The global medical carts market is projected to offer a growth opportunity of nearly US$ 880.35 Million from 2022-2030 and is estimated to reach US$ 4,003.25 Million by 2030. The market is expected to register a CAGR of 11.24 % during the forecast period.
The market has benefitted from factors such as the increasing need for quick and easy access to healthcare and the growing aging population. Medical carts, also known as medical trolleys, are an important element of the medical infrastructure as they provide critical medical services to patients. The market is presently rife with innovations as vendors focus on developing technologically advanced products to survive the rising competition.
For instance, several vendors offer small, space-saving hot-swappable batteries that allow healthcare staff to move computers and peripherals from patient to patient and site to site as needed with minimal downtime. Hot-swappable batteries can also be used in an unpowered cart to create a mobile workstation. Several market players offer medical trolleys with antimicrobial properties to help prevent the spread of microbes and offer better hygiene. Market players are offering medical cart computers that are all-in-one solutions boasting functionalities such as popular operating systems, cutting-edge CPUs, HDMI video outputs, and smart card/CAC readers.
MARKET DYNAMICS
Prominent factors expected to influence the market growth during the forecast period include:
Drivers
Increasing need for rapid and easy accessibility to medical supplies
Medical carts are used for transporting critical supplies such as medicines, medical devices, and consumables in medical facilities. Medical carts are equipped with drawers that allow storage and security of medical and pharmaceutical products shipped inside. Cart manufacturers are presently focused on manufacturing carts with advanced features for easy access and portability. For instance, in January 2019, Extron Inc. which is specialized in providing the supply chain solutions. Extron introduced the new Versa design platform for medical electronic carts, which offers a variety of height options, finishes, handle options, metal or plastic components, multiple doors, drawers, keyboard alternatives, monitor mounting solutions, onboard power supplies, brand options, and more. In November 2021, GAMA Healthcare is a company specialized in the manufacture and distribution of extensive range of Infection prevention and control (IPC) products, announced the international launch of Rediroom, it’s mobile cart that expands into a HEPA air filtration isolation chamber. This is the world's first portable isolation solution and would change the way medical carts are designed.
Increase in geriatric population
The share of the global population aged 65 years and above has rapidly increased in the past few decades, driving the need for continuous care in the long term and the demand for medical devices such as medical carts. The 2019 United Nations World Population Outlook forecasts that the global population aged 65 and over will more than double by 2050, increasing from 703 million in 2019 to 1.5 billion by 2050. Europe was the first region to witness the transition to fertility decline in the late 19th and early 20th centuries.
Restraints
Dearth of skilled professionals
Unskilled professionals and inexperienced people working with technologies may not be able to properly access advanced devices, leading to increased human error, delayed improvement in health, and inefficient results. As artificial intelligence and machine learning become more commonplace, care must be taken to enable healthcare professionals to recognize the limitations of these technologies. For example, many machine learning models are trained on historical data and do not adapt effectively to changes over time, especially if the operational data is significantly different from the training one. Similarly, over-reliance on AI/ML systems by clinicians can lead to complacency, resulting in failure to cross-check system predictions or consider alternatives.
Market Segmentation
Type Analysis
Based on type, the emergency carts segment held the largest share of 37.1% in 2021. Medical emergency carts provide organized portable storage space for safe and easy access to essential supplies during an emergency. In addition, technological advances in emergency vehicles, including the emergence of lighter vehicles with improved mobility, are expected to encourage physicians to adopt medical carts and workstations. For example, in November 2020, Midwest Products & Engineering released the MACH series of medical device carts, which are ideal for emergency rooms because they are easy to change and configure. The segment is expected to register a CAGR of 11.8% over the forecast period 2022-2030 and retain its dominance during the forecast period.
Application Analysis
In terms of applications, the transporting and dispensing medications segment acquired a share of nearly 38.9% more than surgical tool handling in 2021. Medicine carts are equipped with an electronic lock drawer to keep consumables safe and properly tagged to ensure correct dosing as quickly as possible. Some medical carts include a monitor to help track medicine distribution. The transporting and dispensing medications segment is expected to register an 11.8% CAGR between 2022 and 2030. The surgical tool handling segment is also expected to expand at a promising 11.7% CAGR over the same period.
Material Type Analysis
Based on material type, stainless steel is mostly used to manufacture medical carts. Stainless steel medical carts are electropolished and are widely used in hospitals and other medical and healthcare facilities because they not only increase the brightness of the cart but also improve sterility. Stainless steel medical carts are also highly preferred as they can be used seamlessly in food distribution and other medical initiatives in a highly sterile atmosphere with little or no risk of spreading pathogenic microorganisms. As a result, the stainless-steel segment held a 38.9% share in 2021 and is expected to exhibit the highest CAGR of 11.9% during the forecast period.
