Medical Carts Market Is Expected to Reach USD 4.9 Billion at a 9.7% CAGR By 2026 | Future Growth Insights, Share Value, Top Key Players and Industry Dynamics
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The Global Medical Carts Market, by Power Source (Powered Carts and Non-powered Carts), by Product Type (Mobile Computing Carts, Emergency Carts, Procedure Carts, Anesthesia Carts, Medication Carts, and Others), By End User (Hospitals, Clinics, Diagnostic Centers, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 2.2 billion in 2017, and is projected to exhibit a CAGR of 9.7% over the forecast period (2018 – 2026), according to a new report published by Coherent Market Insights.
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Medical carts are used for organized placement of tools and supplies used in medical settings. Some of the features of medical carts include, self-locking drawers and ability to store a large number of peripherals. Medical carts help in reducing time required for procedures and aid in avoiding clutter of equipment. Medical carts with monitors are available for accessing patients’ information on-site and recording the type and time of medications administered.
Increasing healthcare expenditure is expected to boost growth of global medical carts market over the forecast period. For instance, according to the Centers for Medicare & Medicaid Services (CMS), health spending in the U.S. is projected to grow at an average rate of 5.5 percent per year for 2018-27 and to reach nearly US$ 6.0 trillion by 2027. Moreover, increasing geriatric population is expected to boost demand for medical carts for point-of-care diagnosis and treatment. For instance, according to the U.S. Census Bureau, geriatric population in the U.S. is expected to reach 77 million by 2035.
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Increasing number of patients visiting hospitals or clinics is expected to offer lucrative growth opportunities for players in the global medical carts market over the forecast period. For instance, according to National Hospital Ambulatory Medical Care survey, 2015, total number of emergency visits in the U.S. was 136.9 million that year.
Among applications, the emergency carts segment is expected to account for major revenue share in 2018, owing to increasing cases of accidents and other trauma. For instance, according to World Health Organization (WHO) factsheet in 2018, each year there are around 37.3 million falls, which requires medical attention whereas estimated 646,000 individuals die from falls globally every year.
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in May 2019: Capsa Healthcare launched SlimCart documentation cart, an ultra-lightweight and compact cart to mobilize EHR in any healthcare setting.
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Moreover, major players in the market are also focused on adopting various marketing strategies to expand their customer base. For instance, in January 2018, Omnicell, Inc., a provider of medication and supply management solutions presented its medication management automation platform and product portfolio at the Arab Health Exhibition and Congress, held in Dubai
Key Takeaways
- The global medical carts market is expected to witness a CAGR of 9.7% during the forecast period (2018–2026)
- Increasing healthcare expenditure is expected to boost growth of global medical carts market over the forecast period
- Major players operating in the global medical carts market include AFC Industries, Advantech Co., Ltd., Alphatron, Enovate Medical, Ergotron, Inc., Harloff Manufacturing Co., JACO, Inc., Medline Industries, Inc., and Scott-Clark Medical
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