Medical Carts Market Size

Medical Carts Market Analysis

The Medical Carts Market size is estimated at USD 1.5 billion in 2024, and is expected to reach USD 2.25 billion by 2029, growing at a CAGR of 8.48% during the forecast period (2024-2029).

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.