The medical carts market studied was anticipated to witness a CAGR of 18.2% during the forecast period. 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 the technological advancements and innovation, growing use of healthcare IT, and a surge in 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.
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 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. 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.
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 6,200 in 2017. Thus, a steep rise in the volume of hospitals resulted in higher demand for medical carts driving the market in the region. An increasing number of medication errors due to human intervention in specialty medication dispenses are also leading to higher adoption of medical computer carts. 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.
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. 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). 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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