Medical Power Supply Market

Global Medical Power Supply Market Size (2023 to 2028)

The size of the global medical power supply market is projected to value USD 1383.8 Million by 2028 from USD 1038 million in 2023, registering a CAGR of 5.92% from 2023 to 2028.

Energy supply Medical is an equipment/device used in a wide range of medical applications. Feeders are independent and discrete devices. Sometimes they are integrated into larger devices/teams. The growing need for smaller, more proficient, consistent, cheaper, and lighter-weight medical tools is also driving the development of the global medical power supply market. Easier access to medical treatment, increased disease prevalence, improved standard of living, availability of technical services for health care, and the efficiency of various controlled energy supplies are the main drivers of medical energy supply. Medical food is used in many medical applications. Sometimes they are mixed with more powerful equipment or devices for power supply. Healthcare facilities are thriving worldwide, thanks to technical inventions and the growth of the elderly population, which is expected to transform the healthcare sector further. Currently, nearly 68% of the world's elderly population resides in emerging countries.

MARKET DRIVERS:

Increasing healthcare facilities and rising incidences of chronic diseases are fuelling the growth rate of the global medical power supply market.

According to the American Hospital Association (AHA), there were 5,727 hospitals in the United States in 2019 and 1,624 hospitals in Canada in 2019. Several new facilities have also been established in recent years. Some other significant factors driving the growth of the market are technological advancements in healthcare equipment, an increasing number of healthcare facilities, a rising incidence of chronic diseases, and growing demand for wearable and household devices. Healthcare facilities thrive worldwide, thanks to technological innovations in the healthcare industry and a growing geriatric population. Healthcare technologies are evolving in every possible aspect, from patient registration to data monitoring and laboratory tests to self-care devices. Also, the aging population is growing at an accelerating rate around the world. It has led to the need to increase sanitation facilities around the world. Governments are also taking initiatives to create new and advanced sanitation facilities in developing countries to meet the growing population's needs.

The increase in the number of healthcare facilities could increase the demand for medical power supply, which is expected to boost the global medical power supply market. Moreover, technological advancements in healthcare equipment, the increasing incidence of chronic diseases, and the growing demand for wearable and home devices drive the growth of the medical power supply market. Public and private spending on health has increased considerably in recent times. It is due to the increase in population and the prevalence of various diseases. The rapidly changing lifestyle drives the demand for advanced healthcare solutions, accelerating the need for medical power supplies globally. According to the World Bank, public and private health spending in the United States collectively accounted for 18% and 18.4% of the country's overall GDP in 2019 and 2020, respectively. In Germany, it represented 12.4% of the country's GDP in 2019. The increase in healthcare spending has led to the strong adoption of wireless technologies, implantable medical devices, and a strong preference for healthcare facilities alternatives. Hence, increasing healthcare spending is expected to drive the growth of the global medical power supply devices market during the forecast period. APAC region dominated the global medical power supply devices market in 2020, with a share of 43.3% in value, followed by Europe, North America, Latin America, and the Middle East, and Africa.

MARKET RESTRAINTS:

Product failures and ever-changing medical device certification and regulatory policies have led to an increase in product recalls. As a result, original equipment manufacturers (OEMs) face higher inventory, operating, and logistics costs, resulting in significant revenue loss, expected to hamper the global medical power supply market's growth.

Impact of COVID-19 on the global medical power supply market:

The novel SARS-CoV-2 caused COVID-19 and was declared a public emergency health issue by the WHO. Nearly 184 countries are affected by the COVID-19 outbreak. As the COVID-19 pandemic continues to spread, it has exposed the liabilities of supply chains and logistics. During the lockdown period, the supply of raw materials required to manufacture medical power supply devices was disrupted.  The rising production of healthcare devices successfully drives medical power supply devices. As the pandemic crisis enlarges, providers quickly shift their focus to their practice and purchasing priorities to meet the pandemic's demands.

REPORT COVERAGE:

This research report on the global medical power supply market has been segmented and sub-segmented based on current type, type, application, and region.

Medical Power Supply Market – By Current Type:

• AC-DC Power Supply
• DC-DC Power Supply

Based on the current type, the AC-DC power supply segment had the leading share of the market in 2022 and is anticipated to grow at a healthy CAGR during the forecast period owing to the growing spending on healthcare. 

Medical Power Supply Market – By Type:

• Enclosed
• External
• Open Frame
• Configurable
• Encapsulated

Based on type, the external medical power supply market is anticipated to show the highest growth due to an increase in compact, portable medical device usage, which increasingly employs external medical power supply. The upsurge in the home healthcare market, which comprises smaller, portable, and convenient-to-use medical devices, is another factor bolstering the growth of the external power supply market.

Medical Power Supply Market – By Application:

• Medical Monitoring Equipment
• Diagnostic Equipment
• Dental Equipment
• Home Patient Care Equipment
• Surgical Equipment

Based on the application, the Diagnostic equipment application has the fastest growth rate from the past few years and is also expected to hit the highest CAGR in the near future. The growing prevalence of the early diagnosis of diseases among individuals is ascribed to bolster the segmental growth.

Medical Power Supply Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, North America dominates the global market for medical power supply due to the easy adoption of technology advancements and wide-ranging technical applications of medical power supply devices in the region. Asia, followed by Europe, is likely to experience a high growth rate in the coming few years in the global medical power supply devices market. In the next few years, the growth of the Asian region market is likely to be centered in India, China, Taiwan, Korea, and Singapore.

KEY MARKET PARTICIPANTS:

Notable companies dominating the global medical power supply market profiled in this report are TDK Lambda, SL Power Electronics, Emerson Network Power, ICCNexergy, Powerbox, Astrodyne Corporation, Delta Electronics, Inc., Mean Well Enterprises Co., Ltd, and Excelsys Technology.