Medical Carts Market
Medical Carts Market - Global Industry Assessment & Forecast
- By Product Type Mobile Computing Carts, Emergency Carts, Procedure Carts, Anesthesia Carts, Medication Carts, Other Product Types
- By End User Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers
- By Application Physicians, Nurses, Other Applications
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 2.1 Billion|
|Revenue 2028:||USD 5.2 Billion|
|Revenue CAGR (2021 - 2028):||16.5%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
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- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
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Global Medical Carts Market is valued at USD 2.1 Billion in 2021 and is projected to reach a value of USD 5.2 Billion by 2028 at a CAGR of 16.5% over the forecast period.
The Medical Carts Market is being propelled forward by factors such as the growing need for patient-centered care, the rise in the number of outpatient treatments, and the expansion of the home healthcare industry. A number of factors, such as the growing number of elderly people around the world and the accompanying increase in the incidence of chronic diseases, improvements in Medical Carts technology, and increasing global investments in healthcare information technology infrastructure, are also driving the market's expansion. Market expansion for Medical Carts is highly probable, given the rising number of healthcare facilities worldwide. Barcode scanning and wireless charging are just two examples of the features included in today's Medical Carts that greatly expand their usefulness. One of the most noticeable changes in the Medical Carts Market is the increasing prevalence of cloud-based solutions.
Medical Carts Market Size, 2021 To 2028 (USD Billion)
Cloud-based solutions offer a variety of benefits, including the ability to back up data in real time, accessibility from a distance, and a reduction in the total cost of ownership (TCO). The expansion of the market is being hampered, however, by the steep prices of Medical Carts and worries over the safety of customers' data.
On the other hand, the absence of consistency in product design is one of the primary factors that is preventing the market for Medical Carts from expanding at a faster rate. Because of this, there is currently a lack of interoperability between various carts, which restricts their use across a wider range of healthcare facilities. In addition, these carts are utilized for storing and carrying sensitive medical equipment and supplies, which raises concerns regarding patient privacy as well as data security. As per the research, some other restraints in the Medical Carts Market are as follows:
1. Lack of standardization: There is a lack of standardization in terms of the design, features, and functionality of Medical Carts, which hampers the market growth.
2. High cost: The high cost of Medical Carts is another major restraint for market growth.
3. Limited storage space: The limited storage space in Medical Carts is another factor restraining the market growth.
Role of technology in the growth of the Medical Carts Market
The development of cutting-edge technologies has played a critical role in the rise of the Medical Carts Market. New and improved Medical Carts, as well as the introduction of inventive new carts, have contributed to a rise in demand around the world. Improvements in technology have allowed manufacturers to equip Medical Carts with several innovative and useful features. For instance, some of the most up-to-date models feature GPS tracking capabilities, allowing medical staff to quickly locate a specific cart should they need it in a different part of the facility. Barcode scanners and radio frequency identification tags are just two examples of cutting-edge technology currently being integrated into Medical Carts to increase their usefulness. One of the primary factors driving the growth of the Medical Carts Market is the increasing usage of new technology, such as electronic health records (EHRs) and point-of-care (POC) devices. Clinical staff benefits from these technologies since they speed up their processes and cut down on paperwork. And with the use of Medical Carts, doctors may easily access patient records kept in electronic health records. In addition, physicians can monitor patients' vital signs and provide medicine right at the bedside thanks to POC equipment coupled with Medical Carts. This contributes to better patient outcomes and fewer unnecessary hospitalizations.
Top Market Trends
The Medical Carts Market is growing at a rapid pace due to the increasing demand for patient-centric healthcare services. The trend of digitization in healthcare is also driving the growth of the Medical Carts Market. The rising adoption of mobile technologies and BYOD (Bring Your Own Device) policies in healthcare organizations are promoting the use of Medical Carts. The ability of Medical Carts to improve workflow efficiency and patient safety is another key factor driving their adoption in hospitals and clinics.
