As per the report published by Allied Market Research, the global medical carts market accounted for $571 million in 2016 and is projected to reach $1.30 billion by 2023, growing at a CAGR of 12.4% from 2017 to 2023.
Technological advancements, rapid expansion of the healthcare industry and healthcare reforms in developing economies, and increase in focus on improving patient safety and nursing efficiency have boosted the growth of the global medical carts market. However, high cost incurred for the maintenance of medical carts and dearth of skilled professionals hamper the market. On the contrary, untapped potential in emerging countries is expected to create lucrative opportunities in the near future.
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Rise in focus on improving patient safety and nursing efficiency, technological advancements, and rapid expansion of the healthcare industry are expected to propel the growth of the global medical carts market. The emergency carts segment dominated the market in 2016. However, the market across Asia-Pacific region is expected to register the fastest CAGR of 13.5% during the forecast period.
The global medical carts market is divided on the basis of type and geography. Based on type, the market is divided into emergency, procedure, anesthesia, and other carts. The procedure carts segment is projected to manifest the fastest CAGR from 2017 to 2023. However, the emergency carts segment held the largest share in 2016, due to the large-scale employment of emergency carts.
The global medical carts market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2016. On the other hand, the market across Asia-Pacific is projected to portray the fastest CAGR of 13.5% during the forecast period, due to increased population-based in countries such as India and China, rise in incidence of diseases and injuries and healthcare infrastructure development. In addition, the market across China held the largest share in 2016, dominating the Asia-Pacific region. The market across UK is expected to register the fastest CAGR of 13.8% during the forecast period.
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Leading market players-
Harloff Company (Harloff Manufacturing Co.), InterMetro Industries Corporation (A Part of Ali Group), Capsa Solutions LLC., Armstrong Medical, Medline Industries Inc., Omnicell Inc., Midmark Corporation, ITD GmbH, Life-Medic HealthCare Supplies Pte Ltd., and The Bergmann Group.
Scope Of The Report
|Market size available for years||2017-2023|
|Base year considered||2018|
|Forecast units||Value (USD)|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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.
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