to grow at a CAGR of 15.2% and will be worth USD 2.99 billion by 2027 and USD 1.47 billion in 2022.

Mobile healthcare technology is expected to see widespread adoption as the need for access to medical information at the point of service grows. The growth in musculoskeletal injury (MSI) instances among the population and the availability of technologically improved goods with superior construction, design, features, and alternatives to meet customer needs. Medical carts allow caregivers to store laptops that can be quickly accessible to conduct various tasks in the hospital environment. Furthermore, because medical carts are equipped with FDA-approved battery systems and wireless technology, healthcare professionals and caregivers may easily access, save, and retrieve patient information at clinics and hospitals.

MARKET DRIVERS:

The rise in need for quick and easy accessibility to medical facilities, growing focus on patient safety, nursing efficiency, and advancement in technologies, such as telemedicine, are key factors propelling the global medical carts market growth.

Furthermore, Y-O-Y growth in trauma, injury, and infections among people leads to increased hospitalization or frequent hospital visits, propelling the global medical carts market. According to the 2018 statistics published by the World Health Organization (WHO), approximately 37.3 million cases require medical attention, whereas nearly 646,000 individuals die annually. Furthermore, increasing consciousness on developing nursing efficacy, advancements in healthcare in under-developed countries, amplifying the adoption of electronic health records (EHR), and patient safety further propel the global medical carts market's growth during the forecast period. Besides, improving healthcare infrastructures in rapidly growing countries, such as India and China, fosters the demand for medical carts.

In addition, the growing need to eliminate medical errors, the rising adoption of telemedicine, and the rapid adoption of technological advancements are promoting the growth rate of the medical carts market. Furthermore, the growing healthcare expenditure is further favoring the market’s growth rate.

MARKET RESTRAINTS:

The high cost of customized medical carts, a shortage of skilled professionals, and scarcity of funds restrain market growth, especially in developing countries. Besides, the high maintenance of medical carts that need regular sterilization to avoid spreading allergies across the hospital restricts the market growth. Additionally, the rise in price competition among the key manufacturers is hampering the market growth. Furthermore, before introducing any new product, the manufacturers must meet all the FDA rules and guidelines, limiting the market growth rate. Another factor diminishing the sales of medical carts is an under-qualifying workforce. In addition, the shortage of highly trained professionals restricts the amount invested towards medical carts, negatively impacting the market growth.

Impact of COVID-19 on the global medical carts market:

Following the COVID-19 outbreak, medical cart manufacturers have been rushing to make sound decisions concerning their products, regulatory policies, and supply chains in the wake of rising hazards. Globally, the healthcare sector must deal with the surging challenges due to the spreading of pandemics and economic disruptions. However, medical cart manufacturers have been resilient in the pandemic's face, embracing every opportunity to ensure fast delivery to the market and maintain the supply and demand gap. During COVID-19, the medical carts market had moderate growth owing to the growing need for medical supplies, increased focus on patient safety, and rising adoption of healthcare technologies such as telemedicine. However, considering the reduced impact of the COVID-19 pandemic, the medical carts market is anticipated to have a healthy growth rate in the coming years.

REPORT COVERAGE:

This research report on the global medical carts market has been segmented based on the product, type, end-user, and region.

Medical Carts Market - By Product:

• Mobile Computing Carts
• Wall-Mounted Workstations
• Medication Carts
• Medical Storage Columns, Cabinets, & Accessories
• Others

Based on product, the mobile computing carts segment captured the largest share of the global medical carts market in 2021, and the domination of the segment is likely to continue during the forecast period. The growing adoption of mobile computing carts by hospitals and clinics is one of the major factors propelling segmental growth. In addition, the rising adoption of technological advancements to manufacture advanced mobile computing carts favors the segment's growth.

Medical Carts Market - By Type:

• Anesthesia Carts
• Emergency Carts
• Procedure Carts
• Others

Based on type, the emergency medical carts segment accounted for the major share of the worldwide medical carts market in 2021. The domination of the segment can be attributed to the higher usage in emergency care units. In addition, the increasing number of road accidents and the growing need for emergency care are expected to boost segmental growth in the coming years. Emergency medical carts are easy to clean and are equipped with medical devices or drugs used in emergencies such as cardiac arrest. In addition, advancements such as improved mobility, lighter weight designs, and enhanced ergonomics are expected to boost these medical carts' adoption over the forecast period.

The procedure segment is expected to gain popularity in the coming years due to the consistent usage of these carts in several hospital settings. These products help operating procedures, such as cardiology and endoscopy, and provide access to essential therapeutics. These benefits are anticipated to propel the segment's growth in the future.

Medical Carts Market - By End-use:

• Hospitals
• Ambulatory Surgical Centers
• Physician Offices or Clinics
• Others

Hospitals are the largest end-users of medical carts. The availability of technologically advanced and portable medical workstations is pushing their adoption. These advancements entail adjustable, secure, and efficient systems for medication delivery.

Increasing focus on patient engagement and promoting EHR incentive programs in hospitals to encourage patient involvement are among the agents anticipated to drive the demand for medical carts in this segment.

The increasing adoption of these workstations in physicians' offices or independent clinics is expected to observe a constant rise in the coming years. It can be attributed to increasing awareness and demand for one-stop solutions that take up less space and are adaptable to various medical needs. Furthermore, as these carts assist in carrying medicines, medical equipment, computers, and storage cabinets, their adoption in clinics is expected to register notable growth over the forecast period.

Medical Carts Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American medical carts market is forecasted to grow at an exponential CAGR during the forecast period. The presence of streamlined healthcare operations – from hospital admissions to reimbursements- is the key factor contributing to the region's dominance in the market for medical carts. As a result, medical device manufacturers in this region focus on developing advanced medical carts on wheels to meet customer demand.

The Asia Pacific medical carts market is expected to observe lucrative growth as manufacturers concentrate on developing low-cost devices with higher efficiency. Global players are also investing in local companies due to the low labor and raw materials costs. Rapid economic growth increased healthcare expenditure, and recent healthcare and hospital reforms drive China's medical carts market. An increase in the aged population and advancement in private & public hospitals further boost the region's market 

KEY MARKET PLAYERS:

Notable companies playing a dominant role in the global Medical Carts Market profiled in this report are AFC Industries, ITD GmbH, Advantech Co., Ltd, Harloff Manufacturing Co., Omnicell Inc., Midmark Corporation, The Bergmann Group, Capsa Healthcare, Jaco Inc., and Waterloo Healthcare.

RECENT MARKET DEVELOPMENTS:

• In May 2019, Capsa Healthcare launched the SlimCart documentation cart, an ultra-lightweight and compact cart to mobilize EHR in any healthcare setting. 
• In January 2018, Omnicell, Inc., a medication and supply management solution provider, presented its medication management automation platform and product portfolio at the Arab Health Exhibition and Congress held in Dubai.