Some of the top market trends observed in the Medical Carts Market include:
● Increasing preference for wireless Medical Carts: Wireless Medical Carts are gaining popularity due to their ability to improve workflow efficiency. These carts enable clinicians to access patient data and other information from any location within the hospital or clinic premises.
● Rising demand for smart Medical Carts: Smart Medical Carts are equipped with advanced features such as touchscreens, barcode scanners, and RFID readers. These features help clinicians in managing inventory, access patient records, and track assets.
● Growing adoption of cloud-based solutions: Cloud-based solutions offer several benefits such as scalability, flexibility, and cost-effectiveness. These solutions are being increasingly adopted by healthcare organizations for storing and managing patient data and other information.
● Increase in mergers & acquisitions: There has been a significant increase in the number of mergers & acquisitions in the Medical Carts Market over the past few years. This trend is expected to continue during the coming years.
The Global Medical Carts Market is segmented based on Product Type, End-Users, Application, and Region. Based on Product Type, the market is classified into Mobile Computing Carts, Emergency Carts, Procedure Carts, Anesthesia Carts, Medication Carts, and Other Product Types. Based on End Users, the Medical Carts Market has been segmented into Hospitals, Clinics, Diagnostic Centers, and Ambulatory Surgical Centers. Application-wise, the Global Medical Carts Market has been segmented into Physicians, Nurses, and Other Applications. Based on their respective geographic locations, the international market for Medical Carts can be segmented as follows: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA).
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With approximately 41.2% of the market in 2021, the Emergency Cart subsegment has established itself as the industry frontrunner. Carts designed for use in medical facilities, emergency vehicles, and even in patients' homes are designed to be easily cleaned and stocked with everything needed to respond to a medical emergency. In addition, innovations such as reduced weight, increased portability, and enhanced ergonomics are anticipated to increase demand for emergency Medical Carts over the projected period. In addition, the emergency Medical Carts's ergonomic design, portability, and mobility are three further advantages that set it apart from the competition. Due to the widespread adoption of procedural carts in healthcare facilities, the procedure market is poised for rapid growth in the coming years. Products like these make it possible to get essential medicines during invasive medical procedures like endoscopy and cardiology. The future expansion of the procedure carts market is expected to be driven by these advantages.
Based on End User
The majority of Medical Carts are sold to hospitals, which are also the most common end users. They are becoming more popular since they are advanced technologically and portable medical workstations. These developments provide adaptable and effective methods of drug delivery. In addition, a number of factors are expected to drive demand from hospitals, including a greater emphasis on patient engagement and the promotion of incentive packages to increase patient participation. However, there will likely be a steady increase in the use of Medical Carts in doctors' offices and freestanding clinics during the next few years. There has been a growing need for and interest in compact, multipurpose medical solutions, thus it is no surprise that this trend has emerged. As these carts are used to transport heavy items like medical supplies, computers, and filing cabinets, their popularity in hospitals and medical offices is expected to rise dramatically over the next several years. The clinics' segment is also expected to witness high growth over the forecast period owing to the rising number of outpatient visits globally. In addition, government initiatives to promote primary healthcare are expected to boost the adoption of Medical Carts in clinics. The ambulatory surgery centers (ASCs) segment is expected to grow at a significant rate over the forecast period due to factors such as the rising number of ASCs and growing preference for minimally invasive surgeries. In 2021, hospitals bought the most Medical Carts, and this segment is expected to grow at a CAGR of more than 5% during the forecast period.
