Global Medical Carts Market Key Insights
During the forecast period of 2023-2033, the global medical carts market is expected to reach an estimated value of ~USD 6 billion by 2033, by expanding at a CAGR of ~17%. The market further generated a revenue of ~USD 2 billion in the year 2023. Major key factors propelling the growth of medical carts market worldwide are growing geriatric population, along with growing healthcare cost.
Market Definition of Medical Carts
A trolley used to transport all the medical supplies needed to operate on or treat patients is referred to as a medical cart. It has cabinets with drawers and trays that are employed in a variety of procedures, including therapeutic, medicinal, and surgical modalities. These carts are frequently used in hospitals, clinics, and other facilities to store medications, supplies, tools, and medical equipment. Through simple treatment plans and medication management, these carts help healthcare workers save important time and effort spent on tedious patient data recording and repetitive rounds for arranging medications.
Global Medical Carts Market: Growth Drivers
The growth of the global medical carts market can majorly be attributed to the rise in incidents of hospitalization or visits owing to illness, injury, and infection. For example, the World Health Organization (WHO) factsheet for 2018 states that there are around 37.3 million falls each year that require medical attention, while an estimated 646,000 people die from falls worldwide each year. Additionally, over the projection period, the market trend is expected to be driven by rising health care costs and well-developed facilities. Additionally, it is projected that a rise in musculoskeletal accidents and surgeries would accelerate market expansion. Around 1.71 billion people worldwide are thought to suffer from musculoskeletal problems. Further, the market for medical carts is anticipated to develop as need for orthopaedic carts rises as cases of orthopaedic trauma rise. For instance, according to figures from the International Osteoporosis Foundation, osteoporosis is thought to be the cause of 8.9 million fractures per year, or one every three seconds, with 1.6 million hip fractures happening globally each year, with a predicted increase to 4.5 million by 2050.
The global medicals carts market is also estimated to grow majorly on account of the following:
- Easy availability of critical medical supplies
- Growing adoption of ERP in order to prevent medical errors
- Rise in expenditure on healthcare
- Advancement of technology in healthcare
- Rise in demand for point-of-care diagnostic technology
Global Medical Carts Market: Restraining Factor
Medical carts are a device that must undergo risk management testing in accordance with IEC 60601-1, therefore they must be thoroughly tested to comply with all FDA rules. The U.S. FDA warned healthcare providers nationwide in February 2017 that their mobile medical carts might pose a fire threat. Lithium and lead acid batteries can overheat, emit hazardous smoke, catch fire, or even explode when used in crash carts, pharmaceutical distribution carts, and other carts used for point-of-care services, barcode scanning, and patient monitoring. Therefore, before releasing or selling new products, manufacturers must comply with all FDA standards and guidelines. Hence this factor is expected to be the major hindrance for the growth of the global medical carts market during the forecast period.
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Global Medical Carts Market Segmentation
- By Product (Mobile Computing Carts, and Medical Storage Columns)
- By Type (Computer Medical Cart, Emergency Cart, Procedure Cart, Anaesthesia Cart, and Telemedicine Cart)
By the end of 2033, the procedure carts segment is expected to generate the highest income thanks to rising process cart utilisation in hospitals across the country. The need for procedure carts in the market is anticipated to expand as a result of the rise in surgical operations due to the danger of chronic diseases. According to estimates, 17.9 million deaths worldwide in 2019 would be attributable to CVDs, or nearly 32% of all deaths. Heart attacks and strokes were the main causes of 85% of these fatalities.
- By Material (Plastic, Wood, Stainless-Steel, and Metal)
- By Application (Medical, Medical Imaging, and Laboratory)
- By End-User (Hospitals, Clinics, and Ambulatory Medical Center)
- By Distribution Channels (Direct Tender, and Third Part Distribution)
- By Region
The Asia Pacific medical carts market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Growing prevalence of musculoskeletal injuries, and growth in geriatric population are some of the major factors expected to boost the growth of the market in this region. More than any other region in the world, the Asia Pacific region has had a 158% growth in musculoskeletal problem trials during the previous ten years.
The market research report on global medical carts also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key Market Players Featured in the Global Medical Carts Market
Some of the key players of the global medical carts market are InterMetro Industries Corporation, Harloff Company, Armstrong Medical Ltd, Capsa Solutions LLC., ITD GmbH, Midmark Corporation, The Bergmann Group, Lakeside Manufacturing, Inc., Cardinal Scale, Merino International, and others.
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