North America Medical Carts Market – Insights
Medical carts are movable equipment used to carry medical supplies and medical instruments for the management of medical emergencies. These carts are useful and built on a stable and strong platform delivering ultimate solution to healthcare settings such as operating theatres, dental clinics, hospital wards, ICU, and many other medical areas.
North America medical carts market is estimated to account for US$ 751.3 Mn in terms of value in 2019 and is expected to reach US$ 1,698.1 Mn by the end of 2027.
North America Medical Carts Market: Drivers
Increasing healthcare expenditure is expected to boost growth of North America medical carts market over the forecast period. For instance, according to the Centers for Medicare & Medicaid Services (CMS), health spending in the U.S. is projected to grow at an average rate of 5.5 percent per year for 2018-27 and to reach nearly US$ 6.0 trillion by 2027.
Focus on increasing facilities and maximizing operating room utilization is also expected to aid in growth of the market. Medical carts aid in improving the efficiency of surgeons in the treatment of diseases. Moreover, integration of information technology in medical carts helps to manage patient data.
U.S. held dominant position in North America medical carts market in 2018, accounting for 90.7% share in terms of value, followed by Canada.
North America Medical Carts Market: Restraints
Safety issues with battery-powered mobile medical carts are expected to hinder growth of the market. Battery-powered mobile medical carts may catch fire or explode.
Moreover, limited room for new entrants is also expected to limit growth of the market. North America medical carts market is highly fragmented with several market players, which limits the opportunities for new market entrants. New players are required to undergo an initial capital intensive process to enter into the market and to establish an effective distribution network.
North America Medical Carts Market: Opportunities
Increasing cases of trauma, injury, and infection lead to high number of hospitalization cases or hospital visits, thereby offering lucrative growth opportunities for players in the market. For instance, according to World Health Organization (WHO) factsheet in 2018, around 37.3 million falls are recorded, annually worldwide.
Emergence of pandemic and epidemic disease is also expected to aid in growth of the market. For instance, according to the Centers for Disease Control and Prevention, the U.S. recorded 3,487 cases of coronavirus disease as of March 16, 2020.
Computer Medical Cart segment in North America medical carts market was valued at US$ 241.2 Mn in 2019 and is expected to reach US$ 681.3 Mn by 2027 at a CAGR of 14.0% during the forecast period.
Market Trends/Key Takeaways
Manufacturers are focused on offering technologically advanced products. For instance, Stinger Medical offers a Clinical Adoption Support Technology (CAST) app that allows IT personnel to connect directly with the wireless board on each cart and access important operational information about the device (such as utilization, location, and trending information).
Growing number of hospital-based ambulatory surgical centers is boosting growth of the market. For instance, in January 2020, Grady Health System choose Skanska and its joint venture partner H.J. Russell & Co. to build a new Center for Advanced Surgical Services in Atlanta.
Value Chain Analysis
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North America Medical Carts Market: Competitive Landscape
Major players operating in North America medical carts market include, Herman Miller, Inc., Omnicell, Inc., The Harloff Company, Capsa Healthcare, Medline Industries, Inc., Armstrong Medical Industries, Inc., Waterloo Healthcare, Ergotron, Inc., TouchPoint Medical, and AFC industries Inc.
North America Medical Carts Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in September 2018, Ergotron, Inc. launched new CareFit Slim Laptop Cart and Slim LCD Cart, the first products to be launched within the company’s CareFit healthcare product line.
Major players in the market are also focused on adopting M&A strategies to expand their portfolio. For instance, in October 2019, Herman Miller, Inc. acquired the remaining shares of Naughtone (Holdings) Limited, a contemporary U.K.-based furniture designer.
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