Based on Application
Physicians need Medical Carts that can hold a lot of equipment and supplies. They also need the carts to be mobile so they can easily move them around the hospital. Nurses need Medical Carts that are smaller and more compact. They also need the carts to be easy to clean so they can keep the patient area clean. Others who use Medical Carts include custodial staff, orderlies, and technicians. Hospitals and nursing homes make considerable use of Medical Carts to organize and store patients' medications. These carts provide the nursing staff and other hospital employees with an easier way to keep track of the drugs and dosages given to patients. They also assist in lessening the likelihood of making mistakes when administering medication to patients. During the time under consideration, it is anticipated that the specimen collection segment will record the highest CAGR. In hospitals, clinics, and even laboratories, Medical Carts are put to use for specimen collecting. They contribute to lowering the danger of contamination and improving the efficiency of the workflow.Based on Region
Because of the concentration of so many of the industry's most important establishments in North America, the area has a commanding lead in the global market for Medical Carts. The United States of America held the greatest proportion of the Medical Carts Market in North America in the year 2016. During the period covered by this forecast, the market for Medical Carts in the US is expected to grow at a rate of 6.4% per year. It is anticipated that the expansion of the Medical Carts Market in North America would be driven by the increasing number of hospitals and clinics located throughout the region.
Due to significant healthcare expenditures and advantageous reimbursement rules in Western European countries, Europe is the second-biggest regional market for Medical Carts. The United Kingdom (UK), Germany, and France are among Europe's most important markets for Medical Carts. During the period covered by this forecast, the market for Medical Carts in the Asia Pacific is anticipated to expand at a compound annual growth rate (CAGR) of 7.7%. This is primarily attributable to increasing healthcare expenditures as well as government initiatives to develop healthcare infrastructure in developing countries such as India and China. During the projection period, it is anticipated that the markets for Medical Carts would be most lucrative in Latin America and the Middle East and Africa (MEA). This is owing to the increased investment by public and private players to develop healthcare facilities in these regions.
The key players in the Global Medical Carts Market include- Ergotron Inc, ITD GmbH, Capsa Healthcare, Enovate Medical, Touch Point Medical, JACO Inc., Advantech Co. Ltd, Harloff Manufacturing Co., Medline Industries Inc., Armstrong Medical Inc., McKesson Medical-Surgical Inc., Omni cell Inc., Altus Health Systems, Compu Caddy, GCX Corporation, Parity Medical, Her go Ergonomic Support Systems Inc., Performance Health (formerly Patterson Medical), Market Lab Inc. and others.
In recent years, the Medical Carts Market has seen several advances.
● One of the most significant has been the development of new materials that offer greater durability and flexibility. This has led to Medical Carts that are more lightweight and easier to maneuver, making them ideal for use in a variety of settings. In addition, new technology has allowed for the integration of features such as touch screens and wireless connectivity, making Medical Carts even more user-friendly.
● Some of the key players operating in this market are focused on strategies such as product launches and expansions to gain a competitive edge in the market. For instance, in May 2017, Getinge Group launched its new mobile Medical Carts line known as Maquet Servant 560 Series. This launch helped the company expand its product portfolio and strengthen its position in the Medical Carts Market.
● The increasing number of hospitals and clinics is one of the major factors driving the growth of the Medical Carts Market. According to WHO, there were around 37 million hospital beds worldwide in 2014 and this number is expected to increase in the coming years owing to the growing demand for quality healthcare services. Moreover, rising awareness about patient safety is another key factor that is projected to fuel the demand for Medical Carts over the forecast period.
Segmentation of the Global Medical Carts Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Medical Carts in terms of revenue?
The global Medical Carts valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 16.5%.
Which are the prominent players in the market?
The prominent players in the market are Ergotron Inc, ITD GmbH, Capsa Healthcare, Enovate Medical, Touch Point Medical, JACO Inc., Advantech Co. Ltd, Harloff Manufacturing Co., Medline Industries Inc., Armstrong Medical Inc., McKesson Medical-Surgical Inc., Omni cell Inc., Altus Health Systems, Compu Caddy, GCX Corporation, Parity Medical, Her go Ergonomic Support Systems Inc., Performance Health (formerly Patterson Medical), Market Lab Inc..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 16.5% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Medical Carts include
- Rising prevalence of Musculoskeletal Injury (MSI)
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Medical Carts in 2020.