The estimated value of the global Medical Workstations Market is projected to reach USD 7.31 Billion by 2027, showing a Compound Annual Growth Rate (CAGR) of approximately 16.6% during the forecast period. This growth is primarily attributed to the increasing emphasis on patient safety, improved nursing efficiency, the need for quick access to critical medical equipment and supplies, and the rising adoption of Electronic Medication Administration Records (eMAR) to prevent medication errors.
Medical workstations play a crucial role in organizing medical supplies and improving efficiency in medical settings. These workstations serve as essential clinical tools widely used in hospitals to enhance patient care, increase patient engagement, reduce nursing fatigue, and ensure uninterrupted and efficient handling of medical tasks.
The rising popularity of advanced technologies like telemedicine or telehealth, coupled with the growing need to reduce escalating hospital costs, is expected to drive the market share of medical workstations in the coming years. Additionally, the increasing retirement phase of several doctors in the United States presents lucrative opportunities for the growth of the medical workstations market. By the end of 2020, it is anticipated that there will be a shortage of 45,000 primary care physicians in the U.S., which can further drive the adoption of medical workstations to efficiently manage a larger number of patients. Furthermore, the growing adoption of advanced healthcare facilities to enhance patient care will also contribute to the growth of the medical workstations market until 2027. However, factors such as high product costs, a shortage of skilled professionals, limited floor space, and insufficient funds allocated for medical infrastructure may hinder the growth of the industry.
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Key players operating in the global medical workstation market:
Midmark Corp (United States), AFC Industries (United States), General Electric Company (United States), Siemens AG (Germany), Fujifilm Holdings Corporation (Japan), Ergotron (Anthro Corporation) (United States), CCI Group (United States), Cygnus Medical (United States), Canon Medical Systems Corporation (Japan), Carestream Health (United States), Hologic (United States), Carl Zeiss Meditec AG (Germany), PaxeraHealth Corp (United States), Accuray Incorporated (United States) and Capsa Healthcare (United States), Ampronix (United States), Alma IT Systems (Spain), Medicor Imaging (United States) and NGI Group (France), among others.
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The Medical Workstations Market is driven by several factors and faces certain restraints. Here are the driving factors and restraints of the market:
Driving Factors:
- Increasing Focus on Patient Safety: There is a growing emphasis on enhancing patient safety in healthcare settings. Medical workstations play a crucial role in ensuring the safe storage and organization of medical supplies, reducing the risk of errors, and improving overall patient safety.
- Improving Nursing Efficiency: Medical workstations help streamline workflow and improve efficiency for nurses and healthcare professionals. These workstations provide easy access to critical medical equipment and supplies, reducing the time spent on searching for items and allowing nurses to focus more on patient care.
- Growing Focus on Quick Accessibility: Quick access to essential medical equipment and supplies is vital in emergency situations. Medical workstations offer convenient and centralized storage, enabling healthcare professionals to retrieve necessary items rapidly, leading to improved patient outcomes.
- Rising Adoption of eMAR: The adoption of Electronic Medication Administration Records (eMAR) is increasing to prevent medication errors. Medical workstations facilitate the implementation of eMAR systems, ensuring accurate medication administration and reducing the risk of adverse drug events.
Restraints:
- High Product Costs: Medical workstations can be expensive, especially those equipped with advanced features and technology. The high cost of these workstations may limit their adoption, particularly in healthcare facilities with budget constraints.
- Lack of Skilled Professionals: Efficient utilization of medical workstations requires trained and skilled professionals. The shortage of skilled personnel who can effectively operate and utilize these workstations can pose a challenge to their widespread implementation.
- Limited Floor Space: Healthcare facilities, especially smaller clinics or hospitals, may have limited floor space. Installing medical workstations requires sufficient space, and the lack thereof may hinder their implementation, especially in crowded settings.
- Limited Funds Allocation for Medical Infrastructure: Healthcare organizations often face budget limitations, and funds allocated for medical infrastructure may be insufficient to invest in medical workstations. Limited financial resources can impede the adoption of these workstations in healthcare facilities.
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