Published March 20, 2023
“Browse 197 market data Tables and 32 Figures spread through 297 Pages and in-depth TOC on “Medical Power Supply Market by Converter Type (AC-DC, DC-DC), Application (MRI, ECG, EEG, PET, CT Scan, Ultrasound, X-ray, RF Mammography, Surgical Equipment, Dental Equipment), Manufacturing Type (Enclosed, External, U Bracket) – Global Forecasts to 2027”
global medical power supply market in terms of revenue was estimated to be worth $1.5 billion in 2022 and is poised to reach $1.9 billion by 2027, growing at a CAGR of 6.5% from 2022 to 2027
The medical power supply market is estimated to witness steady growth over the forecast period, owing to the increasing demand for medical devices used in healthcare facilities. The increasing prevalence of chronic diseases, such as diabetes and cancer, is driving the demand for medical devices that require a reliable and efficient power supply. In addition, the rising geriatric population, technological advancements in medical power supplies, and the growing demand for energy-efficient medical power supplies are some of the major factors driving the growth of the medical power supply market.
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Medical power supplies are used to provide power to medical equipment and devices, such as anesthetic machines, X-ray machines, ultrasound machines, and various other medical devices. These power supplies are used in healthcare facilities such as hospitals, nursing homes, and clinics, to provide an uninterrupted supply of power to the medical equipment. Medical power supplies are designed to meet the safety and quality standards of medical equipment in order to provide the required power to the devices.
Medical Power Supply Market Dynamics
Drivers: Growing adoption of home-use healthcare products
The aging population more prone to develop chronic disorders is another key factor fueling the demand for home healthcare products. The American Medical Association (AMA) estimates that at least 60% of individuals aged 65 years and above will be living with more than one chronic condition by 2030. The growing preference for home healthcare is expected to provide growth opportunities for players operating in the global market. The focus has shifted to designing and producing small and efficient supply units. Recent approvals in this regard include:
- In May 2022, LYMA Life Ltd. launched an at-home and medical-grade laser-based hair removal device in the US.
- In April 2022, Biotricity Inc. launched Biotres, a wireless wearable cardiac monitoring device. It serves as a three-lead device designed to continuously record electrocardiogram (ECG) data for the early detection of cardiac arrhythmias.
Restraints: safety standards and regulatory compliance
- The Restriction of Hazardous Substances (RoHS) and Electronic Waste Directive (Europe) also impose restrictions on product commercialization for DC power supply manufacturers. The primary goal of safety/regulatory standards for power supplies used for electrical equipment testing is to protect against fire, electric shock, and injury. Products meeting these requirements may be identified by a safety mark from the associated standards organization or by a mark indicating compliance with local legislation within a defined economic area or trading zone. Such requirements erect additional market entry/expansion barriers for medical power supply manufacturers to enter new markets.
Opportunities: Emerging high-voltage DC power sources
A high-voltage power supply assembly uses a complex power conversion circuit to provide higher voltage potential. High-voltage AC-DC power supply units use filtering and shielding techniques for high stability, low ripple, noise & EMI/RFI, and well-regulated output levels. The integration of high-voltage units into precision measurement devices and sensitive medical equipment is likely to provide a lucrative opportunity in this market.
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Key Market Players
prominent players in the medical power supply market are Advanced Energy Industries, Inc (US), TDK Corporation (Japan), Delta Electronics, Inc. (Taiwan), SL Power Electronics (US), XP Power (Singapore), Bel Fuse Inc. (US), COSEL Co. Ltd. (Japan), FRIWO Gerätebau GmbH (Germany), SynQor, Inc. (US), GlobTek, Inc. (US), MEAN WELL Enterprises Co. Ltd. (Taiwan), Spellman High Voltage Electronics Corporation (US), and Astrodyne TDI (US), among others.
This report has segmented the global Medical Power Supply market into following segments & sub-segments:
By Converter Type
- AC-DC Power Supply
- DC-DC Power Supply
- Diagnostic Imaging Systems
- Patient Monitoring Equipment
- Surgical Equipment
- Dental Equipment
- Home Use & Wearable Equipment
- Implantable Medical Devices
- Other Applications
- Enclosed Power Supply
- Open Frame Power Supply
- External Power Supply
- U-Bracket Power Supply
- Encapsulated Power Supply
- Configurable Power supply
By Manufacturing Type
- Standard Power Supply
- Customized Power Supply
- CF Rating Power Supply
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- In July 2022, Advanced Energy Industries expanded its SL Power SLB series with the launch of a 300 W power supply.
- In July 2022, Wall Industries, Inc. introduced four DC/DC converters (DCSMU1, DCSMU2, DCMHP06, and DCMHPL20) ranging from 1 to 20 watts and two AC/DC power supplies (PSAMPS45 and PSAMPS65) at 45 and 65 watts
- In June 2022, XP Power launched compact medical desktop power supplies. This AQM AC/DC power supply is a space-saving fan-less solution for home healthcare and hospital applications
- In April 2022, Wall Industries, Inc. introduced five new variants to expand its PSSW family of open frame AC/DC supplies. The models include PSSW120, PSSW225, PSSW350, PSSW450, and PSSW550
- In April 2022, Advanced Energy Industries acquired SL Power Electronics Corporation, a provider of customized power solutions for medical and advanced industrial applications, from Steel Partners Holdings L.P. The acquisition expanded Advanced Energy’s medical power solution offerings through the addition of a complementary portfolio of products and its ability to meet the growing needs of industrial and medical customers
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