The medical carts market studied was anticipated to grow with a CAGR of 18.2% during the forecast period. The major factors attributing to the increased adoption of medical carts in the recent years are a rise in the number of healthcare facilities, increased healthcare burden necessitating the technological advancements & innovation, growing use of healthcare IT, and rise in patient care. Moreover, the reduction of labor cost with the adoption of automation is likely to drive the growth of medical carts market throughout the forecast period.
Key Market Trends
The Emergency Carts are Expected to Hold the Largest Revenue Share in the Medical Carts Market
The emergency carts segment are expected to account for the largest market share over the forecast period. This dominance is because of their higher use in the emergency care units. These carts are equipped with medical devices, supplies or drugs used in emergency cases such as ischemic stroke, severe injuries with high bleeding cases. Furthermore, technological advancements in the segment such as decreased weight, enhanced mobility, and improved ergonomics increase the preference of these medical carts and workstations among the healthcare providers which are likely to fuel during the forecast period.
North America Dominates the Global Medical Carts Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall medical carts market throughout the forecast period. According to, American Hospital Association (AHA) statistics, the number of active hospitals in the United States increased from 5,534 in 2016 to 6,200 in 2017. Thus, a steep rise in the volume of hospitals resulted in higher demand for medical carts driving the market in the region. Also, proliferating number of medication errors due to human intervention in specialty medication dispenses leading to higher adoption of medical computer carts. Furthermore, introduction of new products by leading manufacturers along with rise in government funding to increase healthcare facilities are expected to drive the growth of the medical carts market in the region contributing to its outstanding revenue share throughout the forecast period.
The medical carts market is moderately competitive and consists of several major players. In terms of market share, few of the major players are focusing on developing new ways to enhance the quality by reducing errors and improved life span. Prominent players are also focusing on new product launches with advanced HCIT infrastructure and are engaged in establishing a strategic alliance and collaborating with other companies operating in this market across the globe. For example, in September 2019, Altus Inc, a leading mobile sit-to-stand workstation manufacturer, launched a new powered workstation ClioSwap 2.0. It is designed to last longer with enhanced battery life and patient care with reduced errors by improving clinician documentation in electronic medical records (EMRs). Thus, increases patient satisfaction contributing to the global medical carts market growth throughout the forecast period. Some of the companies currently dominating the market are Advantech Co Ltd, AFC Industries Inc, ITD Gmbh, Capsa Healthcare, and Omnicell Inc.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasred Adoption of the Electronic Medical Records (EMRs) and Technological Advancements
4.2.2 Rising Investments on Healthcare Infrastructure with Enhanced Focus on Value-based Patient Care
4.2.3 Growing Incidences of Emergency Cases such as Musculoskeletal Injuries with Rise in Geriatric Population
4.3 Market Restraints
4.3.1 Lack of Skilled Healthcare Professionals to Operate
4.3.2 High Initial Capital Investments on Customized Medical Carts and Workstations
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Cart Type
5.1.1 Anesthesia Carts
5.1.2 Emergency Carts
5.1.3 Procedure Carts
5.2.1 North America
220.127.116.11 United states
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.2.5 South America
18.104.22.168 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Advantech Co Ltd
6.1.2 AFC Industries Inc
6.1.3 Capsa Healthcare
6.1.4 ITD Gmbh
6.1.5 Harloff Manufacturing Co.
6.1.6 Omnicell Inc.
6.1.7 Jaco Inc.
6.1.8 The Bergmann Group
6.1.9 Midmark Corporation
6.1.10 Waterloo Healthcare
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.