A medical cart or trolley is a wheeled cabinet with drawers and trays that is used in various medical, surgical, and therapeutic modalities. These are used widely used across hospitals and clinical settings to keep drugs, tools, equipment, and medical devices for the specified treatment.
The need for bedside patient care in various situations, such as in operating rooms and other emergency circumstances, is expected to propel the Medical Cart Market during the forecast period. Growth in healthcare expenditure and investments in the market have encouraged the manufacturers to develop cost-effective and customized medical carts in the developing countries boosting the market growth.
Rise in the need for rapid and easy accessibility to medical supplies, improving focus on patient safety, nursing efficiency, and development in advanced technologies, such as telemedicine are some key factors that drive the growth of global medical carts market. Moreover, growth in investment on healthcare infrastructures in rapidly growing countries, such as India and China, foster the demand for medical carts market. However, high cost of customized medical carts, dearth of skilled professionals, and scarcity of funds restrain the market growth especially in the developing countries. In addition, high maintenance of medical carts that needs regular sterilization as carts spread allergies across the hospital restricts the market growth.
The emergency carts segment is expected to dominate the Asia-Pacific medical carts market throughout the forecast period, both in terms of value and volume. China dominated the Asia-Pacific medical carts market in 2016, accounting for more than one-third market share in terms of value, and is projected to continue this trend in the future. In addition, growth in improvement of patient safety and nursing efficiency supplement the market growth. Further, advancement in technologies, such as telemedicine offer lucrative opportunities for the growth of this market. However, lack of skilled professionals, high cost of medical carts, and limited government funding restrain the market growth.
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Key Findings of the Medical Carts Market:
- The procedure carts segment is anticipated to grow at the highest growth rate during the forecast period.
- North America dominated the global medical carts market, accounting for maximum share of overall market in 2016.
- Asia-Pacific is exhibited to grow at a higher growth rate of 13.5% during the forecast period in terms of value, owing to the high population base in countries, such as India and China.
- The emergency cart segment dominated the overall market in 2016, growing at a CAGR of 12.3% in terms of value, from 2017 to 2023.
- In terms of both value and volume, China accounted for the largest share in 2016, and is anticipated to maintain this trend throughout the forecast period in Asia-Pacific region.
- UK is expected to grow at a remarkable CAGR of 13.8% in terms of value and 13.2% in terms of volume during the forecast period.
- In terms of volume, procedure carts are anticipated to grow at the highest rate of 12.9% from 2017 to 2023.
Asia-Pacific has witnessed highest growth rate for medical carts during the forecast period, and is expected to continue this trend. This is attributed to increase in sizeable population, rise in incidence of diseases and injuries, healthcare infrastructural development, and huge market potential, owing to the arrival of new and robust carts by key players focusing on the emerging markets.