VANCOUVER, BC, Jan. 11, 2023 /PRNewswire/ -- The medical power supply size reached USD 1.43 Billion in 2021 and is expected to register a CAGR of 6.5% during the forecast period, according to latest analysis by Emergen Research. The growing concerns over patient safety in medical equipment are driving revenue growth in the market. As more research is conducted to make the power supply for medical equipment safe, affordable, and user-friendly, the adoption rate is rising significantly. Aiming to fulfill the requirements of the growing population, governments are also building cutting-edge healthcare facilities in developing countries.
Growth in the number of healthcare facilities may lead to an increase in demand for medical power supply, which is expected to develop the market for medical power supply. Considering advancements in medical technology, an increase in the prevalence of chronic diseases, and a rise in the need for portable and home-based equipment, the market for medical power supply is growing. Moreover, the ability of these devices to reduce the risk of electric shocks and current leakage while reducing electromagnetic interference is one of the key factors driving revenue growth.
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Drivers:
Technological developments in healthcare equipment followed by an increase in the number of healthcare facilities are major factors driving revenue growth. Increasing scientific developments in medical power supply facilitate better and safe medical operations including precise surgeries. Increase in the prevalence of chronic diseases, and rising demand for portable and home-based devices are some factors that are propelling the market's expansion. According to International Diabetes Federation (IDF), an estimated 537 million adults (20-79 years old) have diabetes in 2021.
In addition, governments are establishing modern healthcare facilities in developing countries to meet the needs of the expanding population. Increased demand for medical power supply, which is expected to boost the market for medical power supply, may result from an expansion in number of healthcare facilities. Additionally, there is a strong global trend toward simplification of medical electronics. All electronic equipment follows this trend, although the push to reduce size and weight is mostly in the field of medical applications. This is primarily driving power supply makers to make their devices smaller. For instance, New Yorker Electronics announced the availability of the Polytron Devices PFMUIC700 Series of AC-DC power supplies in September 2021. These power supplies are intended for use in medical applications.
Restraints:
Over the forecast period, the medical power supply market is expected to experience restraints brought on by security laws as well as challenges adjusting to the device system interface. The market is restrained by the recession and an adverse regulatory framework. Additionally, technological limitations including high functional noise, inadequate power optimization, overheated devices, and poor target biomolecule detection quality are a restraint on revenue development.
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Growth Projections:
The medical power supply is expected to register a CAGR of 6.5% over the forecast period and revenue is projected to increase from USD 1.43 Billion in 2021 to USD 2.52 Billion in 2030. The growing adoption of external power supplies for home healthcare applications is driving revenue growth.
Current Trends and Innovations:
The demand for portable, smaller, and lighter medical equipment is driving the growth of the global medical power supplies market. Healthcare and pharmaceutical industries are also increasingly depending on these systems to provide patients with appropriate care. The increased incidence of diseases, improved access to healthcare, availability of technological aid for healthcare, improvement in the quality of life, and effectiveness of the digitally managed power supply are further factors driving the growth of this market.
The use of mobile medical equipment is growing along with in-home patient care and the medical device industry. Many manufacturers have an emphasis on compact electronic medical equipment. For instance, New Yorker Electronics has developed the Polytron Devices PFMUIC700 Series of AC-DC power supplies suitable for medical applications.
Strategic Initiatives:
Major companies included in the market report are Delta Electronics Inc., TDK-Lambda Corporation, SL Power Electronics Corp, XP Power, Spellman High Voltage Electronics Corporation, COSEL Co. Ltd., FRIWO Gerätebau GmbH, Bel Fuse Inc., MEAN WELL Enterprises Co., Ltd., Wall Industries Inc., SynQor Inc.
- On March 17, 2022, Ultralife, a U.S.-based medical battery manufacturer will display the new URS-X5 medical cart power system at the spring HIMSS conference, which will take place at the Orange County Convention Center in Orlando, Florida, U.S.
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Scope of Research
Report Details | Outcome |
Market size in 2021 | USD 1.43 Billion |
CAGR (2022-2030) | 6.5 % |
Revenue forecast to 2030 | USD 2.52 Billion |
Base year for estimation | 2021 |
Historical data | 2019-2020 |
Forecast period | 2022-2030 |
Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Type, Application, and region |
Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
Key companies profiled | Delta Electronics Inc., TDK-Lambda Corporation, SL Power Electronics Corp, XP Power, Spellman High Voltage Electronics Corporation, COSEL Co. Ltd., FRIWO Gerätebau GmbH, Bel Fuse Inc., MEAN WELL Enterprises Co., Ltd., Wall Industries Inc., SynQor Inc. |
Customization scope | 10 hours of free customization and expert consultation |
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Emergen Research has segmented medical power supply on the basis of type, application, and region:
- Type Outlook (Revenue, USD Billion; 2019-2030)
- Enclosed Power Supplies
- Open Frame Power Supplies
- External Power Supplies
- Others
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Diagnostic and Monitoring Equipment
- Home Medical Equipment
- Surgical Equipment
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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