(PharmaNewsWire.Com, December 02, 2021 ) Medical Carts Market size is estimated to reach $5.3 billion by 2026, growing at a CAGR of 14.8% during the forecast period 2021-2026. Medical Carts are durable and lightweight mobile carts are used in healthcare facilities for transporting and storing medications, medical supplies, and emergency equipment. Medical carts are increasingly being adopted in hospitals and physician offices across the world owing to the growing importance of quick accessibility to critical medical supplies. The rise in the availability of technologically advanced mobile computing carts in hospitals, increase in awareness about the importance of wall mounted workstations in improving efficiency and enhancing safety, rise in the demand for various medical carts to improve the accessibility of electronic medical records, and the growing investment by the key players to develop advanced medical carts are the factors that are set to drive the growth of the Medical Carts Market for the period 2021-2026.
Medical Carts Market Segment Analysis - By Product Type
The Medical Carts Market based on the Product Type can be further segmented into Mobile Computing Carts, Medication Carts, Wall Mounted Workstations, Medical Storage Columns, Cabinets, & Accessories, and Others. The Mobile Computing Carts segment held the largest share in 2020 and is also estimated to be the fastest-growing segment with a CAGR of 15.3% over the period 2021-2026. This growth is owing to the factors such as the increase in the availability of technologically advanced mobile computing carts in hospitals and the growing focus on the development of easy-to-implement technologies. The rise in the importance of quick accessibility to critical medical supplies is driving the growth of the Medical Carts Market. The Wall Mounted Workstations segment held the second-largest share in 2020 owing to the factors such as the growing government initiatives for enhancing the adoption of wall mounted workstations and the rise in awareness about the importance of wall mounted workstations in improving efficiency and enhancing safety.
Medical Carts Market Segment Analysis - By End User
The Medical Carts Market based on the End User can be further segmented into Hospitals, Ambulatory Surgical Centers, Physician Offices, and Others. The Hospitals segment held the largest share in 2020 owing to the factors such as the increase in the demand for various medical carts to improve the accessibility of electronic medical records in hospitals and the rise in the availability of technologically advanced mobile computing carts in hospitals. The growing focus on patient engagement to enhance involvement in hospitals is driving the growth of the Medical Carts Market. The Physician Offices segment is estimated to be the fastest-growing segment with a CAGR of 15.8% over the period 2021-2026. This growth is owing to the factors such as the rise in the demand for wall mounted workstations in physician offices and the growing adoption of one-stop solutions that can be used for various medical needs and take up less space.
Medical Carts Market Segment Analysis - By Geography
The Medical Carts Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 28% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the availability of technologically advanced mobile computing carts in hospitals and the growing importance of quick accessibility to critical medical supplies. The increasing demand for various medical carts to improve the accessibility of electronic medical records is driving the growth of the Medical Carts Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in awareness about the importance of wall mounted workstations in improving efficiency and enhancing safety and the growing investment by the key players to develop advanced medical carts.
Medical Carts Market Drivers
Rise in the Demand for Mobile Computing Carts
Healthcare facilities are increasingly adopting mobile computing carts at the end of each ward to improve patient outcomes by ensuring that the doctors access all relevant information. Mobile computing carts also enable the lab to share the outcomes directly to the patient files and safeguard confidential information, which is one of the major factors driving the growth of the Medical Carts Market.
Technological Advancements in Medical Carts
The key players of medical devices across the world are focusing on developing advanced medical carts to meet the growing customer demand. Moreover, the key players are changing their product portfolio to include advanced products such as wall mounted workstations with batteries and automated dispensing systems, which is further propelling the growth of the Medical Carts Market.
The key players in the market are increasing their investment to carry out various research and development activities for developing advanced mobile computing carts to improve the accessibility of electronic medical records. However, the high cost of medical carts is one of the major factors that is estimated to reduce the growth of the Medical Carts Market.
Medical Carts Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Carts Market. Key companies of this market are Ergotron, Inc, AFC Industries, Enovate Medical, ITD GmbH, Harloff Manufacturing Co, Medline Industries Inc, Performance Health, Hergo Ergonomic Support Systems, Inc, Advantech Co., Ltd, and Capsa Healthcare among others.
Acquisitions/Product Launches:
In April 2021, Enovate Medical has launched Encore RX2™ medical cart to mitigate medication security risks, reduce nursing fatigue, and achieve a 40 percent weight reduction over conventional medication carts.
In December 2020, Capsa Healthcare has launched a new Kidney Cart, an ultra-lightweight documentation cart to mobilize electronic medical records in a care facility and to support the market’s need for a versatile and spacious workstation.
In August 2019, Advantech Co., Ltd has launched an AMiS-50E medical cart with a power system for supporting a range of healthcare applications. It is ergonomically designed and lightweight to ensure high mobility.
Key Takeaways
Geographically, the North America Medical Carts Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of various medical carts to improve the accessibility of electronic medical records.
The increase in the availability of technologically advanced mobile computing carts in hospitals is driving the Hospitals segment. However, the high cost of medical carts is one of the major factors that is said to reduce the growth of the Medical Carts Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Medical Carts Market report.
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