The Medical Carts Market is estimated to be USD 1,231.3 million in 2021. It is expected to reach USD 1,889.5 million by 2027, registering a CAGR of 7.78% from 2022 to 2027.
As COVID-19 infection is widespread globally, patient care requirements have increased, and personal protection and medical equipment, including medical carts, are in high demand. As there is a huge inflow of patients across the world, there is an immense need to decrease the spread of infection. Handheld diagnostics are one of the critical paths of infection-spreading tools that must be taken care of. Hence, the usage of medical carts is likely to increase during the pandemic to safely administer medications and other necessary needs to patients and healthcare professionals. In March 2020, Midwest Products & Engineering ramped up its production of medical carts to support patient care during the COVID-19 crisis.
The major factors attributing to the increased adoption of medical carts in recent years are a rise in healthcare facilities, increased healthcare burden necessitating technological advancements and innovation, and a surge in patient care. Moreover, the reduction in labor costs and the adoption of automation is likely to drive the growth of the medical carts market throughout the forecast period. 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, keyboard options, monitor mounting solutions, onboard power supply, branding options, etc.
In addition, the growing geriatric population and increasing burden of multiple chronic conditions, leading to rising hospital admissions, are likely to drive the market growth. According to World Population Prospects: The 2019 Revision published by the United Nations, the number of older people aged 65 years or above is expected to double by 2050 globally, rising from 703 million in 2019 to 1.5 billion in 2050.
However, some of the factors expected to hamper market growth are a lack of skilled healthcare professionals and high initial capital investments in customized medical carts and workstations.
The emergency carts segment is expected to account for the largest market share over the forecast period. This dominance is because of the presence of several emergency care units and their higher use in these units. These carts are equipped with medical devices, supplies, or drugs used in emergencies such as ischemic stroke and severe injuries with high bleeding cases. According to the Urgent Care Association report, as of 2019, there were around 9,616 urgent care centers all over the United States, which was a distinctive increase from just over 6 thousand centers back in 2013.
Furthermore, technological advancements in the segment, such as decreased weight, enhanced mobility, and improved ergonomics, increased the preference for these medical carts and workstations among healthcare providers, likely to fuel during the forecast period. In November 2020, Midwest Products & Engineering launched custom medical device carts called MACH Series that are ideal for emergency care units due to their easy customization and configuration.
Moreover, the recent COVID-19 pandemic has increased demand for emergency medical carts at emergency care facilities owing to the large patient pool globally. In February 2020, Ergotron partnered with Ingram Micro China to donate emergency medical carts to two hospitals in Wuhan, China, to support the novel coronavirus outbreak in the country.
North America will dominate the overall medical carts market throughout the forecast period. According to the American Hospital Association (AHA) statistics, the number of active hospitals in the United States increased from 5,534 in 2016 to 6,090 in 2019. According to the Canadian Institute for Health Information (CIHI) 2020 report, around 7,883 people per 100,000 were hospitalized in Canada. Thus, a steep rise in the volume of hospitals and increasing hospital admissions resulted in higher demand for medical carts, thereby driving the market in the region.
Moreover, a huge surge has been observed in adopting medical carts at healthcare facilities across the country due to the high admissions of patients infected with COVID-19. In April 2020, Midwest Products & Engineering launched the Emergency Response Cart to solve ventilator workflow issues related to the urgent treatment of COVID-19 patients.
Furthermore, the introduction of new products by leading manufacturers and a rise in government funding to increase healthcare facilities are expected to drive the growth of the medical carts market in the region, contributing to its outstanding revenue share throughout the forecast period. For example, in September 2019, Altus Inc., a leading mobile sit-to-stand workstation manufacturer, launched a new powered workstation, ClioSwap 2.0. It is designed to last longer with enhanced battery life and patient care with reduced errors by improving clinician documentation in electronic medical records (EMRs).
The medical carts market is moderately competitive and consists of several major players. Regarding market share, a few major players are focusing on developing new ways to enhance quality by reducing errors and improving life span. Prominent players are also focusing on new product launches with advanced HCIT infrastructure. They are engaged in establishing a strategic alliance and collaborating with other companies operating in this global market. Thus, it increases patient satisfaction, contributing to the medical carts market’s growth throughout the forecast period. Advantech Co. Ltd, AFC Industries Inc., ITD GmbH, Capsa Healthcare, and Jaco Inc. are currently dominating the market.
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As COVID-19 infection is widespread globally, patient care requirements have increased, and personal protection and medical equipment, including medical carts, are in high demand. As there is a huge inflow of patients across the world, there is an immense need to decrease the spread of infection. Handheld diagnostics are one of the critical paths of infection-spreading tools that must be taken care of. Hence, the usage of medical carts is likely to increase during the pandemic to safely administer medications and other necessary needs to patients and healthcare professionals. In March 2020, Midwest Products & Engineering ramped up its production of medical carts to support patient care during the COVID-19 crisis.
The major factors attributing to the increased adoption of medical carts in recent years are a rise in healthcare facilities, increased healthcare burden necessitating technological advancements and innovation, and a surge in patient care. Moreover, the reduction in labor costs and the adoption of automation is likely to drive the growth of the medical carts market throughout the forecast period. 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, keyboard options, monitor mounting solutions, onboard power supply, branding options, etc.
In addition, the growing geriatric population and increasing burden of multiple chronic conditions, leading to rising hospital admissions, are likely to drive the market growth. According to World Population Prospects: The 2019 Revision published by the United Nations, the number of older people aged 65 years or above is expected to double by 2050 globally, rising from 703 million in 2019 to 1.5 billion in 2050.
However, some of the factors expected to hamper market growth are a lack of skilled healthcare professionals and high initial capital investments in customized medical carts and workstations.
Key Market Trends
The Emergency Carts Segment is Expected to Hold the Largest Revenue Share in the Market
The emergency carts segment is expected to account for the largest market share over the forecast period. This dominance is because of the presence of several emergency care units and their higher use in these units. These carts are equipped with medical devices, supplies, or drugs used in emergencies such as ischemic stroke and severe injuries with high bleeding cases. According to the Urgent Care Association report, as of 2019, there were around 9,616 urgent care centers all over the United States, which was a distinctive increase from just over 6 thousand centers back in 2013.
Furthermore, technological advancements in the segment, such as decreased weight, enhanced mobility, and improved ergonomics, increased the preference for these medical carts and workstations among healthcare providers, likely to fuel during the forecast period. In November 2020, Midwest Products & Engineering launched custom medical device carts called MACH Series that are ideal for emergency care units due to their easy customization and configuration.
Moreover, the recent COVID-19 pandemic has increased demand for emergency medical carts at emergency care facilities owing to the large patient pool globally. In February 2020, Ergotron partnered with Ingram Micro China to donate emergency medical carts to two hospitals in Wuhan, China, to support the novel coronavirus outbreak in the country.
North America Dominates the Market, and it is Expected to do the Same in the Forecast Period
North America will dominate the overall medical carts market throughout the forecast period. According to the American Hospital Association (AHA) statistics, the number of active hospitals in the United States increased from 5,534 in 2016 to 6,090 in 2019. According to the Canadian Institute for Health Information (CIHI) 2020 report, around 7,883 people per 100,000 were hospitalized in Canada. Thus, a steep rise in the volume of hospitals and increasing hospital admissions resulted in higher demand for medical carts, thereby driving the market in the region.
Moreover, a huge surge has been observed in adopting medical carts at healthcare facilities across the country due to the high admissions of patients infected with COVID-19. In April 2020, Midwest Products & Engineering launched the Emergency Response Cart to solve ventilator workflow issues related to the urgent treatment of COVID-19 patients.
Furthermore, the introduction of new products by leading manufacturers and a rise in government funding to increase healthcare facilities are expected to drive the growth of the medical carts market in the region, contributing to its outstanding revenue share throughout the forecast period. For example, in September 2019, Altus Inc., a leading mobile sit-to-stand workstation manufacturer, launched a new powered workstation, ClioSwap 2.0. It is designed to last longer with enhanced battery life and patient care with reduced errors by improving clinician documentation in electronic medical records (EMRs).
Competitive Landscape
The medical carts market is moderately competitive and consists of several major players. Regarding market share, a few major players are focusing on developing new ways to enhance quality by reducing errors and improving life span. Prominent players are also focusing on new product launches with advanced HCIT infrastructure. They are engaged in establishing a strategic alliance and collaborating with other companies operating in this global market. Thus, it increases patient satisfaction, contributing to the medical carts market’s growth throughout the forecast period. Advantech Co. Ltd, AFC Industries Inc., ITD GmbH, Capsa Healthcare, and Jaco Inc. are currently dominating the market.
Additional Benefits:
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned
A selection of companies mentioned in this report includes:
- Advantech Co. Ltd
- AFC Industries Inc.
- Capsa Healthcare
- ITD GmbH
- Harloff Manufacturing Co.
- Joson-care Enterprise Co., Ltd
- Jaco Inc.
- The Bergmann Group
- Midmark Corporation
- Tianjin Xuhua Medical Equipment Factory
- Joy Factory Inc.
- Ergotron Inc.
- Auxo Investment Partners (altus, Inc)
- Midwest Products & Engineering
Methodology
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