Medical Power Supply Market To Generate $2,394.5 Million Revenue by 2030

The global medical power supply market revenue is expected to reach USD 2,394.5 million by 2030, exhibiting a CAGR of 6.6% during 2022–2030. This can be ascribed to 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. Moreover, along with the rise in healthcare spending, the market is also being fueled by the quick development of diagnostic tools and systems, as well as an increase in demand for portable and homecare equipment globally.

Furthermore, the industry is strongly boosted by technical advancements and innovations. Due to benefits like improved power factor correction, better thermal management, and reduced audible noise, the demand for medical power supply devices is accelerated for new advanced procedures and technologically advanced healthcare systems. Also, the availability of funding and support for the creation of portable healthcare devices has further driven the overall research effort in this area.

In addition, the growing senior citizen population base is also fueling the demand for medical devices, due to their weakened immunity and they are more prone to diseases, which, in turn, propel the market growth.

AC–DC Category Dominated the Industry

Based on the technology segment, the market is classified into AC–DC and DC–DC. Of these, the AC–DC category is expected to witness a higher growth rate, over 7%, during the estimated time period. The main element promoting the growth is the increasing attention being paid to reducing the electricity consumption of healthcare equipment.

APAC Market To Witness Prominent Growth Rate

The APAC market is projected to show a remarkable growth rate of over 8% during the predicted time frame. This can be attributed to the high demand for home-based medical facilities mostly for the older generation or people suffering from severe diseases and the rise in investments in research and development in the region.

The increasing number of hospitals and the improvements to medical facilities are expected to accelerate industry expansion in APAC in the upcoming years. In the region, the prevalence of chronic illness is significantly rising. Regular monitoring is necessary for patients with such conditions. In some chronic disease conditions, patients need ongoing care. New technologies enable patients to receive care in the convenience of their homes. Due to this, the demand for household and wearable gadgets is rising, which, in turn, drives the demand for medical power supply systems.

In areas like data monitoring, patient registration, and rapid test kits, numerous novel technologies are being introduced. Patients are also being introduced to a variety of self-care equipment, and thus need for these tools has been surging recently.

Moreover, key firms are becoming more prevalent in the region, and new companies are also making investments there. This has a substantial positive impact on the research and development field that creates cutting-edge technologies. All the aforesaid reasons collectively influence the field in a positive manner.

Key players in the industry include TDK-Lambda Corporation, FRIWO Gerätebau GmbH, SynQor, Delta Electronics Inc., Spellman High Voltage Electronics Corporation, XP Power, Excelsys Technologies Ltd., Advanced Energy Industries Inc., and Astrodyne TDI Corporation.