Portland, OR -- (SBWire) -- 09/15/2017 --According to a new report published by Allied Market Research titled, Asia-Pacific Medical Carts Market by Type and Country, Opportunity Analysis and Industry Forecasts, 2014-2022, the Asia-Pacific medical carts market was valued at $224 million in 2015 and anticipated to reach $555 million by 2022, growing at a CAGR of 13.7%.
The increased focus on improving nursing efficiency, patient safety, and rise in adoption of electronic health record (EHR) to prevent medication errors drive the growth of the Asia-Pacific medical carts market. In addition, easy accessibility to critical medical supplies and the growing need to limit the high hospital costs, further stimulate the demand for medical carts. However, lack of skilled workforce, high cost, and maintenance of medical carts could restrict the market growth.
In 2015, in terms of volume, the emergency carts segment accounted for over two-fifths share followed by procedure carts. The emergency carts segment is expected to dominate the Asia-Pacific medical carts market throughout the forecast period, both in terms of value and volume.
The emergency carts are critical in providing utmost and immediate patient care even in adverse situations.
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China dominated the Asia-Pacific medical carts market in 2015, accounting for more than one-third market share, and is projected to continue this trend in the future. China generated the maximum revenue in 2015 and is projected to be the fastest growing country throughout the analysis period, at a CAGR of 16.4%. This is attributed to its high geriatric population that requires medical procedures and the rise in demand for medical carts required for this purpose. Besides, improvement in health care expenditure further supplements the sale of medical carts in China. However, Japan utilized 180 thousand unit carts in 2015 and is anticipated to be a lucrative market opportunity as the Japanese health care expenditure is anticipated to surge by an average of 3% during 2014-18.
Key Findings of the Asia-Pacific Medical Carts Market:
- In 2015, China dominated the overall medical carts market revenue, and is projected to grow at a highest CAGR of 16.4% during the forecast period, in terms of value and volume.
- Singapore is expected to grow at a remarkable CAGR of 14.2% in terms of value and 13.5% in terms of volume.
- Indonesia is projected to grow at a CAGR of 13.4% in terms of value, during the analysis period.
- Emergency carts segment accounts for about half of the Asia-Pacific medical carts market share in terms of value and three-seventh of share in terms of volume.
- In terms of value, procedure carts is anticipated to grow at the fastest rate of 14.4% from 2016-2022.
The key players in the medical carts market are focused on expanding their business operations in the fast-growing emerging countries with new product launches as a preferred strategy. The key players profiled in this report include Omnicell, Inc., Hanlim Medical Equipment Co., Ltd., Ruilang Medical Equipment Co., Ltd, Capsa Solutions LLC, Chang Gung Medical Technology Co., Ltd, ITD Medical Technology Products Co., Ltd., Lifemedic Health care Supplies Pte Ltd, Midmark Corporation, Nortek, Inc., Zhangjiagang Medi Medical Equipment Co., Ltd.
Asia-Pacific Medical Carts Market Is Anticipated to Reach $555 Million by 2022
New utility functions such as the universal mounting accessory function and dual pull-out workout shelves almost double the utility of the emergency carts. Moreover, significant investments on such equipment are encouraged by medical practitioners and caregivers due to the growth in the number of emergency cases and the surge in the need for emergency medical carts.