Medical Carts Market Overview
The global medical carts market is projected to witness significant growth during the forecast period; owing to the increasing number of technological advancements, and rising focus on improving patient safety and nursing efficiency. In terms of product, the market is categorized into mobile computing carts, wall-mounted workstations, medication carts, and medical storage columns, cabinets, and accessories.
Medical carts can either be powered or manually operated, that is non-powered, based upon the requirements of the healthcare facilities. Non-powered carts are projected to generate higher revenue in the coming years, globally. In the medical carts market, StyleView laptop cart by Ergotron Inc., and Vintage Series treatment cart and Avalo emergency cart by Capsa Healthcare Inc. are some product examples of powered and non-powered medical carts, respectively.
On the basis of material, medical carts market is categorized into metal, plastic and others. Metals generally include stainless, mild steel, and aluminum, whereas other materials include wood and combination of metals and plastics. These carts use a variety and combination of materials in their manufacturing. Metal is the highly used material in the production, owing to its durability in the long run.
Medical carts are used for different purposes and on the basis of type, these are categorized into anesthesia, emergency, bedside, procedure and others. Others category includes crash, intravenous, and point-of-care carts. Emergency carts are expected to hold the largest share in the market, whereas, procedure carts are expected to be the most lucrative category in the market in the coming years.
The end users in the medical carts market include hospitals, diagnostic clinics, ASCs, and other healthcare facilities. Amongst all the users, hospitals are expected to be the largest end-user category in the market in future.
North America is expected to be the largest contributor to the global medical carts market in the coming years, owing to the increasing patient base, increasing healthcare expenditure, and early adoption of latest technologies in the region. However, during the forecast period, the market in Asia-Pacific is expected to witness the highest growth and demand for these products. The major factors driving the market growth in the region are rapid economic growth, advancements in private and public hospitals, and rising healthcare reforms issued at various government levels including, state council and national health commission.
Medical Carts Market Dynamics
Increasing number of technological advancements in the industry are boosting the growth of the market
Growth in the medical carts industry is affected by various macro- and micro-economic factors, such as rising need for point-of-care facilities, surge in healthcare industry, and rising number of healthcare reforms. Manufacturers are focusing on developing carts that are equipped with the United States Food and Drug Administration (USFDA) approved battery systems, and advanced technological features, such as wireless technology, in order to support the increasing need to perform multiple tasks in the healthcare institutions.
According to the Pennsylvania Healthcare Association (PHCA), annual spending on long-term care in the U.S., excluding unpaid family caregiving, has reached nearly $275 billion. Moreover, the median cost of an assisted living residence or personal care home in Pennsylvania is $3,600 a month for a one-bedroom unit, translating to an annual cost of $43,200. This is below the national median cost of $43,539 in the country. As the costs are low, the healthcare institutions are opting more for the medical devices, such as medical carts which can be used for the care of elderly patients.
Presence of lucrative opportunities in the emerging market
Developing regions have rapidly growing healthcare infrastructure and increasing expenditure, owing to which the manufacturers in the medical carts industry can easily invest in these regions and generate higher revenue. Moreover, there is a tendency for the healthcare institutions to purchase equipment in high-quantity, if they are provided at a low cost. As quoted by the India Brand Equity Foundation (IBEF), India’s healthcare industry is expected to increase three-fold by 2022. Moreover, the healthcare sector in India witnessed 23 deals worth $679 million in first quarter of 2018.
Moreover, in Latin America (LATAM), Brazil has some of the highest quality hospitals and attracts patients from neighboring countries, mostly for plastic surgery, cancer treatment, and cardiovascular treatment. Owing to the increasing number of surgeries in the country, the healthcare institutions have a high demand for carts, which further propels the regional medical carts market growth.
Medical Carts Market Competitive Landscape
Product launches by the market players are expected to increase their share in the medical carts market in the coming years. For instance, in October 2018, Capsa Healthcare Inc. launched Vintage Encore medication carts for senior care environments. Vintage Encore carts include enhanced styling and work-saving features for facilities that value a modern decor and elegant touches. As the company has partnerships with many pharmacy customers and senior care facilities, so its priority has shifted to developing such products.
In September 2017, Ergotron Inc. launched CareFit Slim Laptop cart and Slim LCD cart within the company’s product line, CareFit cart. This is due to the increasing focus of healthcare providers and patients on the increasing adoption of electronic health records and digital care. The Slim Laptop cart and LCD cart offer an expansive vertical range to easily adjust to the ergonomic needs of a broad range of users.
Some of the other key players in the medical carts industry are Medline Industries Inc., Capsa Healthcare, Scott-Clark Medical, Extron Inc., InterMetro Industries Corporation, Detecto Scale, Armstrong Medical Inc., Midmark Corporation, The Harloff Company, Novum Medical Products, AFC Industries, Ergotron Inc., and ITD GmbH.