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Medical Carts Market Some of the companies currently dominating the market are Advantech Co. Ltd, AFC Industries Inc., ITD GmbH, Capsa Healthcare, and Omnicell Inc.
The medical carts market studied was anticipated to witness a CAGR of 13.5% during the forecast period.
As COVID-19 infection is getting widespread globally, the requirement for patient care has increased and personal protection and medical equipment, including medical carts, are in high demand. As there is a huge inflow of patient populace across the world there is an immense need to decrease the spread of infection. Transfer of medications, the handheld diagnostic is one of the critical paths of infection spreading tools that have to be taken care of. Hence, usage of these medical carts will be increased during the pandemic for the safe administration of medications and other necessary needs to the patients and healthcare professionals. In March 2020, Midwest Products & Engineering has ramped up its production of Medical carts in order 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 the number of healthcare facilities, increased healthcare burden necessitating technological advancements and innovation, and a surge of patient care. Moreover, the reduction of labor costs with 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, drawer, and keyboard options, monitor mounting solutions, onboard power supply, branding options et.c.
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In Addition to this, growing geriatric population coupled with increasing burden of multiple chronic conditions leading to the the rising hospital admissions is likely to drive the market growth. According to the data from World Population Prospects: The 2019 Revision published by the United Nations, the number of older people, aged 65 years or above, is expected to more than double by 2050 globally, rising from 703 million in 2019 to 1.5 billion in 2050.
However, lack of skilled healthcare professionals to operate and high initial capital investments on customized medical carts and workstations are some of the factors expecetd to hamper the market growth.
Key Market Trends
The Emergency Carts are Expected to Hold the Largest Revenue Share in the Medical Carts 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 the emergency care units. These carts are equipped with medical devices, supplies, or drugs used in emergency cases such as ischemic stroke, 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 the healthcare providers, which are 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 owing to their easy customization and configuration.
Moreover, the recent COVID-19 pandemic has led to the 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.
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North America Dominates the Medical Carts Market and it is Expected to do the Same in the Forecast Period
North America is expected to 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 Canadian Institute for Health Information (CIHI) 2020 report, around 7,883 people per 100,000 population were hospitalized in Canada. Thus, a steep rise in the volume of hospitals coupled with increasing hospital admissions resulted in higher demand for medical carts driving the market in the region.
Moreover, a huge surge been observed for the adoption of medical carts at healthcare facilities across the country owing to the high admissions of patients infected with COVID 19. In April 2020, Midwest Products & Engineering has 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 along with 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. In terms of market share, few of the major players are focusing on developing new ways to enhance the quality by reducing errors and improved 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 market across the globe. Thus, it increases patient satisfaction contributing to the global medical carts market growth throughout the forecast period. Some of the companies currently dominating the market are Advantech Co. Ltd, AFC Industries Inc., ITD GmbH, Capsa Healthcare, and Omnicell Inc.
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