Medical Carts Market Size
|Study Period||2018 - 2028|
|Market Size (2023)||USD 1.38 Billion|
|Market Size (2028)||USD 2.07 Billion|
|CAGR (2023 - 2028)||8.48 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Carts Market Analysis
The Medical Carts Market size is expected to grow from USD 1.38 billion in 2023 to USD 2.07 billion by 2028, at a CAGR of 8.48% during the forecast period (2023-2028).
COVID-19 had a significant impact on the growth of the market during the pandemic period. It was observed that there was a rise in demand for medical carts due to the increase in demand for medical consultation among COVID-19-infected patients. As a result, various market players responded with various market strategies, such as collaborations, to meet the growing demand for medical carts, thereby promoting the market growth. For instance, in February 2020, Ergotron, Inc. (U.S.) and Ingram Micro China Ltd. (China) partnered to donate medical carts. The carts were provided to the Huoshenshanand Leishenshanhospitals' emergency facilities. Twenty-four Ergotron's StyleViewmobile medical carts were transported from the company's facility in Dongguan, southern China, to Wuhan. The carts were used for telemedicine applications and for processing electronic medical records at the hospitals. Such developments during the COVID-19 pandemic had a significant impact on the growth of the market. In addition, the relaxation of strict lockdown regulations during the post-pandemic period led to the resumption of surgeries, outpatient visits, and consultations, in turn driving the demand for medical carts, thereby contributing to the growth of the market over the next five years.
The major factors attributing to the increased adoption of medical carts in recent years are a rise in healthcare facilities, an 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.
Also, the increasing product launches are expected to contribute to the growth of the market over the forecast period. For instance, 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 shortly. 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 expected to grow during the forecast period.
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 a report published by the United Nations in 2022, 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.
Hence, the factors such as launch of advanced products and rising demand for patient care are expected to contribute to the growth of the market. However, factors such as lack of skilled healthcare professionals and high initial capital investments in customized medical carts and workstations may hamper market growth over the forecast period.
Medical Carts Market Trends
This section covers the major market trends shaping the Medical Carts Market according to our research experts:
The Emergency Carts Segment is Expected to Hold Significant Share in the Market Over the Forecast Period
The emergency carts segment is expected to account for the largest market share over the forecast period. This dominance is due to the presence of several emergency care units and the use of these carts in emergency rooms. These carts are equipped with medical devices, supplies, or drugs for emergencies such as ischemic stroke and severe injuries with profuse bleeding.
For instance, according to the Instituto Nationale di Statistics data published in July 2022, 204,728 people were injured in road accidents in Italy, and 151,875 road accidents occurred in 2021. This data shows a requirement for the readiness of the emergency department, where emergency carts play a vital role.
Technological advancements in the segment, such as decreased weight, enhanced mobility, and improved ergonomics, increased healthcare providers' preference for these medical carts and workstations. For instance, in November 2021, Godrej Interior Healthcare launched its range of medical trolleys, AGILO medical carts, and emergency/crash carts. These emergency /crash carts are ideal for emergency rooms such as intensive care units, casualty/trauma centers, outpatient surgery centers, and operation theaters.
Thus, the factors such as a rise in accident and trauma cases are expected to contribute to the growth of the studied segment over the forecast period.
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North America is Expected to Dominate the Market, and it is Expected to do the Same Over the Forecast Period
North America is expected to hold a significant share of the overall medical carts market throughout the forecast period. Increased public and private healthcare expenditures, as well as a rise in adaptation of surgeries, are driving the overall growth of the medical carts market in this region. Furthermore, the market growth is expected to be fueled by an increase in the prevalence of diseases and injuries in this region.
According to the United States Bureau of Labor Statistics data published in January 2022, employers reported 2.6 million injury and illness cases in private industry. The same source also mentioned that injury cases increased by 6.3% to 2.2 million in 2021. Such injuries are expected to drive the demand for medical carts for assistance, thereby contributing to the growth of the market in this region.
Similarly, the American Hospital Association (AHA) statistics published in 2022, show that the total number of active hospitals in the United States is 6,093 in 2022. Thus, a steep rise in the volume of hospitals and increasing hospital admissions drives higher demand for medical carts, thereby boosting the studied market growth in the country.
Also, the increasing product launches are expected to contribute to the growth of the market in this region. For instance, in November 2021, GAMA Healthcare launched the Rediroom internationally across the Americas. Rediroom is a mobile cart, which expands into a HEPA air-filtered isolation room with a hands-free entry in five minutes and provides better isolation capacity and flexibility.
Therefore, the increasing number of hospitals, rise in injury cases and frequent product launches are expected to contribute to the growth of the market over the forecast period in this region.
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Medical Carts Industry Overview
The medical carts market is moderately competitive and consists of several major players. 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.
Medical Carts Market Leaders
Advantech Co Ltd
AFC Industries Inc
*Disclaimer: Major Players sorted in no particular order
Medical Carts Market News
- August 2022: Tryten Technologies launched a website and rebranded products to reflect a unified line of evolving medical cart solutions. In Addition, carts for AV displays and mobile workstations are now part of the Tryten X series.
- July 2022: Holo Industries LLC launched a transformative HoloMed line of holographic inserts for medical carts, patient monitors, and other products that protect patients and hospital staff by virtually eliminating surface contact and touchpoints, thereby reducing the transmission of HAIs.
Medical Carts Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Investments in Healthcare Infrastructure with Enhanced Focus on Value-based Patient Care
4.2.2 Growing Incidences of Emergency Cases, such as Musculoskeletal Injuries and Other Chronic Conditions Coupled with Rising Geriatric Population
4.2.3 Increased Demand for Medical Carts in Critical Surgical Procedures along with Technological Advancements associated with Medical Carts
4.3 Market Restraints
4.3.1 Lack of Skilled Healthcare Professionals
4.3.2 High Initial Capital Investments in Customized Medical Carts and Workstations
4.4 Porter's Five Forces 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 (Market Size by Value in USD Million)
5.1 By Cart Type
5.1.1 Anesthesia Carts
5.1.2 Emergency Carts
5.1.3 Procedure Carts
5.1.4 Other Cart Types
5.2.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.2.4 Middle East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
5.2.5 South America
22.214.171.124 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 Joson-care Enterprise Co., Ltd
6.1.7 Jaco Inc.
6.1.8 The Bergmann Group
6.1.9 Midmark Corporation
6.1.10 Tianjin Xuhua Medical Equipment Factory
6.1.11 Joy Factory Inc.
6.1.12 Ergotron Inc.
6.1.13 Auxo Investment Partners (altus, Inc)
6.1.14 Midwest Products & Engineering
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medical Carts Market Research FAQs
How big is the Medical Carts Market?
The Medical Carts Market size is expected to reach USD 1,379.30 million in 2023 and grow at a CAGR of 8.48% to reach USD 2,072.09 million by 2028.
What is the current Medical Carts Market size?
In 2023, the Medical Carts Market size is expected to reach USD 1,379.30 million.
Who are the key players in Medical Carts Market?
Advantech Co Ltd, ITD GmbH, Capsa Healthcare, AFC Industries Inc and Jaco Inc are the major companies operating in the Medical Carts Market.
Which is the fastest growing region in Medical Carts Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Medical Carts Market?
In 2023, the North America accounts for the largest market share in the Medical Carts Market.
Medical Carts Industry Report
Statistics for the 2023 Medical Carts market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Medical Carts analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.