Published: January 2023 | Report Code: 12509 | Available Format: PDF | Pages: 310
The global medical power supply market size was valued at USD 1,432.2 million in 2022, which is expected to reach USD 2,394.5 million by 2030, growing at a CAGR of 6.6% during 2022–2030. This growth can be attributable to the ongoing commercialization of advanced medical equipment, the availability and affordability of power supplies, and the growing installation base of innovative medical devices.
The industry is also being propelled by factors including the rapid rise in the need for diagnostic tools and systems, an increase in the incidence of chronic illnesses like stroke, arthritis, cancers, obesity, and heart diseases, a surge in healthcare spending, and an upsurge in demand for portable and homecare equipment globally. Moreover, innovative gadgets and equipment with better characteristics are now being introduced because of the advancement in technology. Hence, the enhancement and innovation in equipment are projected to drive the business for power supplies.
Additionally, the geriatric population is booming quickly around the world. Currently, developing nations comprise around two-thirds of the world's elderly population. This has led to a surge in the demand for healthcare infrastructure because of their greater need for primary clinical care and assistance, which, in turn, the demand for medical instruments and biotechnology products, such as disposable items, gear, and other tools for patient monitoring and treatment, has grown.
Furthermore, there is a strong trend toward the miniaturization of medical electronics. These devices follow this trend, while the pressure to decrease size and weight is the highest in the clinical applications field. This is largely motivating power supply producers to make their devices smaller. For example, New Yorker Electronics, in September 2021, declared the accessibility of the Polytron Devices PFMUIC700 Series of AC–DC power supplies. These power supplies are proposed for use in medical applications. In a fully enclosed plastic housing, the Polytron PFMUIC700 series has ultra-compact dimensions of 6.7 x 3.66 x 1.61 inch3.
Therefore, due to technical advancements in the clinical industry and an expanding elderly population, healthcare facilities are flourishing all over the world. Also, all facets of healthcare technology are changing, from patient registration to data monitoring, and from lab tests to self-care instruments. All these aforementioned factors are likely to drive the industry toward major success.
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.
Market Size in 2022
USD 1,432.2 Million
Revenue Forecast in 2030
USD 2,394.5 Million
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Company Profiling
By Technology; By Type; By Application; By Region
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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:
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.
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.
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.
The study uncovers the biggest trends and opportunities in the market, along with offering segmentation analysis at the granular level for the period 2017 to 2030.
Based on Technology
Based on Type
Based on Application
The medical power supply market size stood at USD 1,432.2 million in 2022.
During 2022–2030, the growth rate of the medical power supply market will be 6.6%.
Enclosed is the largest type in the medical power supply market.
The major drivers of the medical power supply market include the rising prevalence of chronic diseases, the surging demand for medical equipment, and the increasing use of development tactics by top players, such as product launches and collaborations.
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