Global Medical Carts Market Set For Rapid Growth, to Reach USD 4.05 Billion

The global demand for the medical carts market was valued at approximately USD 1.65 billion in 2017 and is expected to generate revenue of around USD 4.05 billion by the end of 2024, growing at a CAGR of around 13.7 percent between 2018 and 2024. Growing healthcare expenditure has raised the demand for a large number of equipment, one of which is medical carts that are required for error-free movement of medical supplies on specific premises. Rising number of hospital admissions and the growing number of surgical procedures have raised the demand for medical carts in recent years. Growing focus on ensuring patient safety and improving nursing efficiency has augmented the demand for medical carts. The availability of customized medical carts suitable for medical needs has improved the sales of these carts. Today, medical carts are customized for dispensing, transporting, and storing medical instruments and drugs. Depending on the nature of procedures or carts’ usage, manufacturers are offering customized solutions in order to increase sales. The growing number of point-of-care diagnostics with better configuration, construction, options, and features to meet the requirements of consumers is also likely to boost the market growth for medical carts.

The medical carts market is divided on the basis of product into mobile computing carts, medical carts, wall mount workstations, and medical cart accessories. The mobile computing carts segment is further sub-divided into telemedicine carts, computer carts, medication carts, and documentation carts. The medical carts segment is further sub-divided into procedure carts, emergency carts, anesthesia carts, and other carts. The wall mount workstations market is further bifurcated into wall cabinet workstations and wall arm workstations. The emergency medical carts dominated the market in 2017, as these carts are well-equipped with medical devices and are easy to clean. They are widely used during emergencies, such as cardiac arrest and other surgeries. Besides, advancements related to lighter weight designs, enhanced ergonomics, and improved mobility are other factors propelling the demand for adoption of these carts.

The material segment is classified into metal, plastic, and wood. The plastic and metal segments are likely to dominate the medical carts market, owing to the cost-effectiveness of plastics and the availability of raw materials to manufacture highly advanced medical carts. Based on end-user, the market is divided into hospitals, nursing homes and long-term care centers, physician offices or clinics, and others. Hospitals hold the largest market share. With the availability of mobile and advanced medical workstations, the market for mobile computing carts is growing in hospitals, as these carts can be moved across various departments in hospitals. The growing focus of patients on engagement and promotion of EHR incentive programs in the hospitals encourages patient involvement are some other factors responsible for the growth of hospitals segment in the medical carts market.

Regionally, the market for medical carts is segmented into Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. North America and Europe are the leading contributors to the medical carts market, owing to the presence of the well-established healthcare infrastructure and growing research and development initiatives pertaining to the development of new products. Moreover, favorable reimbursement scenario is making North America and Europe the key markets for medical carts. The new legislation, venture capital funding, and permission to develop and manufacture medical carts, and new product launches by various companies are projected to play an important role in driving the growth of medical carts market in these regions.

Some of the leading players in medical carts market include ITD GmbH, Midmark Corporation, Omnicell, Inc., Armstrong Medical Industries, Inc., The Bergmann Group, Jaco, Inc., AFC Industries, Inc., InterMetro Industries Corporation, Ergotron, Inc., and Medline Industries, Inc. There is an increased focus on research and development activities to develop new and customized products that suit the client requirements and initiatives taken by major manufacturers, like merger and acquisition, to maintain their market positions are likely to further propel this market’s growth. – Zion Market Research