The medical power supply market is expected to register a CAGR of 6.5% during the forecast period. Certain factors that are driving the growth of the market are technological advancements in healthcare equipment, a rise in the number of healthcare facilities, increasing incidences of chronic diseases, and growing demand for portable and home-based devices.

  • Healthcare facilities are thriving across the world, owing to technological innovations in the healthcare sector and a growing geriatric population. Healthcare technologies are evolving in all possible aspects, ranging from patient registration to data monitoring, and from lab tests to self-care devices.
  • Furthermore, the geriatric population is growing at a rapid pace, globally. Currently, about two-thirds of the world’s geriatric population lives in developing countries. This has prompted the need for an increase in healthcare setups all over the world.
  • Moreover, governments are taking initiatives to set up new and advanced healthcare facilities in developing countries to cater to the requirements of the growing population. The rise in the number of healthcare facilities may increase the demand for medical power supply, which is expected to drive the medical power supply market. Additionally, technological advancements in healthcare equipment, increasing incidences of chronic diseases, and the rising demand for portable and home-based devices, are driving the growth of the medical power supply market.
  • A pandemic like COVID-19 may only fuel the manufacturing of advanced medical devices and equipments to tackle such crisis in future. The increased production of healthcare devices may drive the medical power supply market. For instance, GE Healthcare recently announced to increase its manufacturing capacity for medical equipment, including CTs, ultrasound devices, mobile X-ray systems, patient monitors, and ventilators, to cater to the ongoing global challenge of the treatment of COVID-19 patients.
  • However, high cost of medical supply devices and strict government regulations and guidelines are restraining the market’s growth.



Key Market Trends

Diagnostic and Monitoring Equipment is Expected to Hold the Largest Market Share in Application Type

  • The increase in the number of government initiatives for the diagnosis of infectious disease, along with the rising need for fast detection of diseases, is contributing to the growing demand for the diagnostic and monitoring equipment across the world. Governments are proactively investing in many of the research studies, including those for the diagnosis of infectious diseases.
  • Technology holds a central role in expanding the market for diagnostic and monitoring devices. The increase in the aging population and the transformation of acute illnesses, such as heart failure, into chronic diseases indicate that the number of patients is also increasing. All the aforementioned factors are expected to contribute to the huge market share of the segment.



North America Dominates the Market and May Continue to do the Same during the Forecast Period

  • North America is the largest market for medical power supply, globally. The high growth registered by North America is attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers, in the region.
  • In terms of growth, Asia-Pacific is the fastest-growing region. The factors, such as a huge population base, rising incidence of chronic disease, and rising healthcare facilities, are expected to drive the growth of the medical power supply market in the Asia-Pacific region. The above-mentioned growth is likely to be driven by the improvement in the standard of living and greater access to medical treatment. Plus, the more prominent supply manufacturers are opening their manufacturing facilities in the Asian subcontinent, especially in China. This is fueling the growth of the medical power supply market in the region.



Competitive Landscape

The medical power supply market, which is highly competitive, consists of a number of major players. Companies, such as Delta Electronics Group, Emerson Network, Excelsys Technology, Globtek Inc., Mean Well Enterprises Co. Ltd, Powerbox International AB, SL Industries Inc., Spellman High Voltage Electronics Corporation, TDK-Lambda Corporation, and XP Power Inc., hold substantial market shares in the medical power supply market.

  • April 2020 - XP Power released its new UCH600 series of convection cooled, 600W AC-DC power supplies. The ultra-compact power supplies do not require additional cooling and deliver full load power under a wide range of conditions. This series can be used in medical devices, as well as for industrial electronics applications.
  • March 2020 - Delta Electronics launched MEA-065A, a new 65W output to MEA Series of Medical AC-DC desktop type adapter, which offers four single output voltages of 12V, 15V, 19V, and 24V in an extremely compact size, i.e., 50 x 115 x 29 mm, and finds its application in various types of portable equipment, such as home healthcare equipment, and test and measurement equipment. Key features include 0.1mA low earth leakage and electric shock protection complying with 2 x MOPP.



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