✷ Report Code: A01953 | Apr 2022 | Pages: 213 | ||
Tables: 73 | Charts: 51 |
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The global medical carts market was valued at $1.4 billion in 2020, and is projected to reach $4.7 billion by 2030, growing at a CAGR of 13% from 2021 to 2030. Medial carts are used in healthcare facilities to store and transport medicines & medical supplies. 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. Hospitals can use medical carts to keep all their medical supplies well organized. There are various types of medical carts available such as anesthesia carts, emergency crash carts, procedure carts, isolation carts, medication carts, and others.
Surge in usage of medical carts to handle the medications and its safety storage during pandemics propelled the growth of the market.
Growth of the global medical carts market is majorly driven by rise in number of aged individuals who are at high risk of developing chronic disorders. In addition, increase in focus on improving nursing efficiency, growth in emphasis on patient safety, and the rise in EHR adoption to prevent medication errors are some major factors that boost growth of the global medical carts market share. Furthermore, increase in significance of easy accessibility to critical medical supplies and growth in need to curtail mounting hospital costs along with increase in healthcare awareness further stimulate the demand for medical carts, thus boosting the growth.A 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. The delay in responding to these cases due to difficulty in accessing medical supplies has created a huge problem in the healthcare sector. Hence, many developing countries such as China, India, Mexico, and others are reforming their healthcare systems. This is expected to aid in promoting universal access to healthcare and adoption of technologically advanced products, which eventually improve the quality of health service and decrease medical errors. Many key players and government organizations invest more in the healthcare sector to improve patient safety and care. Investment in the healthcare sector has made it possible for the wide adoption of technologically advanced devices and products, such as medical carts, in emerging economies. Medical carts are used to treat a patient in emergencies by providing easy access to drugs, equipment, and devices. Medical carts are devices that increase patient safety by providing immediate patient care through their function and utility. Their presence reduces the chances of errors in medical settings and provides for an apt and productive prognosis. As patient safety is now a major concern in the developing economies, the use of equipment such as medical carts is anticipated to increase, thereby propelling the growth of the global medical carts market.
The outbreak of COVID-19 has disrupted workflows in the health care sector around the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care. However, there has been a positive effect on various products and services, including medical carts industry. As COVID-19 infection is widespread globally, patient care requirement has increased and personal protection &medical equipment such as medical carts are in high demand. The huge inflow of patients across the world diagnosed with various diseases has increased the usage of medical carts, which drive the growth of the market. Thus, the usage of medical carts during pandemic for the safe administration of medications is anticipated to drive the medical carts market growth during the forecast period.
Thus, surge in usage of medical carts to handle the medications and its safety storage during pandemichas propelled the growth of the medical carts industry. However, the medical carts market size is restrained by high cost incurred for the maintenance of medical carts.
Medical Carts Market Segmentation
The global medical carts market is segmented into type and region. Depending on type, the market is divided into emergency carts, anesthesia carts, procedure carts, and other carts.
By region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Segment Review
Depending on type, the emergency carts segment dominated the medical carts market share in 2020, and this trend is expected to continue during the forecast period,owing to rise in adoption for medical carts in hospitals, ambulatory surgical centers, and among others, as well as surge in manufacturing ofmedical carts by large number of key players.
North America garnered the major share in the medical carts market size in 2020, and is expected to continue to dominateduring the forecast period, owing to rise in geriatric population, presence of key players, development of the healthcare sector, and presence of new innovativemedical carts products in the region. However, Asia-Pacific is expected to register the highest CAGR of 13.8% from 2021 to 2030 during medical carts market forecast, owing to increase in use for the storage of medications.
The key players that operate in the global medical carts market include Armstrong Medical Inc., Cardinal Scale, Capsa Solutions LLC, Harloff Company, Intermetro Industries Corporation, ITD GmbH, Lakeside Manufacturing, Merino Healthcare, Midmark Corporation and The Bergmann Group.
