The medical carts market is estimated to be valued at USD 2.90 BN in 2024, growing at a CAGR of 9.7% over the forecast period (2024 – 2031). The rising adoption of mobile computers and tablets in healthcare facilities to enable easier storage and access to patient records is further fueling the market growth.
Market Dynamics:
The growth of the medical carts market is driven by factors such as rising demand for increased mobility solutions in healthcare organizations and growing healthcare spending. Mobility carts allow clinicians easy access to patient records and other important files while being next to the patient's bedside for treatment and monitoring. This improves workflow efficiency within limited space of healthcare facilities. Furthermore, increasing investments by hospitals to enhance mobility solutions is positively impacting the demand for technologically-advanced medical carts. The growing usage of electronic health records also necessitates mobility solutions for accessing patient records electronically. However, high costs associated with specialized medical carts may hinders the market growth during the forecast period. Ongoing innovations centered around the development of light-weight and durable carts will create new opportunities in the coming years.
Rising Adoption of Telemedicine and Mobile Healthcare is Driving the Medical Carts Market Growth
The adoption of telemedicine and mobile healthcare is growing rapidly as more healthcare providers are realizing the benefits of delivering remote care. Medical carts equipped with telemedicine capabilities allow doctors to examine patients and consult with specialists from anywhere. They are helping expand access to healthcare in rural areas. The COVID-19 pandemic has further accelerated this transition as more patients are seeking virtual consultations to avoid visiting hospitals. Medical carts with integrated telemedicine solutions have become essential for healthcare facilities to efficiently deliver remote care services. This rising demand for telemedicine-enabled medical carts is a major driver for market growth.
Increasing Prevalence of Chronic Diseases is Fueling the Demand for Medical Carts
Continued growth in lifestyle-related chronic diseases like diabetes, cancer, and cardiovascular conditions is putting more pressure on healthcare systems globally. This is driving the need for flexible and mobile healthcare solutions within hospitals and medical facilities. Medical carts equipped with diagnostic devices, medical supplies, and electronic health records (EHR) allow clinicians to treat and monitor patients more efficiently at the point of care. They are commonly used in specialty areas like operating rooms, emergency rooms, Intensive Care Units, and patient floors where mobility is important. The rising chronic disease burden worldwide is boosting demand from healthcare providers for different types of specialized medical carts. This growing prevalence of chronic illnesses remains a key factor propelling the medical carts market growth.
High Cost of Advanced Medical Carts Hinders the Adoption Rates
While medical carts offer convenience and flexibility, higher-end carts integrated with advanced technologies come at a considerable price. Features like diagnostic imaging modules, EHR systems, telemedicine solutions and automated dispensing/storage systems make medical carts quite expensive, sometimes over USD 50,000 per unit. The high acquisition cost is a major challenge, especially for budget-constrained public hospitals and clinics in developing regions. It acts as a restraint on the medical carts market as many healthcare facilities find it difficult to justify the investment. Ongoing price pressures in the healthcare industry could also limit spending on non-essential big-ticket items like sophisticated medical carts.
Emerging Uptrend Towards Telemedicine Presents Lucrative Opportunities
With telemedicine consultations growing rapidly, there is substantial opportunity for medical cart manufacturers to equip their offerings with upgraded connectivity, collaboration, and virtual examination features. Carts integrated with high-definition cameras, virtual monitoring tools and Electronic Health Record access could become ideal virtual care solutions. This emerging telehealth niche represents a major business opportunity, especially for vendors capable of developing advanced telemedicine carts. It allows expanding into new clinical settings and care models beyond traditional hospitals as remote patient monitoring gains acceptance. The post-pandemic shift towards telemedicine and digital-first healthcare will open new revenue streams in the years ahead.
Shortage of Healthcare Workers Spurs the Demand for Automated Carts
Developed markets are experiencing shortages of nurses and clinical staff, raising concerns about future staffing needs. At the same time, the cost of labor is rising in many countries. This issue is encouraging healthcare providers to invest in technologies like automated medical carts that enhance workforce productivity and efficiency. Carts equipped with inventory management systems, automatic dispensing of medications and supplies not only save nurses time but also reduce inventory management burdens. They become valuable tools for healthcare organizations battling staff scarcity issues. This emerging trend towards automated workflows driven by labor constraints presents considerable opportunities for vendors promoting smart carts and management software.
Link - https://www.coherentmarketinsights.com/market-insight/medical-carts-market-2171
Key Development
- On March 11, 2024, GCX, the foremost global provider of medical mounts for healthcare IT solutions, unveiled the innovative GCX Tablet Roll Stand. This cutting-edge solution facilitates secure and convenient access to patient services and medical records throughout hospital premises. Featuring easily maneuverable carts, the stand offers a fixed or adjustable height tablet arm, ensuring optimal viewing and accessibility for tasks such as video conferencing, accessing electronic medical data, and delivering patient care.
- On February 22, 2024, Wincomm, a leading manufacturer of medical and industrial computers in Taiwan, announced the enhancement of its latest medical cart panel PC, the WMP-22P/24P series, to the distinctive power design known as the WMP-22P/24P-PIS series. This innovative design integrates the power supply unit within the system, addressing the challenge of storage space constraints. It enables applications necessitating simultaneous utilization with medical carts and point-of-care conditions.
- In August 2021, Ergotron, a global company dedicated to enhancing productivity, learning, recreation, and caregiving experiences, launched the latest iteration of its CareFit Pro Medical Cart. This update is engineered to future-proof workflows and prioritize caregiver well-being, ultimately fostering patient-centered care. The CareFit Pro Medical Cart sets a new benchmark in ergonomic design, fostering serene and therapeutic environments conducive to the well-being of both caregivers and patients.
- In November 2020, MPE, the foremost producer of tailored medical device carts, initiated a novel program aimed at aiding medical device original equipment manufacturers in expediting their product launches while reducing costs. The MACH Series introduces modular cart components that are easily configurable, enabling customization efforts to be concentrated on optimizing device workflow. For instance, a standard base, column structure, and storage options can be combined with a specialized top shelf meticulously designed to accommodate the specific device. This approach streamlines the customization process, facilitating efficient and cost-effective solutions.
Key Players: AFC Industries, Advantech Co. Ltd., Alphatron, Enovate Medical, Ergotron Inc., Harloff Manufacturing Co., JACO Inc., Medline Industries Inc., Scott-Clark Medical., ITD GmbH, Capsa Healthcare, TOUCHPOINT MEDICAL INC., Armstrong Medical Inc., McKesson Medical-Surgical Inc., Omnicell Inc., Altus Health System, and Parity Medical.
