Newark, Oct. 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global medical carts market is expected to grow from USD 2.53 billion in 2022 to USD 9.22 billion by 2030, at a CAGR of 15.46% during the forecast period 2022-2030.
A rise in acute diseases has been attributed to increased sedentary lifestyles, inactivity, and bad diets. The prevalence of numerous diseases has increased as the senior population has grown. Acute diseases are life-threatening if not treated promptly due to their sudden and transient character. The global market for medical carts would be driven by the rising prevalence of acute disorders among people. Additionally, the urgency for emergency medical carts that are essential in saving patient lives has been heightened by the rising number of accidents and trauma cases worldwide. Additionally, the market for medical carts will expand due to the growing federal push for worldwide healthcare sector digitization.
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Governments worldwide have boosted their monetary spending on the healthcare industry in response to the devastating effects of COVID-19 and the effectiveness of good medical care in averting lives. The funding increase will strengthen established pharmaceutical firms and expand the healthcare infrastructure. The increased financing will result in enhanced product advancements and medical cart customization. The global market for medical carts will see profitable potential given the rise in public spending and private investment. However, the lack of proper infrastructure and the high cost of medical carts will hamper the market's growth. The lack of a skilled workforce will also hinder the market's growth. Increased investments in developing adequate supply chain infrastructure can overcome the restrictions of the market and propel its growth for the forecast period.
Competitive Strategy
To enhance their market position in the global medical carts market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Ergotron unveiled the most recent version of their CareFit Pro medical cart in August 2021. It was created to establish a stable workflow, promote patient-centered care, and protect caregiver well-being. The CareFit Pro powered-medical cart raises the bar for healthcare workers and patients regarding residential design.
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Market Growth & Trends
The rising threat of climate change has increased the probability of new pathogens, which might bring new diseases, leading to situations witnessed during the covid-19 pandemic. Governments worldwide have increased the expenditure on developing resilient medical systems that will help improve nursing efficiency. The digitization and automation in the healthcare industry is a positive development for the medical carts market. For instance, shifting to patients' electronic records to improve medical care will further advance the global medical carts market. The funds are concentrated on developing better medical care delivery. The increasing prevalence of acute diseases and government healthcare expenditure is anticipated to drive the global medical carts market. Streamlining and improving regulatory compliance guidelines will increase the production of medical carts and benefit the market. The establishment of task forces during the covid 19 pandemic enabled faster adoption of reforms like medical carts in makeshift hospitals, and such developments have bode well for the market. Therefore, the renewed focus on nursing efficiency and rising awareness about automation will contribute to the growth of the global medical carts market. The increased private expenditure on developing enhanced medical carts will also provide an impetus to the medical carts market.
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Key Findings
• In 2022, the emergency carts segment dominated the market with the largest market share of 45% and market revenue of 1.13 billion.
The type segment is divided into procedure carts, telemedicine carts, emergency carts, anesthesia carts, and others. In 2022, the emergency carts segment dominated the market with the largest market share of 45% and market revenue of 1.13 billion.
• The metal segment is expected to grow at the fastest CAGR of 18.54% over the forecast period.
The material segment is divided into plastic, metal, and others. Over the forecast period, the metal segment is expected to grow at the fastest CAGR of 18.54%.
• In 2022, the hospitals' segment dominated the market with the largest market share of 56% and market revenue of 1.41 billion.
The end-user segment is divided into hospitals, clinics, ambulatory settings, and others. In 2022, the hospitals' segment dominated the market with the largest market share of 56% and market revenue of 1.41 billion.
Regional Segment Analysis of the Medical Carts Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global medical carts market, with a market share of around 37.45% and 0.94 billion of the market revenue in 2022. The Asia Pacific is expected to be the largest market during the forecast period. The medical carts market in the Asia Pacific has been expanding rapidly. China dominates the medical carts market in the Asia Pacific. The highly proficient pharmaceutical sectors of China and India have made these nations the ideal destinations to produce medical carts.
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Key players operating in the global medical carts market are:
• Advantech Co. Ltd.
• Armstrong Medical Inc.
• Capsa Healthcare
• Ergotron Inc.
• Harloff Manufacturing Co.
• ITD GmbH
• JACO Inc.
• Medline Industries Inc.
• Midmark Corporation
• The Bergmann Group
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global medical carts market based on the below-mentioned segments:
Global Medical Carts Market by Type:
• Procedure Carts
• Telemedicine Carts
• Emergency Carts
• Anesthesia Carts
• Others
Global Medical Carts Market by Material:
• Plastic
• Metal
• Others
Global Medical Carts Market by End User:
• Hospitals
• Clinics
• Ambulatory Settings
• Others
About the report:
The global medical carts market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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