The market crossed the US$ 1.5 billion mark in 2022 and is expected to hit US$ 2.0 billion by 2030, recording a CAGR of 6.5% during the forecast period.
The medical power supply market has been significantly growing with the increase in the demand for medical equipment.
Other factors such as the increase in the prevalence of chronic diseases, easy access to medical therapy, availability of technical support for healthcare, enhancement in the standard of living, and efficacy of digitally controlled power supply are also driving the market growth. Further, the rising popularity of in-home patient care and the surge in the adoption of mobile medical devices is also propelling the market's growth. In 2021, enclosed power supplies segment held the maximum share. The large share of this segment is attributed to technological advancements which have resulted in compact enclosed power supplies that offer higher efficiency and low leakage current, which have driven their use.
Within the report, the market is segmented into current type, construction, application and power range. Based on current type the market is bifurcated as AC-DC power supply and DC-DC power supply. On the basis of construction, the market is categorized as enclosed power supplies, open frame power supplies, external power supplies, u-bracket power supplies, configurable power supplies and encapsulated power supplies. On the basis of application, the market is categorized as diagnostic & monitoring equipment, home medical equipment, surgical equipment and dental equipment. On the basis of power range, the market is categorized as 200W and below, 201W-1000W, 1001W-3000W and 3001W and above. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Medical power supplies are the equipment used to deliver current to medical devices. These are associated with conductors and electronic components to isolate the alternating current (A.C.) input, internal high voltage systems and the direct current (D.C.) output. Various medical power supply systems, including external, enclosed, open frame, configurable, U-bracket and encapsulated devices, are commonly used in the healthcare industry. These power supplies have a wide range of applications in diagnostic, medical monitoring, home patient care, and dental and surgical equipment. Therefore, it is widely used in diagnostic, clinical, and research labs.
Technical advancements are being made in medical power supply to enable better diagnosis and enhance patient confidence. Several advances in medical diagnostic systems, such as magnetic resonance imaging (MRI), X-Ray equipment, and others, are leading to the need for improved medical power supply devices with higher switching characteristics. For instance, a high voltage of 120 kV required by a CT unit is generated using a resonant inverter, which is switched at 100 kHz. This increase in the switching rate of medical power supply devices helps improve the diagnostic result and reduces the weight and size of the equipment.
Growing adoption of home-care products is one of the major factors accelerating market growth.
The rise in the elderly population, which are more prone to chronic diseases, is surging the demand for home healthcare products. According to estimations from Americal Medical Association (AMA), about 60% of the individuals aged 65 years or older will be living with more than one chronic disorder by 2030. The growing demand for home-care products is driving the medical power supply market. In the past few years, the attention has shifted toward designing and producing small and efficient supplies. For example, in May 2022, LYMA Life Ltd. launched an at-home and medical-grade laser-based hair removal device in the US. These factors propel the market's growth.
Recent strategic developments in the medical power supply market
The medical power supply market has undergone several significant developments, and a few of these have been mentioned below:
Several players drive the medical power supply market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Advanced Energy Industries, Inc, TDK Corporation, Delta Electronics, Inc., SL Power Electronics, XP Power, Bel Fuse Inc. are among the prominent players operating in the market.
Target audience for the report:
Scope of the report:
In this report, the market has been segmented on the basis of:
The List of Companies
- Advanced Energy Industries, Inc
- Delta Electronics, Inc.
- Friwo Ger?tebau GmbH
- Globtek Inc.
- Handy and Harman Ltd.
- Inventus Power
- Mean Well Enterprises Co., Ltd
- Powerbox International AB
- Synqor Inc.
- Wall Industries, Inc.