July 21, 2024

Rising adoption of advanced technologies projected to boost the growth of Medical Carts Market

Medical carts are movable medical equipment carrying cabinets or trays used in healthcare facilities like hospitals and clinics. They are designed to store and transport medical supplies, equipment, and patient documents securely and conveniently. Various types of medical carts available include emergency carts, procedure carts, anesthesia carts, ekg carts, and supply carts. They provide easy access to supplies and equipment at the point of care. They help improve workflow efficiency and offer flexibility to access resources anywhere. Their compact design with locking drawers, shelves, and storage space make healthcare processes more organized.

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 growing adoption of advanced technologies. Manufacturers are developing smarter carts integrated with IT capabilities. These computer carts and power carts come equipped with technologies such as RFID, barcode scanners, wireless connectivity, touchscreens and EMR integration. Their use helps streamline documentation processes, enhance inventory management and improve clinical outcomes. For example, Enovate Medical launched the AMBU E-Connect View medical cart with integrated monitors, computers and EMR connectivity to provide a single point of access and documentation at patients’ bedside. Rising focus on telehealth and remote monitoring during COVID-19 pandemic is further expected to drive demand for technologically advanced medical carts.
Porter’s Analysis

Threat of new entrants: The threat of new entrants in the medical carts market is moderate. It requires high initial investments to establish manufacturing facilities and distribution channels.

Bargaining power of buyers: The bargaining power of buyers in the medical carts market is high. Buyers can negotiate on price and quality standards due to availability of various alternatives in the market.

Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are multiple suppliers involved in supply of raw materials like plastic, metal and electronic components.

Threat of new substitutes: The threat of new substitutes is low as medical carts have limited substitutes with similar functionality.

Competitive rivalry: The competitive rivalry in the market is high due to presence of large number of players. Major players compete on the basis of product quality, features and pricing.

Key Takeaways

The global medical carts market is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing demand for enhanced storage functionality and mobility in hospitals.

The North America region is expected to dominate the medical carts market during the forecast period. This is attributed to increasing healthcare expenditure, growing demand for sophisticated equipment and technological advancements in healthcare infrastructure in countries like US and Canada.

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. These players are focusing on new product launches and partnerships with hospitals and healthcare facilities to strengthen their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it