Medical Carts Market: Powered Segment Anticipated to be the Second Most Lucrative Segment by Energy Source During the Forecast Period: North America Industry Analysis and Opportunity Assessment 2017-2027
- REP-NA-3608
- 2017-04-25
- 120 Pages
- Format:
- Category: Healthcare, Pharmaceuticals and Medical devices
Non-powered segment by energy source anticipated to dominate the North America medical carts market during 2017 – 2027
The Non-powered (mechanical) energy source segment dominated the North America medical carts market in terms of revenue in 2017 and is likely to retain its dominance throughout the forecast period. The Non-powered (mechanical) segment is also the most attractive segment, with an attractiveness index of 1.2 over the forecast period. This segment is estimated to hold a little over 68% revenue share of the North America medical carts market in 2017; however, there is an anticipated drop to the tune of 432 basis points in market share by 2027. The Non-powered (mechanical) segment is expected to register a CAGR of 10.4% over the forecast period and be valued at a little more than US$ 1,100 Mn by 2027 end.
On the other hand, revenue from the Powered segment by energy source is expected to grow 3.3x by 2027 end as compared to that in 2017. The Powered segment is expected to create absolute $ opportunity of slightly more than US$ 20 Mn in 2018 over 2017. By the end of 2027, the Powered segment is projected to reach more than US$ 600 Mn, growing at a CAGR of 12.6% over the forecast period. The Powered segment is expected to be the second most lucrative segment in the North America medical carts market by energy source, with an attractiveness index of 0.8 during the period of assessment.
Key player focus on developing innovative products drives revenue growth in the North America medical carts market
Key players in the North America medical carts market are focussing on developing innovative application specific products to fulfil the various needs of hospitals and to enhance the important factor of patient safety. This need to increase hospital capacity and innovations in products are likely to boost the revenue and volume growth of the medical carts market. To strengthen the medical carts product portfolio, companies in this market are deploying a product line extension strategy by launching new products with unique features for specific purposes. For instance, companies such as Ergotron, Inc. and InterMetro Industries Corporation are introducing powered medical carts to simplify the work of nursing facility staff. These mobile medical carts are preferred by nurses as they are at a high risk of musculoskeletal disorders.
Non-powered or mechanical medical carts are now slowly being replaced by innovative and enhanced technologies such as powered medical carts with battery systems and locking drawers with negative tilt to facilitate efficient medication stocking, and also feature automated medicine dispensing systems. For instance, Omnicell Inc. designs medication workstations to advance medication and supply automation management. On the other hand Ergotron Inc. offers a wide variety of powered medical carts with ergonomic and easy-to-manoeuvre features. This shift in technology to powered medical carts is trending the North America medical carts market.
Hazards associated with powered medical carts could negatively impact segmental growth over the forecast period
There have been past incidences of safety issues with battery powered mobile medical carts.The U.S. Food and Drug Administration (FDA) has been receiving several complaints about incidents of hospital fires associated with batteries used in powered medical carts. In December 2016, the FDA issued a warning regarding the risks associated with battery powered medical carts to healthcare professionals and healthcare units. Medical carts are regulated by the FDA under section 201(h) of the Food, Drug and Cosmetic Act. Commercially available battery powered medical carts include medication dispensing carts, emergency carts and others. Hazards associated with powered medical carts are likely to hamper the revenue growth of the Powered segment during the forecast period.
The report “Medical Carts Market: North America Industry Analysis and Opportunity Assessment 2017-2027” by Future Market Insights is a comprehensive study of medical carts such as emergency carts, procedure carts, medical computer carts, anaesthesia carts and others in the North America medical carts market. This study does not consider workstations/wall mounts and cabinets used in hospitals for delivering medical devices and medicine. Medical carts present good opportunities to investors due to high demand of point of care diagnosis and treatment in healthcare settings. There is a rise in distribution of products through e-commerce and establishing market presence through promotional campaigns and exhibitions. While studying this market in detail, our expert team of analysts have observed that key players operating in the North America medical carts market are adopting strategies to penetrate and sustain the price sensitive market. This comprehensive study of the market scenario provides insights into the various business opportunities.
Key players in the North America medical carts market are focussing on adding more value in order to maintain and increase their customer base by updating their product offerings with advanced options such as wireless management of medical carts and automatic locking drawers. The market is competitive due to the presence of established players. However, brands from companies such as Herman Miller Inc., Waterloo Healthcare, Ergotron Inc. and others have maintained their position in the market owing to their unique value proposition such as providing more precision and accurate IT support in medical carts. We have targeted the various market segments while inspecting the North America medical carts market and have observed that medical computer carts and emergency medical carts segments contribute a significant market share and are the fastest growing segments due to increase in nursing workflow efficiency. In case of regions, it has been noticed that the North America market is expected to dominate in terms of revenue share, owing to the availability of advanced products.
The North America medical carts market is divided into the following segments
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North America Medical Carts Market – PEST Analysis
The economic aspect of the PEST analysis indicates that medical carts that are widely used in hospitals, clinics, ambulatory surgical centres and others. It is believed that the U.S. hospital capacity expansion, especially for emergency and inpatient services would further demand purchase of medical carts. When it comes to analysing the political factors impacting the North America medical carts market, we have found that companies have patented technology that is used for manufacturing of advanced technology medical carts with integration of information technology. Companies operating in the North America medical carts market focus on acquisitions and mergers and ensure that patented technology can be used for their product development. Technological factors include several companies that have full line of next generation medical carts targeting changing healthcare needs and allowing data management systems assisting healthcare information technology and electronic health records. The social analysis of the market shows that good ergonomic mobile technology carts reduce incidences of musculoskeletal disorder among healthcare professionals.
Research Methodology
The forecast presented in this report assesses the total revenue of the North America medical carts market. When developing the market forecast, the starting point involves sizing the current market, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, we have triangulated the outcome on the basis of analysis based on supply and demand sides. The report also takes into consideration year-on-year growth to understand the predictability of the market and to identify the right opportunities across the North America medical carts market. As previously highlighted, the market for medical carts in North America is split into various categories. All these segments have been analysed in terms of basis point share to understand the individual segment’s relative contribution to market growth. This detailed level of information is important for the identification of various key trends in the North America medical carts market.