Medical Carts Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Medical Carts Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Medical Carts Market is estimated to be USD 1,231.3 million in 2021. It is expected to reach USD 1,889.5 million by 2027, registering a CAGR of 7.78% over the forecast period (2022-2027).

As COVID-19 infection is widespread globally, patient care requirements have increased, and personal protection and medical equipment, including medical carts, are in high demand. As there is a huge inflow of patients across the world, there is an immense need to decrease the spread of infection. Handheld diagnostics are one of the critical paths of infection-spreading tools that must be taken care of. Hence, the usage of medical carts is likely to increase during the pandemic to safely administer medications and other necessary needs to patients and healthcare professionals. For instance, in February 2021, Ergotron and Ingram Micro collaborated to donate medical carts to help in the coronavirus outbreak.

The major factors attributing to the increased adoption of medical carts in recent years are a rise in healthcare facilities, increased healthcare burden necessitating technological advancements and innovation, and a surge in patient care. Moreover, the reduction in labor costs and the adoption of automation is likely to drive the growth of the medical carts market throughout the forecast period. In December 2021, the AMiS-30EP pole cart was the newest addition to Advantech's AMiS product line, which is a prominent provider of medical computer systems and services. Depending on the application, this product can be supplied with a variety of monitors and devices. As a result of these technical breakthroughs, the market is likely to expand in the near future. Moreover, in August 2021, the new Trio mobile computing workstation from Capsa Healthcare has been released. Capsa's Trio point-of-care platform mobilizes electronic health records and supports efficient and precise drug management. As a result of these developments, the market is likely to expand in the near future.

In addition, the growing geriatric population and increasing burden of multiple chronic conditions, leading to rising hospital admissions, are likely to drive the market growth. According to World Population Prospects: The 2022 Revision published by the United Nations, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12.

However, some of the factors expected to hamper market growth are a lack of skilled healthcare professionals and high initial capital investments in customized medical carts and workstations.

Key Market TrendsThe Emergency Carts Segment is Expected to Hold the Largest Revenue Share in the 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 these units. These carts are equipped with medical devices, supplies, or drugs used in emergencies such as ischemic stroke and severe injuries with high bleeding cases. According to the Urgent Care Association report, as of March 2022, represented 1,470 Urgent Care centers in the United States in 2021. Participating organizations varied in size from one center to over 175 centers.

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 healthcare providers, 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 due to their easy customization and configuration.

Moreover, the recent COVID-19 pandemic has 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. Moreover, in April 2020, the emergency response cart was developed by Midwest Products & Engineering (MPE Inc.), a design and production partner to equipment and medical device OEMs, to address ventilator workflow challenges linked to the urgent treatment of COVID-19 patients, which is expected to enhance market segment growth in near future.

North America Dominates the Market, and it is Expected to do the Same in the Forecast Period

North America will dominate the overall medical carts market throughout the forecast period. According to the American Hospital Association (AHA) statistics, published in January 2022 the number of active hospitals in the United States increased from 5,534 in 2016 to 6,093 in 2021. According to the Canadian Institute for Health Information (CIHI) 2020 report, around 7,883 people per 100,000 were hospitalized in Canada. Thus, a steep rise in the volume of hospitals and increasing hospital admissions resulted in higher demand for medical carts, thereby driving the market in the region.

Moreover, a huge surge has been observed in adopting medical carts at healthcare facilities across the country due to the high admissions of patients infected with COVID-19. In April 2020, Midwest Products & Engineering launched the Emergency Response Cart to solve ventilator workflow issues related to the urgent treatment of COVID-19 patients.

The rise in awareness among healthcare professionals and adoption of patient engagement solutions across the globe are key growth propellers for the medical carts market. According to the statistics mentioned in the Harvard Business Review in the United States healthcare system around USD 1.0 trillion is spent on healthcare delivery. According to these figures, preventable medical errors are the third leading cause of death in the United States Electronic Medical Records (EMR) can help in correcting these systemic errors.

Competitive Landscape

The medical carts market is moderately competitive and consists of several major players. Regarding market share, a few major players are focusing on developing new ways to enhance quality by reducing errors and improving 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 global market. Thus, it increases patient satisfaction, contributing to the medical carts market’s growth throughout the forecast period. Advantech Co. Ltd, AFC Industries Inc., ITD GmbH, Capsa Healthcare, and Jaco Inc. are currently dominating the market.

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