Medical Carts Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type : Global Opportunity Analysis and Industry Forecast, 2021-2030

Medical Carts Market Research, 2030

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.

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.

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.

  Medical Carts Market Report Highlights

Aspects	Details
Market Size By 2030	USD 4.7 billion
Growth Rate	CAGR of 13%
Forecast period	2020 - 2030
Report Pages	213
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, Merino International, ITD GmbH, Harloff Manufacturing Co, Lakeside Manufacturing, Cardinal Scale, Capsa Solutions LLC., The Bergmann Group, 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.
 

Author Name(s) : Monika Darandale | Roshan Deshmukh

Related Tags

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