Growth of the global medical carts market is majorly driven by. upsurge in use of electronic health record (EHR) and electronic medication administration record (eMAR) to avoid medical errors, rise in need for rapid & easy accessibility to medical supplies &equipment, and growth in focus on improvement of patient safety & nursing efficiency. Furthermore, development of advanced technologies, such as telemedicine, fuels the demand and application of medical carts. In addition, increased adoption of electronic medical records, surge in incidences of musculoskeletal injury and technological advancement in the medical carts products propel the growth of the market.
Rise in healthcare facilities, increased healthcare burden, and innovation of new medical devices are the major factors that drive the global medical carts market. In addition, the key players such as Merino Healthcare Ltd, and Armstrong Medical Inc., contribute toward the market growth.
Furthermore, rise in geriatric population and increased burden of chronic diseases lead to rise in hospital admissions are likely to drive the growth of the market.
However, high costs of medical carts, limited availability of funds, and dearth of skilled professionals could impede the market growth. Presently, people are more aware of health, which, in turn, compels them to maintain their health condition and increase demand for treatment of various diseases that lead to rise in hospital care. This has encouraged many key players to enter emerging market, thus offering lucrative growth opportunities in the medical carts market.
The medical carts market is segmented on the basis of type and region. By type, the market is categorized into emergency carts, anesthesia carts, procedure carts, and other carts.
Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global medical carts market are Armstrong Medical Inc., Capsa Solutions LLC, Cardinal Scale, Harloff Company, Intermetro Industries Corporation, ITD GmbH, Lakeside Manufacturing, Merino Healthcare, Midmark Corporation and The Bergmann Group.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical carts market analysis from 2020 to 2030 to identify the prevailing medical carts market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical carts market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical carts market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Emergency carts
- Procedure carts
- Anesthesia carts
- Other carts
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- InterMetro Industries Corporation
- Harloff Manufacturing Co
- Armstrong Medical
- Capsa Solutions LLC.
- ITD GmbH
- Midmark Corporation
- The Bergmann Group
- Lakeside Manufacturing
- Cardinal Scale
- Merino International
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Table of Contents
Executive Summary
According to this report titled, 'Medical Carts Market,' the medical carts market was valued at $1.4 billion in 2020, and is estimated to reach $4.7 billion by 2030, growing at a CAGR of 13% from 2021 to 2030.Medical cart is a mobile equipment, which consists of a set of shelves, trays, compartments, and drawers for hospital use and medical settings. It carries, dispenses, and transports emergency drugs, medicines, medical devices, and medical instruments. Carts are a crucial aspect of medical aid as it provides storing, recording, and dispensing drugs, supplies, and patient information along with patient care. Many carts are designed to supply various surgical and emergency needs depending on the operating room and other medical settings. Medical carts are light weight and durable at the same time. Medical carts can be specialized for any scenario from crash carts, isolation carts, respiratory carts, and many more.
The factors that drive the growth of the medical carts market size include the need for bedside patient care in various situations, such as in operating rooms and other emergency circumstances. Innovation in functionality of medical carts that feature universal mounting accessory function, RFID (Radio-frequency identification) locking drawers, and dual pull up shelves enhance the utility of the emergency carts further drive medical carts market growth. Moreover, growth in healthcare expenditure and investments in the market have encouraged the manufacturers to develop cost-effective and customized medical carts in the developing countries, boosting the medical carts market size.
In addition, significant burden of diseases in developing countries is caused by time-sensitive injuries and illness, such as severe infections, hypoxia, intentional and unintentional injuries, and others, which contribute to the growth of the medical carts market. Furthermore, surge in patient population suffering from colorectal cancer and gastrointestinal disorder and technological advancements leading to production of effective optical fibers in endoscopy devices notably contribute toward the medical carts market growth. For instance, in January 2019 Extron Inc., introduced its new Versa Medical Electronics cart design platform. The versatile new cart design platform offers multiple height options, surfaces, handle options, metal or plastic components, multiple doors, drawers, monitor mounting solutions. In addition, in November 2020, Midwest Products and Engineering launched custom medical device carts called MACH series that are ideal for emergency care units due to their easy customization and configuration. Thus, increase in the number of product approvals, thus boosting the market growth. Moreover, according to the data provided by World Population Prospects: the number of older people aged 65 years or above is expected to more than double. Thus, surge in older population leads to more number of hospital admissions that propel the medical carts market growth.
Surge in innovations in healthcare product offerings and increase increases of chronic diseases further generate lucrative opportunities for medical carts industry.
The medical carts market is segmented into material, type, and region. On the basis of by type, the market is categorized into emergency, anesthesia, procedure, and other carts.
The emergency cart segment dominated the medical carts industry in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of product approvals, advancements in R&D activities in pharmaceutical & medical device industries, and surge in adoption of medical carts products.
North America accounted for a majority of the global medical carts market share in 2020, and is anticipated to remain dominant during the medical carts market forecast. This is attributed to rise in production of optical fibers in endoscopy, increase in number of approvals for medical carts, rise in presence of key players, and surge in development of technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in number of musculoskeletal disorders.
KEY FINDINGS OF THE STUDY
- By type, the emergency cart segment was the highest contributor to the market in 2020.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the medical carts market analysis.
Companies Mentioned
- InterMetro Industries Corporation
- Harloff Manufacturing Co
- Armstrong Medical
- Capsa Solutions LLC.
- ITD GmbH
- Midmark Corporation
- The Bergmann Group
- Lakeside Manufacturing
- Cardinal Scale
- Merino International
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 213 |
Published | April 2022 |
Forecast Period | 2020 - 2030 |
Estimated Market Value ( USD | $ 1374.17 million |
Forecasted Market Value ( USD | $ 4673.34 million |
Compound Annual Growth Rate | 13.0% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |