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Medical carts are an integral part of every healthcare facility as they help transport medical supplies, equipment, and patient information from one point to another within a hospital or clinic conveniently. Medical carts come equipped with storage spaces for storing various medical accessories like syringes, bandages, gowns, masks, and other first aid items. They also have trays or drawers for keeping patient files and charts. Some advanced carts contain computer panels, monitors, and cabinets for medical equipment. This eases healthcare processes and improves workflow efficiency. The growing geriatric population and their increasing healthcare needs have augmented the demand for medical carts. Moreover, rising investments in healthcare infrastructure development and surging hospital admissions are also driving the medical carts market.
The global Medical Carts Market is estimated to be valued at US$ 3,479.2 Mn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the medical carts market is the rising adoption of mobile computer carts. These carts allow seamless transfer of patient data between points of care via integrated computers and monitors. They enable access to electronic health records and other medical applications right at the patient’s bedside. This streamlines workflows and improves clinical outcomes. Various manufacturers are innovating mobile computer carts with advantages like all-in-one design, touchscreen displays, wireless connectivity, anti-microbial coatings, and customizable storage. Another trend gaining ground is the use of telemedicine carts for remote medical consultations. These carts are equipped with high-definition cameras and audio devices to enable face-to-face virtual visits between patients and doctors situated at different locations. This eases pressure on hospitals and expands access to healthcare.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the medical carts market is moderate. While initial investments are relatively low, established manufacturers have strong brand recognition and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power in the medical carts market due to the availability of substitutes and price sensitivity of customers. However, customers prefer quality and reliable products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and intensifying competition among suppliers.
Threat of new substitutes: The threat of substitutes is low. While telmedicine is emerging as an alternative, medical carts play an important role in hospital workflows.
Competitive rivalry: The medical carts market is moderately competitive due to presence of numerous players. Players compete based on product quality, innovation, and services.
Key Takeaways
The global medical carts market is expected to witness high growth during the forecast period. The global Medical Carts Market is estimated to be valued at US$ 3,479.2 Mn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030.
North America holds the major share of the medical carts market due to advanced healthcare infrastructure and rising healthcare spending in the region. Growing geriatric population and increasing incidence of chronic diseases are major factors driving the demand for medical carts in North America. This can be attributed to advanced healthcare infrastructure and greater healthcare spending. Presence of key players and technological advancements are also positively impacting market growth. Asia Pacific is expected to exhibit the fastest growth over the forecast period supported by improving healthcare infrastructure, rising medical tourism, and increasing investments by key players.
Key players
Key players operating in the medical carts market are AFC Industries, Advantech Co., Ltd., Alphatron, Enovate Medical, Ergotron, Inc., Harloff Manufacturing Co., JACO, Inc., Medline Industries, Inc., and Scott-Clark Medical. Players compete based on product quality, innovation, certifications, and service offerings. They are undertaking initiatives like new product launches, expansions, and partnerships to increase their market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
