According to a Zion Market Research report, the global medical carts market was valued at approximately $ 1.65 billion in 2017 and is expected to generate revenue of around $4.05 billion by the end of 2024, growing at a compound annual growth rate (CAGR) of around 13.7 percent between 2018 and 2024.
Growing health care 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. 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 in the forecast period, 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.
North America and Europe are anticipated to be the leading markets for medical carts. The U.S. held a major share in the market and accounted for more than 80 percent of revenue in the year 2017. Medical computer carts are widely adopted as they reduce medication errors and enhance patient safety, thus favoring market growth. These carts are designed economically apart from being cost-effective, which further propels the market growth. New product launches by leading manufactures and technology advancements in North America and Europe along with government funding are likely to play a vital role in fuelling market growth.
Asia Pacific is estimated to showcase the highest growth potential in the medical carts market and is also expected to grow at the highest CAGR in comparison to other regions. The Middle East and African and Latin American regions are also likely to be potential markets for medical carts.