New York, March 29, 2023 (GLOBE NEWSWIRE) -- The medical power supply market is expected to gain strong growth in the forecast period of 2022 to 2030. It is estimated that in 2022, the market size was USD 1.56 billion and is expected to reach the market size of USD 2.76 billion in 2030 with a healthy CAGR of 7.4%. This estimation is based on a comprehensive analysis of the market's historical and current trends, industry dynamics, and macroeconomic factors that are expected to impact the market's growth during the forecast period.
Medical Power Supply Market Size, Share & Trends Analysis, By Converter Type (AC/DC Converter and DC/DC Converter), Power Supplies (Linear Power Supplies and Switching Power Supplies), Power Supplies (Linear Power Supplies and Switching Power Supplies), Type (Enclosed Type, Open Frame Type, On Board Type, External Adaptor, and Others), Application (Surgical, Dental, Ophthalmic, Ultrasound, Ventilator, and Others, By Region and Segment, Forecast Period 2023 – 2030.
ReportsInsights Consulting Pvt. Ltd. provided an inclusive research report on them medical power supply market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as convertor type, supplier type, application, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.
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A medical power supply is a device that provides a stable and reliable source of power to medical equipment and devices used in healthcare facilities. It is designed to operate in the challenging and critical environments of medical settings, where power failure or fluctuations can have severe consequences. Medical power supplies can be built to meet various medical equipment standards, ensuring their safety and reliability. They can also be customized to meet the specific requirements of medical equipment, such as size, power output, and compatibility. Medical power supplies are essential components of medical equipment and play a crucial role in ensuring that medical procedures are carried out smoothly and safely.
The medical supply market is being driven by the global trend of miniaturization in medical electronics. While this trend applies to all electronic devices, the medical industry places the greatest emphasis on reducing the size and weight of their equipment. As a result, power supply manufacturers are under pressure to develop smaller products. For instance, in September 2021, New Yorker Electronics launched the Polytron Devices PFMUIC700 Series of AC-DC power supplies, which are specifically designed for medical applications and boast an ultra-compact size of 6.7 x 3.66 x 1.61 inch (170.2 x 93.0 x 41.0mm) and a fully enclosed plastic case.
The emergence of new technological advancements such as wireless medical devices, remote patient monitoring, and wearable medical devices is presenting new opportunities for medical power supply manufacturers. These devices necessitate power supplies that are compact, highly efficient, and reliable. Thus, new developments associated with medical devices will create an opportunity for the medical power supply market growth.
There are several investment opportunities available for businesses in the medical power supply market. One of these opportunities arises from the increasing emphasis on sustainability and reducing carbon footprint, which has led to a growing demand for medical power supplies that use renewable energy sources such as solar, wind, or hydropower. These solutions not only help healthcare facilities reduce their dependence on traditional power sources but also decrease their energy costs, making them highly appealing.
Another opportunity within the medical power supply market lies in the impact of the Internet of Things (IoT) and connected healthcare. Manufacturers are likely to develop smart and connected medical power supplies that utilize IoT technologies to monitor and report on energy usage, diagnose issues remotely, and provide alerts when maintenance is necessary. This technological advancement will improve the reliability and efficiency of medical power supplies while simultaneously reducing the need for manual intervention, ultimately resulting in cost savings.
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Medical Power Supply Market Snapshot :-
| Report Attributes | Report Details |
| Market Size By 2030 | USD 2.76 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 7.4% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Delta Electronics, Inc., Mean Well Enterprises Co. Ltd., TDK-Lambda Corporation (TDK), Advanced Energy Industries, Inc., Spellman High Voltage Electronics Corporation, CUI Inc., XP Power, Powerbox International AB, SL Power Electronics Corp., and Bel Fuse Inc. |
| By Converter Type | AC/DC Converter and DC/DC Converter |
| By Power Supplies | Linear Power Supplies and Switching Power Supplies |
| By Type | Enclosed Type, Open Frame Type, On Board Type, External Adaptor, and Others |
| By Application | Surgical, Dental, Ophthalmic, Ultrasound, Ventilator, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America [United States, Canada, Mexico] Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia] South America [Brazil, Argentina, Columbia, Chile, Peru] Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland] Middle East & Africa [GCC, North Africa, South Africa] |
Key Market Takeaways
- The global medical power supply market size is expected to garner USD 2.76 Billion by 2030 and expand at a CAGR of 7.4% during the forecast period (2023-2030).
- Based on convertor type, the AC/DC converter segment accounted for the highest share contribution to the medical power supply market statistics in 2022.
- By power supplies, the linear power supplies segment is anticipated to contribute the largest shares to the market growth in 2022.
- Based on type, the market is classified into enclosed type, open frame type, on board type, external adaptor, and others.
- In the context of type, the enclosed type segment is expected to contribute significant shares to the growth of medical power supply market statistics during the forecast period.
- Based on application, the surgical segment is estimated to contribute substantial shares to the market growth in terms of volume and value.
- North America will create lucrative growth opportunities for the medical power supply market in terms of value along with volume owing to the increasing investments in healthcare infrastructure by emerging nations and the rising prevalence of chronic diseases.
