by The global Medical Carts Market is estimated to be valued at US$ 8.91 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 Overview:
They help in keeping medical supplies, tools, and equipment organized. Medical carts come equipped with features like shelves, drawers, IV poles, supply hooks and bins to store various medical items for easy access. They ensure quick retrieval of supplies during patient care and help optimize workflow efficiency within clinical settings. Growing demand for flexible medical devices from hospitals and clinics is augmenting the growth of the medical carts market.
Market key trends:
One of the key trends witnessed in the medical carts market is the increasing demand for multi-functional carts. Manufacturers are integrating advanced functionalities in medical carts to improve workflow efficiency. For example, emergency carts are being designed with built-in defibrillators, suction devices and oxygen tanks. Similarly, medication carts come with locking drug cabinets and inventory management software. Such multi-functional carts help save time and floor space in healthcare facilities. Another trend is the growing preference for ergonomic cart designs. Players are offering carts with height adjustable shelves, lightweight structures and convenient maneuverability features to avoid musculoskeletal injuries among medical staffs.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the medical carts market. High capital investment and availability of well-established players pose significant barriers for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high. A large number of buyers and variety of products available increases competition among existing players. This enables buyers to demand better services and prices.
Bargaining power of suppliers: The bargaining power of suppliers is medium. The presence of multiple component suppliers limits the power of individual suppliers in the global market.
Threat of new substitutes: The threat of substitutes is medium. Other equipment like medical cabinets and racks can act as substitutes but cannot completely replace the functionality of medical carts.
Competitive rivalry: High due to the presence of numerous players offering a wide variety of medical carts at competitive prices.
Key Takeaways:
Medical Carts Market Size is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing healthcare expenditure and rising demand for mobile computer carts.
The North America region is expected to dominate the medical carts market throughout the forecast period. This is attributed to growing geriatric population, high healthcare expenditure, and availability of advanced healthcare facilities in the region.
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 mergers & acquisitions to strengthen their market position. For instance, in 2021, AFC Industries launched a new generation of ZoneCentral modular medical carts to optimize clinician workflow.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
