Medical Cart Market Size, Competitive Landscape and Market Forecast - 2029
Global Medical Cart Market is segmented By Product Type (Powered Carts, Non-powered Carts), By Application (Mobile Computing Carts, Emergency Carts, Procedure Carts, Anesthesia Carts, Medication Carts, Others), By End User (Ambulatory surgical centers, Hospitals, Clinics, Diagnostic Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Overview
Global Medical Cart Market Expected to reach a high CAGR of 14% during the forecasting period of (2022 - 2029)
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Medical carts can be defined as trollies used to carry medical equipment. They offer enhanced pharmaceutical organization and storage for controlled medical safety, efficiency and the ability to mobilize patient information.
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These are widely used in hospitals and clinics as they can be customized to the needs of the facility. For instance, for acute care setting, medical carts have a barcode scanner which can scan the patient’s wrist and the medications to crosscheck information and improve patient’s safety during administering medications.
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The carts make healthcare professionals more efficient as they make recording and retrieving data easier and hold only the necessary devices and medicine for that specific procedure.
Drivers and Restraints
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The growth of the medical cart market can be attributed to the rising incidents of musculoskeletal injuries, growing adoption of electronic medical records (EMR) in hospitals, increasing focus on improving patient safety, efficient patient medical treatment and staffing.
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With the growing use of technology in healthcare and technological advancements, there is an increasing demand to adopt electronic medical record systems and mobile computer carts.
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For instance, in critical care units where floor space is limited, and there is a need for quick access to medication; a secure medication cart coupled with a tablet PC is convenient.
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It saves on space and makes it easier to reach medication and patient data when compared to separated medication and information stations. These products improve nursing efficiency, and this helps in better caregiving to patients.
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However, the high cost of medical carts and the cost incurred for the maintenance of the carts due to the risk of hazardous interaction between stored drugs in the cart and need for regular sterilization as carts can spread bacteria and infections may act as a restraint on the market.
Market Segmentation
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By application, the market is segmented into mobile computing carts, emergency carts, procedure carts, anesthesia carts, medication carts, and others.
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The mobile computing carts hold the largest market share as they are widely adopted. The carts are found to be useful to physicians for staff & patient interactions at the bedside to deliver better patient care.
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Also, changing ergonomics and advanced designs for mobile medical carts are expected to boost demand with supportive government initiatives to adopt EMR and telehealth services in hospitals are contributing to this segment in the market for medical carts.
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An increase in the adoption of EMR such as Electronic Medication Administration Record (eMAR) and Bar Code Medication Administration (BCMA) to prevent medication errors and a rise in demand for point-of-care diagnostic technology is also a key growth driver. The emergency carts segment is another significant segment, owing to the need for large-scale employment of emergency carts at the time of crisis.
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Emergency carts contain sophisticated devices, such as suction devices, defibrillators, advanced cardiac life support, rapid sequence intubation, pediatric equipment, and drugs such as atropine, dopamine, and others. By product type, the global medical cart market is segmented into powered carts and non-powered carts.
By Geography
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North America accounted for the largest revenue share and is anticipated to register exponential growth in the coming years.
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The presence of streamlined healthcare operations, from hospital admissions to medical procedures and availability of integrated healthcare IT systems to maintain EHR are some factors contributing to the dominance of this region in the medical carts market.
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With the increasing demand for mobile carts manufacturers in this region are introducing new technologically advanced products such as clinical workstations with batteries, security drawers, and automated dispensing systems.
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The Asia Pacific is expected to witness profitable growth as manufacturers in this region are focusing on developing high efficiency at low-cost devices.
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Also, due to the low costs of labor and raw materials, global players are investing in local companies. Moreover, the increasing burden of medical emergency and trauma on hospitals is another factor impacting the growth of the market. According to the World Health Organization (WHO), 2018, over 100,000 people in India suffer from burns every year.
Competitive Trends
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Companies are adopting strategies such as mergers and acquisitions, product innovation, partnerships, and regional expansion to stand out as strong competitors in the market.
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Product launch strategies adopted by companies are anticipated to boost competition. Also, increasing collaborative approach to expanding the portfolio of clinical carts to deliver cost-efficient healthcare is another strategy used by the leading players to improve their market presence.
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January 2018, Capsa Healthcare launched NexsysADC. It has one the most secure technology to manage controlled medications, STAT/first doses, and e-kits. It dramatically improves current manual methods for safely storing and dispensing non-patient specific medicines at the point of care, especially controlled medication and high-value drug.
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February 2018, Enovate Medical, LLC introduced Envoy, Electronic health record (EHR) workstation which enhances patient management and important health data management. It is the first intelligent workstation designed to improve patient engagement, reduce nursing fatigue, endure the rigors of hospital settings, and perform without interruption throughout a clinician’s shift.
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January 2018, Ergotron, Inc. launched new powered medical workstations, CareFit Slim Laptop Cart and Slim LCD Cart, the first products to be launched within the company’s CareFit healthcare product line. The CareFit product line is designed to remove barriers to the best patient care, allowing nurses and doctors to easily travel between patient rooms and crowded hallways while supporting their unique workflow and ergonomic footprint.