- The increasing prevalence of surgical proceeding in countries such as India, China, and others are fostering the demand for medical power supply in the Asia Pacific region, which, in turn, is spurring the market growth.
Global Medical Power Supply Market Segmentation Details:
Based on Converter Type, the AC/DC converter holds the largest market share in 2022, due to the high demand for isolated power supplies in medical applications. However, in terms of the fastest-growing method, the DC/DC converter is expected to grow rapidly in the coming years due to the increasing adoption of battery-powered medical devices and portable medical equipment that require regulated DC power supplies.
Based on Power Supplies, linear power supplies hold the largest market share in the year 2022. This is attributed to their common usage in applications that require high precision and low ripples, such as laboratory equipment, diagnostic and imaging equipment, and patient monitoring systems. However, the switching power supplies segment is expected to grow with the fastest CAGR over the forecast period. This is due to the increasing demand for advanced medical devices and the need for reliable and efficient power supply equipment in the healthcare industry.
Based on Type, the enclosed type holds the largest market share in the year 2022. This is due to their ability to offer protection from dust and moisture. These power supplies are designed with an external casing or enclosure that shields the internal components from external elements, ensuring reliable operation and protection from environmental factors. This makes enclosed power supplies an ideal choice for medical applications where the equipment may be exposed to harsh conditions or frequent sterilization. However, the external adapter segment is expected to grow with the fastest CAGR over the forecast period. This is due to its use in medical equipment requiring flexible power sources such as portable devices, battery-powered equipment, and mobile carts.
Based on Application, the surgical segment holds the largest market share in the year 2022, due to the increasing demand for minimally invasive surgeries and the rising number of surgical procedures performed worldwide. However, the ventilator segment is anticipated to witness the fastest CAGR growth over the forecast period. This is due to the increasing prevalence of respiratory diseases and the COVID-19 pandemic's impact on the healthcare industry.
Based on Region, North America holds the largest market share in the year 2022. This is due to the high demand for medical devices and advanced healthcare infrastructure in the country. However, Asia Pacific is expected to witness the fastest CAGR over the forecast period. This is owing to the increasing investments in healthcare infrastructure by emerging nations and the rising prevalence of chronic diseases.
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Medical Power Supply Market Growth Drivers:
- The recently developed medical infrastructure is accelerating the demand for medical power supply for the efficient functioning of medical devices, which, in turn, is spurring the market growth at the global level.
- Increasing demand for miniature power supply devices for the medical application is proliferating the global medical power supply market growth.
Restraints
- Higher compliance with safety measures and stringent regulatory frameworks for the manufacturing of medical power supply will restrain the global medical power supply market growth.
- The technical limitations associated with the utilization of medical power supply is limiting the growth of the medical power supply market.
Competitive Landscape
As per the research, Delta Electronics, Inc., Mean Well Enterprises Co. Ltd, TDK-Lambda Corporation (TDK), and Advanced Energy Industries, Inc. are several major players in the medical power supply market. These companies are continuously leveraging new technologies such as the utilization of advanced materials to develop innovative solutions that are more efficient, lightweight, and cost-effective fostering market growth. Furthermore, the advent of major players in the emerging high-voltage DC power supply is also accelerating the competition in the overall market.
Recent Developments:
In August 2021, CUI, a subsidiary of Bel Group, expanded its range of internal medical AC-DC power supplies by introducing 12 new models to its VMS-C and VMS-C-CNF series. These higher-power models are chassis-mount units available in open-frame or metal-case variations, making them suitable for use in medical and home healthcare applications, such as medical beds and ultrasound machines.
In June 2021, Powerbox has launched open-frame power supplies that can deliver up to 300% peak power for both medical and industrial applications. These power supplies are compliant with the input-to-output isolation 2MOPP and input-to-ground 1MOPP for Body Floating (BF) applications in medical settings and have been approved under the ANSI/AAMI ES60601-1 and EN60601-1 3rd Edition standards.
List of Major Medical Power Supply Market Players
• Delta Electronics, Inc.
• Mean Well Enterprises Co. Ltd
• TDK-Lambda Corporation (TDK)
• Advanced Energy Industries, Inc.
• Spellman High Voltage Electronics Corporation
• CUI Inc.
• XP Power
• Powerbox International AB
• SL Power Electronics Corp
• Bel Fuse Inc.
Global Medical Power Supply Market Segmentation:
- By Converter Type
- AC/DC Converter
- DC/DC Converter
- By Power Supplies
- Linear Power Supplies
- Switching Power Supplies
- By Type
- Enclosed Type
- Open Frame Type
- On Board Type
- External Adaptor
- Others
- By Application
- Surgical
- Dental
- Ophthalmic
- Ultrasound
- Ventilator
- Others
Key Questions Covered in the Medical Power Supply Market Report
What will be the potential market valuation for the medical power supply industry by 2030?
What insights are covered by the factors driving the growth of the medical power supply market, as well as the opportunities and challenges that may impact the market’s future development?
What specific segmentation details are covered in the medical power supply market report, and how do they contribute to the overall market analysis?
What are some of the most important applications of medical power supply systems, and how do they impact the industry's growth potential?
Based on current market trends and future predictions, which geographical region will have the largest impact on the medical power supply market's growth in the coming years?
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