New York, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Global Medical Power Supply Market Size is To Grow from USD 1.42 Billion in 2022 to USD 2.67 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.
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Medical power supplies are vital in healthcare, delivering safe electrical energy to medical equipment. Complying with rigorous safety standards, they ensure patient well-being and prevent electrical risks. These power supplies offer high efficiency, minimal electromagnetic interference, and precise voltage regulation for optimal device performance. From diagnostic tools to life-support systems, medical power supplies are essential in providing accurate diagnoses and effective treatments. As medical technology advances, the need for innovative and reliable power supply solutions grows, enhancing patient care and safety in the ever-evolving healthcare landscape.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Medical Power Supply Market Size, Share, and COVID-19 Impact Analysis, By Technology (AC—DC and DC—DC), By Type (Enclosed, Open-Frame, External, Configurable, U Bracket, and Encapsulated), By Application (Diagnostic Equipment, Monitoring Equipment, Homecare Equipment, Dental Equipment, and Surgical Equipment), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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In 2022, the AC—DC segment accounted for around 63.2% market share
On the basis of the technology, the global medical power supply market is segmented into AC—DC and DC—DC. The AC-DC segment held the largest share in the medical power supply market due to several reasons. AC-DC power supplies are essential in converting alternating current (AC) from the electrical grid into direct current (DC) suitable for powering medical devices. They offer a wide range of power outputs and voltage options, making them compatible with various medical equipment. Additionally, AC-DC power supplies are highly reliable and efficient, meeting the stringent regulatory requirements for medical applications. With the increasing adoption of medical devices across healthcare facilities, the demand for AC-DC power supplies has grown substantially, contributing to its dominant position in the market.
The diagnostic equipment segment is expected to grow at a significant CAGR during the forecast period
Based on the application, the global medical power supply market is segmented into diagnostic equipment, monitoring equipment, homecare equipment, dental equipment, and surgical equipment. The diagnostic equipment segment is projected to witness substantial growth during the forecast period due to several factors. With a rising emphasis on early disease detection and accurate diagnoses, the demand for advanced diagnostic devices is increasing. These devices, ranging from imaging systems to point-of-care diagnostics, heavily rely on reliable and precise medical power supplies.
The enclosed segment is expected to grow at a higher CAGR of around 6.8% during the forecast period
Based on the type, the global medical power supply market is segmented into enclosed, open-frame, external, configurable, u-bracket, and encapsulated. The enclosed segment in the medical power supply market is expected to experience higher growth during the forecast period due to several reasons, such as the enclosed medical power supplies offering a compact and self-contained solution, making them ideal for use in various medical devices and equipment. Their enclosed design ensures better protection against environmental factors, enhancing reliability and safety in healthcare settings.
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Europe is predicted to grow at a significant CAGR of around 6.7% over the projected period
Based on region, Europe's anticipated significant growth in the medical power supply market during the forecast period can be attributed to well-established and advanced healthcare infrastructure, driving continuous demand for medical equipment and devices that rely on efficient power supplies. Increasing aging population in Europe is likely to boost the need for medical devices and technologies, further fueling the demand for power supply solutions. Additionally, the growing awareness and emphasis on patient safety and adherence to stringent regulatory standards in the healthcare sector will drive the adoption of reliable and compliant power supply products.
North America's dominance in the medical power supply market can be attributed to several factors because the region boasts a well-established and technologically advanced healthcare sector, driving significant demand for sophisticated medical equipment that relies on reliable power supplies. North America is at the forefront of medical research and innovation, leading to the development and adoption of cutting-edge medical technologies that require efficient power solutions.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. the major players in the global medical power supply market include Advanced Energy Industries, Inc., TDK Corporation, Delta Electronics, Inc., SL Power Electronics, XP Power, Bel Fuse Inc., COSEL Co. Ltd., FRIWO Geratebau GmbH, SynQor, Inc., GlobTek, Inc., MEAN WELL Enterprises Co. Ltd., Spellman High Voltage Electronics Corporation, Astrodyne TDI and others.
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Recent Developments
- In June 2022, XP Power has introduced small medical desktop power supply. This AQM AC/DC power supply is a fanless option that saves space in home healthcare and hospital applications.
- In April 2022, Steel Partners Holdings L.P. sold SL Power Electronics Corporation, a developer of customized power solutions for medical and sophisticated industrial applications, to sophisticated Energy Industries. The purchase increased Advanced Energy's medical power solution capabilities by adding a complementary range of products as well as its capacity to satisfy the rising demands of industrial and medical clients.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global medical power supply market based on the below-mentioned segments:
Medical Power Supply Market, By Technology
- AC—DC
- DC—DC
Medical Power Supply Market, By Type
- Enclosed
- Open-Frame
- External
- Configurable
- U Bracket
- Encapsulated
Medical Power Supply Market, By Application
- Diagnostic Equipment
- Monitoring Equipment
- Homecare Equipment
- Dental Equipment
- Surgical Equipment
Medical Power Supply Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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