The size of the Latin America Medical Power Supply Market was worth USD 79.13 million in 2022. This value is further expected to grow and worth USD 110.21 Million by the end of 2027, growing at a rate of 6.85% from 2022 to 2027.
Healthcare facilities are thriving with technological innovations and the growing geriatric population in the region. The increase in government initiatives for better facilities and the increasing need for rapid disease detection contribute to the growing demand for the medical power supply market in the Latin American region. The adoption of portable instruments and recent advancements in power supply for medical devices such as reactors, X-ray generators, diagnostics devices, incubators, etc. Medical devices need a constant power supply to avoid complications. These devices were installed quickly because of their advantages: better power factor correction, better thermal management, and audible noise reduction. Healthcare technologies are evolving in every possible aspect, from patient registration to data monitoring and laboratory tests to self-care devices.
The senior population is growing at an accelerating rate, with about two-thirds of the world's geriatric population living in developing countries, which has led to the increase in healthcare facilities coupled with the growing number of diseases around the world. As a result, governments are taking initiatives to conduct more search and development, which will expand the use of medical power supply even in the home-care setting. For instance, in 2022, a Bel group company CUI added 12 new medical power supply models to their VMS-C and VMS-C-CNF range of AC-DC portfolio. These devices are ideal for use in medical and home care settings for ultrasound machines, medical beds, among others. In addition, major companies are making their presence in many countries, which also helps the company expand its reach into the Latin American region.
However, conventional power supplies are associated with several technical limitations, limiting the target population's adoption. There is a constant strong trend towards the miniaturization of devices on a global scale. This trend applies to all electronic equipment, but the pressure for size and weight reduction is most significant in medical applications. This pushes power supply manufacturers mainly to downsize their products. A long-term gap between their development and commercialization is expected to slow the growth of the medical power supply market in Latin America.
Secondly, the EU governments have strict regulations for electronic waste disposals. These powers supplies contain harmful chemicals that require proper disposal and the marketing of products for manufacturers of power supplies. These laws create additional market entry expansion barriers for medical power manufacturers to enter new markets.
This research report on the Latin American medical power supply market has been segmented and sub-segmented into the following categories:
In 2020, Brazil held the largest share of the Latin American medical power supply market. The growth of this regional market can be mainly attributed to the improving healthcare facilities, increasing production of medical equipment, and wide market for distribution. Furthermore, according to the Medical Technology Industry Associations of America (MTIA), American medical device companies are highly regarded worldwide for their innovative and technologically advanced products. Latin American regions depend on their neighboring countries to supply medical devices, which will support the regional market.
The regional market in Mexico is anticipated to grow at a high CARG of 3.5% over the analysis period. The market is greatly influenced by the growing popularity of in-home patient care, increasing medical facilities, demand for advanced medical devices in the healthcare industry, and the increasing need to improve healthcare quality create opportunities in this region.
KEY MARKET PLAYERS:
Companies playing a noteworthy role in the Latin American Medical Power Supply Market profiled in the report are Powerbox, SL Power Electronics, TDK Lambda, Emerson Network Power, Astrodyne Corporation, ICCNexergy, Delta Electronics, Inc., Excelsys Technology, and Mean Well Enterprises Co., Ltd.
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