Medical Carts Market Report Highlights
Aspects | Details |
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Market Size By 2030 | USD 4.7 billion |
Growth Rate | CAGR of 13% |
Forecast period | 2020 - 2030 |
Report Pages | 213 |
By Type |
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By Region |
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Key Market Players | Harloff Manufacturing Co, The Bergmann Group, Capsa Solutions LLC., Cardinal Scale, Lakeside Manufacturing, ITD GmbH, InterMetro Industries Corporation, Merino International, Armstrong Medical, Midmark Corporation |
Analyst Review
Increase in number of musculoskeletal disorders and advancements in new device launches are expected to propel growth of the medical carts market. In addition, improvement in consumer awareness, surge in demand for preventive healthcare services, and new advancements are predicted to broaden medical carts clinical applications and increase the number of product approvals. Furthermore, use of medical carts for safe handling of medications contributestoward growth of the market.
The market has gained interest of healthcare companies, owing to focus on preventive facilities provided to patients who are undergoing critical surgeries, which are more complex than other health conditions. This leads to upsurge in utilization of medical carts for the storage of equipment and drugs, thus driving the growth of the market.
North America is expected to witness highest growth, in terms of revenue, owing to rise in geriatric population, presence of key players, and advancements in healthcare investments. Asia-Pacific was the second largest contributor to the market in 2020, and is expected to register fastest CAGR during the forecast period, owing to increase in number of older population and unmet needs from advanced medical carts’ products. However, high cost associated with medical carts maintenance is projected to restrain the market growth during the forecast period.
The medical carts market is expected to register a significant growth, owing to the increase in hospitalization due to various diseases and injuries. The market has gained momentum due to the introduction of emergency carts, which provides immediate access to medications and equipment in the first thirty minutes of a medical crisis.
Medical carts are necessary in any facility, such as hospitals, outpatient surgical centers, urgent care centers, and others facilities, owing to the provision of immediate and sufficient amount of medications for patients with sudden deterioration rate in health. There are three main types of medical carts, such as emergency, procedure, anesthetic, and other carts. Previously, all medical carts were simpler in structure consisting drawers to store medical equipment and drugs, but nowadays the advanced medical carts feature locking castors, power coated steel panels, worktops made of thermoformed acrylonitrile-butadiene-styrene (ABS), which could be easily cleaned and disinfected. In addition, carts also feature a “pull out” writing pad, and the other type, which is designed to support a laptop with additional mouse support.
Emergency carts consists of on board defibrillators, type E oxygen cylinder holder, cardiac massage board, and others essentials. Furthermore, anesthesia carts include a probe or catheter holder, ampoule holder, and others. Emergency carts dominated the medical carts market during the forecast period as it features many essential drugs, medications, medical devices, and medical instruments, which are easily accessible via carts. In addition, procedure carts are expected to grow with the highest CAGR during the forecast period with wide adoption globally as these carts aid in operating procedures with an easy access to medical tools and vital drugs. Furthermore, in the developing countries, such as China and India, there is an increase in demand for medical carts due to the dense population and the need to provide bedside care and safety quickly. However, high cost of medical carts due to requirement of various modifications, dearth of skilled professionals, and scarcity of funds are factors that restrain the market growth specially in the developing economies. In addition, lack of sterilized medical carts is a key factor that restrains the market growth globally as there are many cases in which the carts have spread allergies across the hospital.
A. The total market value of Medical Carts market is $1374.17 million in 2020.
A. The forecast period for Medical Carts market is 2021 to 2030.
A. The base year is 2020 in Medical Carts market.
A. Top companies such as Armstrong Medical Inc., Cardinal Scale, Capsa Solutions LLC, Harloff Company, Intermetro Industries Corporation, ITD GmbH, Lakeside Manufacturing, Merino Healthcare, Midmark Corporation and The Bergmann Group held a high market position in 2020.
A. Emergency Carts segment dominated the global market in 2020, and expected to continue this trend throughout the forecast period due to the technological advancements and new product launch and thus is expected to drive the segment
A. Increase in demand for new technologies in Medical Carts , advanced infrastructure for research & development and investments in healthcare is anticipated to drive the market in the forecast period.
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