The Medical Power Supply Market size in North America was worth USD 342.18 million in 2023. It is believed to be worth USD 449.55 Million by 2028, growing at a CAGR of 5.61% from 2023 to 2028.
The growth of the North American medical power supply market is driven by the rising prevalence of illnesses, easier access to medical treatment, availability of technical assistance for healthcare, improvement in the level of life, and the efficiency of the digitally managed power supply. Technological developments in healthcare equipment, an increase in healthcare facilities, and rising demand for portable and home-based devices are some of the reasons driving the market's growth in the North American region. A pandemic like COVID-19 may only serve to stimulate the development of advanced medical techniques and technology to combat future crises.
The increased need for diagnostic and monitoring equipment is fueled by a growth in the number of government programs for infectious disease diagnostics and the growing requirement for rapid disease detection. The rising need for smaller, more efficient, cost-effective, dependable, and lighter medical equipment also impacts market growth. In addition, the growing use of powered equipment in healthcare facilities and advancements in healthcare facilities are driving up demand for medical power supply devices in North America.
In-home patient care is becoming more popular, and the medical equipment industry is rising and the use of mobile medical devices. The rise in research investment on energy-efficient power supplies, as well as technical advances in power supplies and ecosystems, is driving the North America Medical power supply market forward. In the next few years, the development of high-voltage DC power sources and an increase in availability will create further potential opportunities in the medical power supply industry. The increasing customer base for medical power supply for radiology devices and innovation and advancements in diagnostic applications are factors likely to fuel the expansion of this market segment in the coming years. In addition, home healthcare is growing in popularity as the elderly population grows, and they need greater social positioning facilities like healthcare at home. It reflects people's social status since it appears to be highly expensive at first glance. This contributes to the rise in demand for medical power supply equipment.
The growth of the North America Medical power supply market is further hampered by strict regulatory compliance and security regulations. In addition, the medical power supply devices market is being hindered by the downturn and an unfavorable regulatory environment. Finally, market development is likely to be hampered by complicated frameworks that delay the approval of innovative medical power supplies.
This research report on the North America Medical Power Supply Market segmented and sub-segmented into the following categories:
Regionally, 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. The North American area is projected to have a significant portion of the global market, led by the United States, which plays a critical role in creating regional demand. The country is anticipated to lead the global market throughout the forecast period, owing to the high adoption of advanced medical devices in the healthcare sector and the growing need to enhance healthcare services' quality. In addition, multiple governmental institutions are anticipated to improve their laboratory capacities across the area due to advancements in healthcare, driving increasing demand for power supply equipment. The solid base of healthcare institutions, particularly hospitals and diagnostic imaging centers and rising medical equipment production, is driving market expansion.
KEY MARKET PLAYERS:
Some of the prominent companies leading the North America 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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