SEATTLE, April 14, 2020 (GLOBE NEWSWIRE) -- Medical power supply devices refer to power supplies, either electronic or electric, which are used in a plethora of medical applications namely patient monitors, blood analyzers, MRI, X-ray scanners, dental equipment, and robotic surgical devices. Specification and selection of power supplies for medical applications by healthcare institutions is a task, which is required to be executed efficiently. This is typically due to constant changes in safety and environmental standards for medical equipment.
The global medical power supply devices market was accounted for US$ 1,408.4 Mn in terms of value in 2019 and expected to reach 2,015.3 Mn by 2027.
Request for Sample PDF copy @ https://www.coherentmarketinsights.com/insight/request-sample/3678
Market Drivers
- Increasing demand for portable and homecare device is expected to support growth of the global medical power supply service market during the forecast period.
- Technological advancements coupled with advent of novel products with enhancing features is expected to boost the global medical power supply service market growth over the forecast period.
Market Opportunities
- Growing healthcare expenditure can present lucrative growth opportunities
Increase in healthcare expenditure in emerging economies is expected to pose major growth opportunities for OEMs of medical devices in the near future. According to Coherent Market Insights’ analysis, healthcare IT expenditure in India is estimated to reach US$ 195.7 Bn in 2018 from US$ 96.5 Bn in 2013. Spending on hardware devices and equipment in 2018 is expected to account for over 79% revenue share and spending on services and software is expected to account for 21% share in 2018.
- Government instructions in South East Asia countries can provide major business opportunities
In 2012, a co-operation agreement was signed between 10 South East Asian countries to standardize medical device registration, which will enable foreign manufacturers of medical devices to market their products easily in ASEAN member countries. This, in turn, has resulted in increased momentum for foreign medical device manufacturers to explore untapped markets, thereby increasing their revenue potential.
Buy-Now this Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/3678
Key Takeaways
- APAC holds the dominant position in the global medical supply devices market and is expected to witness significant growth over the forecast period 2019-27. This is owing to government initiative in the developing economies such as China and India. For instance, In May 2015, Government of China implemented strategic plan, through this initiative China is expected to increase countries domestic medical devices use to 50%, 70%, and 95% by 2020, 2025, and 2030, respectively. Providing great opportunities to market key players.
- Among function segment, AC-DC sub segment is expected to dominate the global medical supply devices market over the forecasted period 2020-27. This is owing to wide range of application of AC-DC external power supply devices. Supply given by electric grids are primarily an AC supply however medical devices fail to operate on direct AC supply as AC supply may cause magnetic flux problem to medical devices. Thus demand of AC-DC external power supply is increasing in the medical power supply devices Moreover, key players in the market are focusing launching new devices to remain competitive in the market. For instance, in March 2017, TDK Corporation launched AC-DC High Power Model of RWS-B Series.
- Among end-user segment Hospitals sub segment is expected to dominate the global medical supply devices market over the forecasted period 2020-27. This is owing to increasing healthcare sector investment across the globe. For instance, According India Brand Equity Foundation Indian healthcare sector, one of the fastest growing industries, is expected to advance at a CAGR of 22.87 per cent during 2015–20 to reach US$280 billion by 2020. Moreover, majority of the government funding is for adopting advanced equipment in the hospitals. Increasing demand of modern equipment will increase the medical power supply devices creating huge growth opportunities to key layer.
Competitive Section
Major companies involved in the global medical power supply devices market include Delta Electronics, Inc., Astrodyne TDI, Excelsys Technology, SL Power Electronics, FRIWO Geratebau GmbH, Powerbox International AB, ICCNexergy, TDK Lambda Corporation, GlobTek, Inc., and Artesyn Embedded Technologies (Emerson Network Power).
Read Report Summary @ https://www.coherentmarketinsights.com/market-insight/medical-power-supply-devices-market-3678
Market Segmentation:
- By Regions
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
- By Product Type
- Standard Medical Power Supply Device
- Open Frame
- Enclosed
- Encapsulated
- External
- Configurable Power Supply Devices
- Open Frame
- Enclosed
- Encapsulated
- External
- By Function
- AC-DC Power Supply Devices
- DC-DC Converters
- By End User
- Hospitals Ambulatory Surgical Centers
- Clinics
- Long term Care Centers
- Rehabilitation Centers
- Diagnostic Centers
- Home Care Settings