In a recent published report, Kenneth Research has updated the market report for Medical Casters Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Casters Market products.
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The medical casters market was valued at USD 3.61 billion by 2017, growing with 4.3% CAGR during the forecast period, 2018-2025
Casters are wheeled devices which are mounted on various objects for their easy rolling. Medical wheels are popularly used in health care, pharmaceutical and institution industries where there is need of unique motion control. These assemblies can move in various axis and can bear any kind of environment. For instance, caster is also suitable for washed-down areas, sterile areas or areas of corrosive elements. With a need to help medical and surgical staff, the market is expected to fuel up in the forecast period. The industrial caster has wide applications, but the primary objective of all remains the same I.e. transport items. However, the choice of suitable wheel depends on the item which needs to carry. For instance, medical equipment casters play a pivotal role in health care industry. They are used to transport patients and hence they should never fail.
Advancement in medical equipment has given birth to light weight medical appliances. But even they are light; they should be transported with utmost attention. Casters often carry extremely expensive medical equipment and hence they should support up and down rolling. It is estimated that 10% of back injuries are related with the pulling and pushing tasks. And this reason is estimated to increase the demand of caster wheel over the years.
Globally with the rise in number of hospitals and clinics, the market is expected to grow at an excellent CAGR. Caster wheels are responsible for easy mobility of patients in hospitals. However, aspects like noisy wheels and rolling resistance may hinder the market growth in future. Also the plastic material used while manufacturing may hinder its growth.
By product, the market is divided into computer, procedure, anaesthesia, emergency, food delivery, and medication casters. Emergency casters can be cleaned easily and comprise of drugs which are helpful in emergency situation like cardiac arrest. Improved mobility, light weight and enhanced ergonomics are some of the factors which has allowed emergency casters to grab maximum revenue. It has captured 35% of total revenue share globally.
Computer caster is operated by battery. Moreover, the advanced designs and changing ergonomics are anticipated to propel the demand. Vendors are trying their best to come up with easy-to-implement technologies for remaining ahead in the market.
In 2016 North America collected the largest revenue and it is expected to rise exponentially in the coming years. Streamlined health care and presence of integrated health care IT system are some of the aspects responsible for regional dominance in the market. Companies manufacturing medical devices are emphasizing more on innovative medical carts on wheels for meeting consumers’ requirements. For this, manufacturers are coming up with products like battery operated clinical workstations, security drawers and automated dispensing systems.
Asia Pacific region is anticipated to receive lucrative growth with their focus on manufacturing cost-effective devices which can deliver high efficiency. Moreover, global players are collaborating with local vendors because of low cost labor and raw material, supporting this regional growth to great extent.
Key Vendor Takeaway
This market is fragmented in itself and comprise of various small and large scale companies. Some of the key vendors of the market are Haion Caster Industrial Limited, Colson Group, Tente, Albion, Foshan Globe Caster Limited, Xiangrong Caster Manufacturing Company, Flywheel Metalwork Ltd., Germany Blickle, and Shepherd Caster.
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Companies are focusing on product innovation, mergers and acquisitions and regional expansion for gaining an edge in the market. Moreover, with the demand of advanced health care IT solutions and increase in patient care and safety, the market is estimated to fuel up in the coming years.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Food Delivery Casters
MARKET, BY REGION
Rest of Europe
Rest of Asia Pacific
Rest of the World
Middle East and Africa
About Kenneth Research
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