Pay Load Analysis
In terms of pay load, the 65 kg segment accounted for about 33.4% share of the total medical cart market in 2021 and is projected to register the highest CAGR of 11.3% during the forecast period. The 65 kg segment dominates the market as the lower pay load weight allows for rapid movement and prevents back pain for nurses and medical staff. They can be used in a variety of ways to transport and temporarily store equipment and work equipment.
End User Analysis
Based on end users, the hospital segment is holding the largest share of 46.6 % in 2021 and is expected to grow with the highest CAGR during the forecast period 2022-2030. Medical carts are commonly used in hospitals, clinics, and nursing homes to transport and store medicines, equipment, and medical records in a variety of medical situations, including the treatment and care of bedridden patients.. Hospitals don't always have enough facilities to store all the supplies and medications a doctor may need in every room. Medical carts allow hospitals to deliver essentials to patients without compromising patient care, instead of making multiple, time-consuming trips to a properly equipped central room.
Distribution Channel Analysis
In terms of distribution channels, the third-party providers segment dominated in 2021, with 59.8%. Third-party suppliers offer total value by offering a wide range of high-quality surgical disposables with long expiration dates, helping healthcare organizations meet their cost reduction goals. In addition, purchasing additional merchandise from the facility helps reduce environmental waste. OEMs of medical carts have strict corporate policies and cultures that lower flexibility. However, third-party providers are flexible and offer personalized services. In addition, third-party store managers can personally interact with facility buyers to make instant decisions and changes to meet customer needs.
Regional Analysis
North America dominated the medical carts market in 2021, with the United States accounting for approximately 72% of the regional market share. Some of the key factor driving market growth in North America are the increasing prevalence of musculoskeletal injuries and technological advancements. The Asia Pacific market is expected to register the highest CAGR during the forecast period due to improved healthcare infrastructure and increased adoption of electronic medical records in the healthcare cart industry. In addition, emerging markets such as India and China offer medical cart makers tremendous growth potential.
List of Key Companies Profiled:
Key Industry Players:
The cumulative market share of the major players is close to 40.97%, hence the Global Medical Carts Market is observed to be slightly oligopolistic. Players having the market share higher than 10% include Advantech CO. Ltd., and ITD Gmbh. These are closely followed by AFC Industries Inc. and Capsa Healthcare .Key players are adopting a variety of competitive strategies, such as mergers and acquisitions, to accommodate emerging markets. In addition, large companies are expanding their geographical footprint by acquiring smaller brands and domestic companies.
Recent Developments by Key Players
Segmentation Overview
The global medical carts market is segmented as follows:
By Type
By Application
By Material Type
By Pay Load
By End User
By Distribution Channel
By Region
| Report Attribute | Details |
|---|---|
| Market Size Value in 2021 | US$ 1,576.21 Million |
| Expected Revenue in 2030 | US$ 4,003.25 Million |
| Historic Data | 2017-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Unit | Value (USD Mn) |
| CAGR | 11.24% |
| Segments covered | By Type, By Application, By Material Type, By Pay Load, By End-User, By Distribution, By Region |
| Key Companies | Advantech Co. Ltd, AFC Industries Inc., Altus Inc., Bergmann Group, Capsa Healthcare, Enovate Medical, Ergotron Inc., Harloff Manufacturing Co., InterMetro Industries Corporation, ITD GmbH, Jaco Inc., Joy Factory Inc., McKesson Medical-Surgical Inc., Medical Master Co., Ltd., Midmark Corporation, Midwest Products & Engineering, Omnicell Inc., The Bergmann Group, Waterloo Healthcare, Other Prominent Players |
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Global Medical Carts Market was valued at US$ 1,576.21 million in 2021 and is expected to reach US$ 4,003.25 million by 2030.
The Global Medical Carts Market is expected to grow with a CAGR of 11.24% during the forecast period 2022-2030.
The key drivers of the market are the growing demand for quick and easy access to medical supplies and the growing elderly population.
Lack of skilled and inexperienced professionals is a key restraint that is affecting the growth of the global medical carts market.
North America dominates the market by holding the largest share and is expected to continue its dominance over the forecast period 2022-2030.
Asia Pacific is expected to grow with the highest CAGR during the forecast period.
The United States is accounting the majority of the market share in North America.
Global Medical Carts Market is segmented into type, application, material type, payload, end user, and distribution channel.
Development in advanced technologies provides a favorable growth opportunity in the market.
Distribution channel segment holds the largest share during the forecast period.
Third-party distributors hold the largest share and are expected to grow with the highest CAGR during the forecast period 2022-2030.
Advantech Co. Ltd., ITD GmbH, Capsa Healthcare, Ergotorn Inc., AFC Industries Inc., The Bergmann Group and Jaco Inc. among all others.
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| Report ID: AA0822288 
