Medical Carts Market to Witness Heightened Revenue Growth in the Next Decade
The North America medical carts market is expected to increase at a y-o-y growth rate of over 11.2% and reach US$ 597.3 Mn in revenues in 2017. The U.S. occupies significant market share and collectively accounts for nearly 90.7% revenue share of the market in 2017. Medical computer carts are widely adopted as it reduces the medication error and contributes to patient safety are favouring the growth of the market over the forecast period. Cost-effective and economically designed medical carts are further boosting the growth of the medical carts market. Product launches by various companies and technology advancements in North America is projected to play an important role in driving growth of medical carts market. However, safety issues with medical carts, availability of advanced products will continue to pose challenges for growth of the market
The global medical carts market is expected to increase at a CAGR of 15.1% in terms of revenues during the forecast period 2026. The U.S. will continue to be the lead the market during the forecast period . On the basis of product type, computer medical carts is projected to outsell other product types. The computer medical carts is expected to surpass US$ 187.3 Mn in revenues in 2017, up from nearly US$ 169.8 Mn in 2016. The growth of the computer medical carts market is mainly attributed to integration of information technology in healthcare.
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Medical carts that are made up of metal will have major market share followed by plastic and wood. Owing to its physical properties such as strength and enhanced corrosion resistance properties are expected to boost the market over the forecast period.
Non-powered segment will remain the largest segment by energy source, accounting for over 68.6% revenue share of the market in 2017. Powered segment is expected to grow with a high CAGR of 12.6% globally due to technological innovations.
North America Medical Carts Market Revenues to Grow by Over 11.2% in 2017 to Reach US$ 597.3 Mn in Revenues: RRI Report
Hospitals will remain the prominent end-users of the global medical carts, followed by diagnostic centers. Increase in hospitalisation and rise in aging population is expected to dominate the market over the forecast period. Favorable government policies and increase in medicare expenditure in both ambulatory surgical centers and hospitals will continue to have a positive impact on medical carts market in the U.S. market. The demand for medical carts in Canada market is expected to grow with a CAGR of 10.1% during the forecast period.
Herman Miller, Inc., Omnicell, Inc., The Harloff Company, Capsa Solutions LLC, Medline Industries, Inc., Armstrong Medical Industries, Inc., Waterloo Healthcare, Ergotron, Inc., TouchPoint Medical and AFC industries Inc, .Medline Industries, Inc., and Omnicell, Inc., are involved in acqusitions and collaborations with distributors to expand their product reach. Recently, TouchPoint Medical, started new business platform for mobile computing medical carts and automated dispensing medicine units.