Medical Carts Market Expected to Reach $4.7 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, 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.

A medical cart is a mobile piece of 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 of 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 lightweight 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 the 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 driving 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 developing countries, boosting the medical carts market size.

In addition, a significant burden of diseases in developing countries is caused by time-sensitive injuries and illnesses, such as severe infections, hypoxia, intentional and unintentional injuries, and others, which contribute to the growth of the medical carts market. Furthermore, the surge in the patient population suffering from colorectal cancer and gastrointestinal disorder and technological advancements leading to the 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, and monitor mounting solutions. In addition, in November 2020, Midwest Products and Engineering launched custom medical device carts called the 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, the surge in the older population leads to more number of hospital admissions that propel the medical carts market growth. 

The surge in innovations in healthcare product offerings and an increased prevalence of chronic diseases further generate lucrative opportunities for the medical carts industry.   

The medical carts market is segmented into material, type, and region. On the basis of 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 an increase in the number of product approvals, advancements in R&D activities in the 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 a rise in the production of optical fibers in endoscopy, an increase in the number of approvals for medical carts, a rise in the presence of key players, and a surge in the development of technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to an increase in the 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.