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.
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COVID-19 scenario analysis:
1) The COVID-19 impact on the Asia-Pacific Medical carts market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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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.
List of Key Players Profiled in the Report: