Medical Power Supply Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Medical Power Supply Market Trends & Drivers

Surge in Adoption of Home-Use Healthcare Products Drives the Market

The implementation of home-use healthcare devices is increasing, due to the aging population's increased propensity to develop chronic diseases. Thus, a remarkable boost in house-based healthcare is projected to yield lucrative opportunities for competitors in the industry, which leads to the development of compact and effective supply units.

Additionally, it is projected that increased penetration of portable and integrated medical gadgets, a rise in consumer acceptance of healthcare items for home usage, and a surge in demand for light, house-based equipment will fuel the industry expansion. Furthermore, the market is expected to rise as a result of increased awareness of the benefits of medical power supplies, including better thermal management, greater power factor correction, and less audible noise.

In addition, people now prefer to stay at their homes and avoid going to labs, hospitals, clinics, and diagnostic centers, as they are afraid of catching infectious diseases, due to the rise in some serious life-threatening viral diseases over the past few years and because of the strict lockdown which was imposed during the pandemic, has fuelled the adoption and use of medical equipment. Also, people increasingly choose these devices, due to their advantages like convenience, reliability, and among others. This, in turn, drives the demand for medical power supplies.

Medical Power Supply Market Analysis

Enclosed Category To Maintain its Dominance in Type Segmentation

Based on type, the market is categorized into enclosed, open frame, external, configurable, U bracket, and encapsulated. Among these, the enclosed category is expected to maintain its dominance in the industry, accounting for the largest revenue share, around 40%, in 2022. This is attributed to the quick availability of advanced, small, enclosed power sources having high efficiency and low leakage current, which results in less power utilization.

Diagnostic Equipment To Hold Significant Revenue Share

The diagnostic equipment category is expected to hold a significant revenue share in the coming years. In the domains of medical imaging, diagnostics, monitoring technologies, and therapeutics, power supply goods and technology play a vital role. Thus, voltage power supply and X-ray generator solutions enable and enhance the provision of treatment, from producing X-rays to powering detectors.

Moreover, the demand for diagnostic and monitoring equipment is expanding as a result of more government efforts to diagnose infectious diseases and the surging need for rapid disease detection. Also, companies are actively funding numerous research projects, such as those for the early detection of infectious diseases. In addition, the growing aging population, the progression of acute illnesses into chronic conditions including cardiac failure, and an elevation in the number of patients are boosting the requirement for these instruments, which, in turn, drives the need for medical power supply systems.

Regional Analysis

North America Is the Market Leader

North America accounted for the largest revenue share, over 40%, in 2022. This is because, in the region, the clinical sector is transitioning from a volume-based to a value-based model. Moreover, high-quality clinical care, improved scam detection, shorter hospital stays, and the avoidance of emerging ailments are driving the demand for advanced medical equipment. In addition, for the design and production of power supply, regulatory organizations like the American National Standards Institute (ANSI) and the Canadian Standards Association (CSA) have established strict guidelines.

The U.S. leads the North American market. This is due to the high adoption of cutting-edge gadgets in the healthcare field, the rise in the need to raise the standard of healthcare services, and the presence of top industry players in the country.

Europe held the second largest market share, around 30%, in 2022. A few of the main factors accelerating the growth rate of the European power supply business are the increase in the prevalence of diseases, better access to patient care, the availability of technical support for healthcare, the rise in living standards, and the effectiveness of digitally regulated power supply. Furthermore, the demand for medical equipment that is smaller, more effective, affordable, dependable, and lighter is accelerated in the region. The European marketplace for the same is also expected to be driven by rising R&D expenditures during the predicted period.

In Europe, the French market is projected to expand significantly over the projected period. This can be attributed to the expanding prevalence of chronic diseases and the growing healthcare infrastructure in the nation. The expansion of the nation's market is also being aided by the growth in the pharmaceutical and medical device sectors, which, in turn, is contributing to the increasing demand for medical power supplies in France.

Market Breakdown

This report offers deep insights into the medical power supply industry, with size estimation for 2019 to 2030, the major drivers, restraints, trends and opportunities, and competitor analysis.

Based on Technology

• AC–DC
• DC–DC

Based on Type

• Enclosed
• Open-Frame
• External
• Configurable
• U Bracket
• Encapsulated

Based on Application

• Diagnostic Equipment
  • Ultrasound
  • MRI
  • X-ray
  • CT
  • PET
• Monitoring Equipment
  • Multi-parameter monitors
  • Blood pressure monitors
  • MEG
  • EEG
  • ECG
• Homecare Equipment
  • PAP devices
  • Infusion pumps
  • Ventricular assist devices
  • Pulse oximeters
  • Portable nebulizers
  • Portable suction devices
  • Oxygen concentrators
  • Ventilators
  • Dialysis devices
• Dental Equipment
  • CAD/CAM systems
  • Oral care equipment
  • Digital radiology equipment
  • Dental chairs
  • X-ray machines
• Surgical Equipment
  • Ophthalmic surgery equipment
  • Surgical lasers
  • Robotic surgery devices
  • Cosmetic surgery equipment

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

Leading Medical Power Supply Companies

Recent Developments

Leading players have grown stronger over time, due to frequent product introductions by them. Additionally, these players have increased their prospects through strategic alliances and collaborations and are moving toward the launch of new items to capture a noteworthy share and gain a competitive edge. For instance:

• Compact medical desktop power supply was introduced by XP Power in June 2022. A fanless alternative for usage in hospitals and home healthcare, this AQM AC/DC power supply saves space.
• Wall Industries Inc. expanded its PSSW family of open frame AC/DC supply with the introduction of five additional models in April 2022, namely, PSSW120, PSSW225, PSSW350, PSSW450, and PSSW550.