Medical Carts Market

Medical Carts Market Analysis by Products (Mobile Computing Carts and Medical Storage Columns); by Type (Computer Medical Cart, Emergency Cart, Procedure Cart, and Others); by Material (Plastic, Wood, Stainless-Steel, and Metal); by Application (Medical, Medical Imaging, and Others); by End-User (Hospitals, Clinics, and Others); and by Distribution Channels (Direct Tender and Third-Party Distribution) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 551 | Published On: Dec 19, 2022

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


In The News

  • Capsa Solutions LLC. acquired Louis-based producer of medical carts Specialty Carts, Inc.

  • Midmark Corporation announce the launch of three new products offerings to the Synthesis Cabinetry Collection.


Global Medical Carts Market Definition

Medical centers use medical carts, which are lightweight movable carts used for a variety of purposes. They are frequently employed for the transportation and storage of essential medicines, protective devices, and drugs. Medication carts are often square or rectangular items containing swivel caster wheels and cupboards designed to accommodate a variety of medical items. They are designed to make it easy for nurses, doctors, and other medics to deliver the patients' pain drugs regularly during their stay at the hospital. The majority of its body is built of stainless steel or steel alloy. Hospitals are equipped using crash carts to be accessed at any moment in case of emergency.


Global Medical Carts Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~17%

Base Year Market Size (2022)

~ USD 2 Billion

Forecast Year Market Size (2033)

~ USD 6 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Medical Carts Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global medical carts market is estimated to garner a revenue of USD 6 Billion by the end of 2033 by growing at a CAGR of ~17% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 2 Billion in the year 2022. The growth of the market is primarily attributed to the rising demand for efficient and safe transportation for patients with chronic diseases or injury-related conditions. The percentage of people over 60 and above in the world will nearly double from 12% to 22% between 2015 and 2050.

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Medical carts are used for streamlining different operations such as capturing data, storing dispensing equipment, and more. Thus, making medical infrastructure more efficient. Further rising healthcare care costs and well-developed facilities are expected to drive the market trend over the forecast period. Also increasing number of musculoskeletal injuries and operations is anticipated to boost the market growth. It is estimated that approximately 1.71 billion people all around the world have musculoskeletal conditions.


medical cart market overview image
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Global Medical Carts Market: Growth Drivers and Challenges

Growth Drivers

  • Easy Availability of Critical Medical Supplies - In light of the current circumstances, the medical devices industry groups have been urged to lower the retail costs of essential medical equipment. All medical devices are now subject to price control under the Drugs (Prices Control) Order (DPCO), 2013, which will take effect on April 1, 2020. Owing to the sudden surge in cases of covid19 to make medical facilities available to the general public became a need. Critical medical supplies were made available at an effective price which also includes medical devices such as carts. Hence owing to this the growth of the market is expected to boost in the forecast period.

  • Increasing Adoption of ERP to prevent Medical Errors -Directors and managers at healthcare organizations concur that moving ERPs to the cloud produces ease, system dependability, improved security, and greater efficiencies.

  • Increased Expenditure on Healthcare - According to the suggestion given by 17 countries, the spending on health increased by 6% on average in 2021. 

  • Technology Advancement in Healthcare - The 71st World Health Assembly adopted a unanimous resolution on digital health, which MoHFW has campaigned to advance. This resolution prioritizes digital health globally.

  • Increasing Demand for Point-Of-Care Diagnostic Technology - The point-of-care testing industry brought in about 13.87 billion dollars in sales in 2017. By the year 2026, the size of this market is anticipated to reach $23.9 billion.

Challenges

  • Underqualified Workforce - Underqualified workforce is expected to restrain the growth of the market. Several medical carts require training or certification to operate. Given the possibility that unskilled workers won't be able to manage the operation effectively, the money allocated for medical carts is constrained. Research reveals that healthcare employment is undervalued precisely as it is identified with "women's work" as of 2019 when 79% of employees in the sector were female.

  • High Maintenance Cost

  • High Initial Capital Investment

The global medical carts market is segmented and analyzed for demand and supply by type into computer medical carts, emergency carts, procedure carts, anesthesia carts, and telemedicine carts. Out of these segments, the procedure carts segment is anticipated to garner the largest revenue by the end of 2033, backed by increasing usage of procedure carts in the settings of numerous hospitals. There has been an increase in n number of surgical procedures caused by an increased risk of chronic disease which is further expected to drive the demand for procedure carts in the market. It is anticipated that an estimated 17.9 million people died cause of CVDs in 2019, which is almost 32% of total death worldwide. Amongst these deaths, 85% of death were caused owing to heart attack and stroke.


Global Medical Carts Market Regional Synopsis

The Asia Pacific medical carts market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by the improving medical infrastructure and growing prevalence of musculoskeletal injuries in the region. The number of trials for musculoskeletal disorders has increased by 158% in the Asia Pacific region over the past 10 years, more than any other region in the world.


Market Segmentation

Our in-depth analysis of the global medical carts market includes the following segments:

      By Products

  • Mobile Computing Carts
  • Medical Storage Columns

      By Type

  • Computer Medical Cart
  • Emergency Cart
  • Procedure Cart
  • Anesthesia Cart
  • Telemedicine Cart

     By Material

  • Plastic
  • Wood
  • Stainless-Steel
  • Metal

 

 

     By Application

  • Medical
  • Medical Imaging
  • Laboratory

    By End-User

  • Hospitals
  • Clinics
  • Ambulatory Medical Center

    By Distribution Channels

  • Direct Tender
  • Third Part Distribution

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Top Featured Companies Dominating the Global Medical Carts Market

    • InterMetro Industries Corporation         

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Harloff Company
    • Armstrong Medical Ltd
    • Capsa Solutions LLC.
    • ITD GmbH
    • Midmark Corporation
    • The Bergmann Group
    • Lakeside Manufacturing, Inc.
    • Cardinal Scale
    • Merino International

Key Questions Answered in the Report

1) What are the major factors driving the growth of the medical carts market?

Ans: The major factors affecting the growth of the market are increasing adoption of ERP to prevent medical errors, increased expenditure on healthcare, and others.

2) What would be the CAGR of medical carts market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~17% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the medical carts market growth?

Ans: Underqualified workforce, high maintenance cost, and high initial capital investment are the major factors expected to hinder the growth of the market.

4) Which region will provide more business opportunities for growth of medical carts market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the medical carts market?

Ans: The major players in the market are InterMetro Industries Corporation, Harloff Company, Armstrong Medical Ltd, Capsa Solutions LLC., ITD GmbH, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the medical carts market?

Ans: The market is segmented by products, type, material, application, end-user, distribution channels, and by region.

8) Which segment captures the largest market size in type in the medical carts market?

Ans: The procedure cart is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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