Newark, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the USD 2.53 billion in 2022 global medical carts market will reach USD 9.22 billion in 2030. The global market for medical carts is expected to be driven by rising government healthcare spending and the prevalence of acute disorders. The market will gain from streamlining and enhancing regulatory compliance rules, increasing the manufacture of medical carts. Task groups were established during the COVID-19 epidemic, facilitating quicker adoption of improvements, such as medical carts in makeshift hospitals. These developments are positive for the market.
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Key Insight of the Global Medical Carts Market
North America will dominate the market during the forecast period.
Due to strong regional players, North America now dominates the market for medical carts. The region's supremacy in the worldwide market for medical carts will also be aided by the government's renewed focus on building healthcare facilities in the wake of the devastating pandemic two years ago. Due to the rising prevalence of patients with chronic illnesses, cardiovascular problems, and other acute ailments that necessitate effective nursing services in hospitals, North America now dominates the global market for medical carts.
In 2022, the emergency carts segment dominated the market with the largest market share of 45% and revenue of 1.13 billion.
The type segment is divided into procedure carts, telemedicine carts, emergency carts, anaesthesia carts, and others. In 2022, the emergency carts segment dominated the market with the largest market share of 45% and revenue of 1.13 billion.
Over the forecast period, the metal segment is expected to grow at the fastest CAGR of 18.54%.
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.
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Advancement in market
Medical Cart AR, a cutting-edge medical training software created by OSF Innovation, will now be sold and expanded, given the licensing deal between OSF HealthCare and Summit Venture Studio. To improve the education and readiness of healthcare professionals, the Medical Visualisation (MedVis) team at the OSF Innovation Studio developed Medical Cart AR with the help of clinicians and faculty from the University of Illinois College of Medicine at Peoria and the University of Illinois at Urbana Champaign, respectively.
Market Dynamics
Driver: the rising healthcare needs of the growing population.
A rise in the prevalence of sedentary lifestyles, little physical activity, and bad diets has contributed to an increase in the number of people suffering from acute diseases. Numerous diseases are becoming more common due to the growing senior population. If not treated promptly, acute disorders can be fatal due to their abrupt onset and short duration. Emergency medical cart care services can be tailored to the urgency of saving the lives of individuals with acute diseases. The demand for medical carts would increase due to the rising prevalence of acute disorders among people. Additionally, there is an urgent need for emergency medical carts because of the rising number of accidents and trauma cases worldwide. These carts are essential for saving patient lives. The market for medical carts will expand due to the federal government's growing desire to digitize the healthcare industry.
Restraints: The poor state of healthcare infrastructure.
Developing countries worldwide lack the necessary infrastructure to scale up the production of medical carts despite the market for medical carts seeing an increase in product advancements. Unlike undeveloped countries, modern medical carts cannot be produced or manufactured in underdeveloped countries due to insufficient infrastructure. The global market for medical carts will experience slow expansion due to a lack of infrastructure.
Opportunities: increase in government expenditure towards the betterment of healthcare infrastructure.
Governments worldwide have boosted their monetary spending on the healthcare industry due 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. Furthermore, key firms have spent money developing better cart systems in response to the rising demand for emergency medical carts. The field of medical carts has evolved with the growth in private research and development, creating favourable growth prospects going forward. Furthermore, government rules focused on Furthermore, key firms have spent money developing better cart systems in response to the rising demand for emergency medical carts. Government rules that mandate 24/7 patient care for everyone and improve healthcare infrastructure will also create profitable opportunities for market participants.
Challenges: the shortage of skilled and trained personnel.
Untrained medical staff operating medical carts risk making mistakes such as entering incorrect patient data or prescribing the incorrect prescription or course of therapy. Patient discomfort and grave consequences can result from poor patient care. Healthcare personnel with the appropriate training to operate the features of customized medical carts are not readily available in undeveloped or developing economies. The development of the global market for medical carts may be hampered by a lack of qualified personnel to run automated and digitally enhanced medical carts.
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Some of the major 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
Key Segments covered in the market:
By Type
• Procedure Carts
• Telemedicine Carts
• Emergency Carts
• Anesthesia Carts
• Others
By Material
• Plastic
• Metal
• Others
By End User
• Hospitals
• Clinics
• Ambulatory Settings
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, 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)
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About the report:
The 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 analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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