PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485705
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485705
Medical Power Supply Market size was valued at USD 1,710.24 Million in 2023, expanding at a CAGR of 6.45% from 2024 to 2032.
Medical power supply devices are specialized electrical tools crucial for delivering regulated and secure power to medical equipment like patient monitors and ventilators. They adhere to stringent safety and performance standards set by regulatory bodies, ensuring reliability and consistency in power delivery to critical medical devices.
Medical Power Supply Market- Market Dynamics
Growing focus on patient safety to propel market demand
The growth of the medical power supply devices market is propelled by the healthcare sector's growing focus on patient safety and quality of care. This emphasis drives the demand for top-notch, dependable medical equipment, including power supply devices, vital for ensuring equipment functionality and safety. By averting electrical malfunctions and failures, these devices safeguard both patients and medical professionals, underlining their indispensable role in healthcare settings. The world's growing elderly population, particularly concentrated in developing countries, is straining healthcare systems. This has spurred an increase in healthcare facilities globally, as governments and providers strive to meet the needs of this demographic. This expansion of medical infrastructure is expected to be a key driver for the medical power supply market. Furthermore, advancements in medical equipment, the rising prevalence of chronic diseases, and the increasing demand for portable and home-based devices are all contributing factors to the market's growth.
Medical Power Supply Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.45% over the forecast period (2024-2032)
Based on Function segmentation, AC-DC power supply was predicted to show maximum market share in the year 2023
Based on End User segmentation, Hospitals were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Medical Power Supply Market is segmented based on Product Type, Function, End User, and Region.
The market is divided into two categories based on Function: AC-DC Power Supply Device and DC-DC Converter. AC-DC power supply devices dominate the market in terms of market share in 2023. AC-DC power supplies play a critical role in hospital settings, converting alternating current (AC) from the electrical grid into direct current (DC) required by various medical devices. These supplies are particularly indispensable for larger medical equipment, including imaging systems, laboratory apparatus, patient monitors, and life support systems, necessitating a stable and dependable power source. Reliable and safe power supplies are paramount in hospitals to ensure seamless operation of medical equipment and optimal patient care. AC-DC power supplies fulfil this need by delivering consistent power and meeting stringent safety standards, thus constituting a fundamental component of the healthcare sector.
The market is divided into six categories based on End User: Hospitals, Ambulatory Surgical Centers, Clinics, Diagnostic Centers, Rehabilitation Centers, and Home Care Settings. In 2023, Hospitals emerge as primary end-users of medical power supply devices, necessitating a constant and trustworthy power supply for equipment functionality and patient care quality. Several factors drive the demand for these devices in hospitals, including heightened attention to patient safety and care quality, escalating adoption of medical equipment, and the imperative for backup power solutions to ensure uninterrupted care delivery during power disruptions.
Medical Power Supply Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The medical power supply devices market presents intense competition, characterized by established firms and numerous smaller players vying for market share. Competition hinges on product quality, technological prowess, innovation, brand recognition, and pricing strategies. Market dynamics suggest ongoing consolidation, as major players pursue acquisitions to broaden their product portfolios and bolster market dominance.
In May 2022, LYMA Life Ltd. unveiled a groundbreaking at-home hair removal device utilizing medical-grade laser technology in the United States.
In April 2022, Biotricity Inc. introduced Biotres, a wireless wearable cardiac monitoring device. Biotres, equipped with three leads, continuously capture electrocardiogram (ECG) data to enable early detection of cardiac arrhythmias.
GLOBAL MEDICAL POWER SUPPLY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Astrodyne TDI
SL Power Electronics
XP Power
Power Box
Delta Electronics
CUI Inc.
Mean Well
FRIWO
TDK Lambda
SynQor
Artesyn Embedded Technologies
Others