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 Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030
The global Medical Power Supply market size was estimated at USD 1.9 billion in 2022 and is expected to surpass around USD 4.1 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 10.2% during the forecast period 2022 to 2030.
Power supplies are electrical equipment, which modify the form of a source of power into a sought after form to certify compatibility with equipment being used. These devices are used in a wide range of medical applications such as blood analyzers, X-ray, MRI, patient monitors, robotic surgical devices & dental equipment, and CT & PET scanners. Generally, power supply devices can be standalone or discrete. In certain cases, these are integrated into larger equipment and devices as per requirements. However, selection of power supplies and specification for precise medical applications by health care institutions are the key tasks that need to be performed efficiently. Some of the barriers to perform these are regular changes in environmental standards and safety regulations for medical equipment.
Increase in global geriatric population drives demand for medical device and biotechnology products. Elder persons require more primary medical care and support. This has led to rise in demand for disposable supplies, medical devices, and other monitoring and patient treatment devices. Rapid increase in geriatric population is a major concern across the globe. For instance, the geriatric population in Europe is anticipated to increase from 14.2 million to 19.3 million by 2020, and is estimated to reach 40.5 million by 2050. Additionally, the World Health Organization’s 2016 report findings suggest that the geriatric population is estimated to account for approximately 22% of the global population.
The global medical power supply market is projected to grow at a rapid pace in the next few years. Increase in prevalence of chronic diseases and conditions such as stroke, arthritis, cancers, obesity, and heart diseases drives the market. Rapid adoption of diagnostic systems, display devices, and equipment in diagnostic centers and hospitals is another major factor propelling the market. Additionally, increase in demand for effective power supply for dialysis equipment and ECG (electrocardiogram) augments the global medical power supply market. However, rise in cost of devices and lack of reimbursement policies in developing countries are expected to hamper the growth of the global medical power supply market.
Report Scope of the Medical Power Supply Market
US$ 4.1 Billion by 2030
CAGR of 10.2% from 2022 to 2030
Fastest Growing Market
2022 to 2030
Converter Type, Application, Architecture, Manufacturing Type and Region,
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
Medical Power Supply: Market Dynamics
Driver: 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 medical power supply 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.
By manufacturing type, standard power supply segment accounted for the largest share during the forecast period.
Based on manufacturing type, the medical power supply market is segmented into standard, customized, and CF Rating power supplies. Standard power supplies hold the largest share of the overall market by manufacturing type. Their optimal design and the availability of a broad product portfolio with a vast range of power outputs (WATT) drive demand for standard power supplies. An emerging trend in this market is outsourcing power supply procurement needs, resulting in a favorable environment for new power supply vendors. This is expected to support market growth.
By converter type, 201–500W power range AC-DC power supply segment is expected to grow at the fastest rate during the forecast period.
Based on the converter type, the medical power supply market is segmented into AC-DC power supply, and DC-DC power supply. AC-DC power supply products further sub-segmented into 200W and less, 201-500W, 501-1000W, 1,000-3,000W and 3000W and above. The 201-500W power range supplies are expected to register significant growth rate over the forecast period. The growing focus on minimizing the power consumption of medical equipment is the key factor driving the growth of this segment.
In terms of architecture type, enclosed power supply segment to hold major share in 2022
Based on architecture, the market is segmented into enclosed, open-frame, external, U-bracket, configurable, and encapsulated power supply. The enclosed power supply segment dominates the market. The large share of this market segment is due to the availability of advanced, compact, enclosed power supplies offering high efficiency and low leakage current (resulting in less power consumption).
North America is expected to be the largest market during the forecast period.
North America held major share of the market in 2021 and the trend is expected to continue over the forecast period. The strong presence of key market players and supportive regulatory guidelines drive market growth. North America is home to most tier 1 companies providing medical power supplies. The key players in the North American market include Astrodyne TDI (US), Bel Fuse, Inc. (US), SL Power Electronics (US), and GlobTek Inc. (US). Regulatory authorities such as the American National Standards Institute (ANSI) and the Canadian Standards Association (CSA) have imposed stringent regulations on designing and manufacturing power supplies.
Some of the prominent players in the Medical Power Supply Market include:
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.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Medical Power Supply market
Global Medical Power Supply Market, by Converter Type
- AC-DC Power Supply
- 200W and less
- 3,001W and above
- DC-DC Power Supply
- 30W and less
- 61W and above
Global Medical Power Supply Market, by Application
- Diagnostic Imaging Systems
- MRI Systems
- X-ray Systems
- CT Scanners
- Ultrasound Systems
- Mammography Systems
- PET Systems
- Other Diagnostic Imaging Systems
- Patient Monitoring Equipment
- ECG Monitors
- EEG Monitors
- MEG Monitors
- Multiparameter Monitors
- Other Patient Monitoring Equipment
- Surgical Equipment
- RF-based Ablation Systems
- Electric & Electroporation Ablation Systems
- Light & Laser-based Ablation Systems
- Aesthetic Laser Systems
- Ophthalmology Laser Devices
- Other Surgical Equipment
- Dental Equipment
- Home Use & Wearable Equipment
- Implantable Medical Devices
- Other Applications
Global Medical Power Supply Market, by Architecture
- Enclosed Power Supply
- Open Frame Power Supply
- External Power Supply
- U-Bracket Power Supply
- Encapsulated Power Supply
- Configurable Power supply
Global Medical Power Supply Market, by Manufacturing Type
- Standard Power Supply
- Customized Power Supply
- CF Rating Power Supply
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Medical Power Supply industry analysis from 2022 to 2030 to identify the prevailing Medical Power Supply industry opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global Medical Power Supply industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Medical Power Supply industry trends, key players, market segments, application areas, and market growth strategies.