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According to Nova one advisor, the global Medical Power Supply market value was estimated at US$ 2.0 Billion in 2020 and is projected to reach US$ 3.5 Billion by 2027, registering a CAGR of 7.2% from 2020 to 2027. The report contains 150+ pages with detailed analysis.
Overview of Medical Power Supply Market Study
Medical Power Supply market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The global medical power supply market is expected to experience significant growth over the forecast period. Medical power supply is an equipment/device used in an extensive range of medical applications. Power supply devices are discrete and standalone devices. At times, they are integrated into larger devices/equipment.
This report covers the global medical power supply device market performance in terms of value contribution. It also throws light on the demand and use of medical power supply. The global medical power supply devices market is being driven by factors such as the proliferation of diagnostic equipment and systems with rising incidences of chronic diseases, rise in healthcare expenditure, and also rise in the demand for the portable and homecare device across the globe.
Advanced technology is paving the way for the introduction of innovation devices/equipment with improved features. They are expected to drive the growth of the medical power supply market and devices in developed regions of the world.
Portable/integrated instrument adoption and recent advancements in product design & architecture are supported by developments in adjacent industries, such as semiconductor chips and integrated circuits. Such devices have witnessed rapid installation due to their advantages—improved power factor correction, better thermal management, and reduced audible noise. The availability of funding and support to develop portable medical devices has also driven overall research activity in this sector. These factors have favored the adoption of medical power solutions since the growth of this market is directly tied to instrument use.
Component manufacturers are expected to adhere to standards implemented by target countries. The majority of power supply components manufactured worldwide are mandated to comply with IEC60601-1 standards and IEC60601 “Medical Electrical Equipment, Part 1: General Requirements for Safety,” which includes specific guidelines for patient safety, provider protocols, and quality mandate for design of electronic medical devices.
The RoHS (Restriction of Hazardous Substances) and Electronic Waste Directive (Europe) also impose restrictions on product commercialization for DC power supply manufacturers. Such requirements erect additional market entry/expansion barriers for medical power supply manufacturers to enter new markets.
Many market players have begun to offer products on their websites or third parties, thus greatly expanding product accessibility. By increasing visibility and reach, companies can boost revenue significantly. E-commerce websites already have a well-established presence in many countries, and this also helps the company expand reach to regions otherwise not penetrated or accessible.
Conventional power supply assemblies are associated with several technical limitations: limited power optimization, substantial functional noise, device overheating, and low detection quality of target biomolecules. Therefore, there is a constant customer need for novel power supply assemblies, and a long-term gap between development and commercialization of the same is expected to restrain the growth of the global market. However, this may be mitigated through industry-academia collaborations and industry-customer partnerships to develop novel components as per changing user needs.
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 include 200W and less, 201-500W, 501-1000W, 1,000-3,000W and 3000W and above. The 200W and less segment dominated the medical power supply market in 2019. Rising incidences of home healthcare devices, new product launches, coupled with the rising adoption of portable medical devices models, is expected to fuels the growth of this segment during the forecast period.
By application, the diagnostic imaging systems segment dominated the global medical power supply market
Based on the application, the medical power supply market is segmented into diagnostic imaging systems, patient monitoring equipment, home use and wearable medical equipment, implantable medical devices, dental equipment, surgical equipment, and other medical devices. The diagnostic imaging systems segment accounted for a larger share of in the market in 2019. The need for continuous functioning has driven the use of uninterrupted power supply solutions in diagnostic imaging equipment. The increasing installation base for diagnostic imaging devices, growing number of imaging procedures, are factors expected to drive the growth of this market segment in the coming years.
Based on architecture, the medical power supply market has been segmented into the enclosed, open frame, external, U-bracket, configurable, and encapsulated power supply. Among these, the enclosed power supply segment accounted for the largest share of the market in 2019. The large share of this segment is attributed to technological advancements which have resulted in compact enclosed power supplies that offer higher efficiency and low leakage current, which have driven their use.
Based on manufacturing type, the medical power supply market has been segmented into the standard, customized, and CF Rating power supplies. Among these, the standard power supply segment accounted for the largest share of the market in 2019. however, the customized power supplies segment is expected to register the highest CAGR, mainly due to the growing demand for and adoption of novel home-use and miniaturized devices that require specifically tooled power supplies.
North America is expected to command the largest share of the medical power supply market in 2020
The report covers the medical power supply market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the medical power supply market in 2019. Market growth is mainly attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers, and the growing medical equipment production. As per the US Medical Technology Industry Associations (MTIA), US medical device companies are highly regarded globally for their innovative and technologically advanced products. R&D spending continues to represent a high percentage of medical device industry expenditures, averaging 8% of revenue in 2017
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COVID-19 Impact on Medical Power Supply Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Medical Power Supply market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Medical Power Supply market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Medical Power Supply market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Medical Power Supply market include:
Advanced Energy Industries (US), Delta Electronics (Taiwan), TDK-Lambda Corporation (Japan), SL Power Electronics (US), XP Power (Singapore), Spellman High Voltage Electronics Corporation (US), COSEL (Japan), FRIWO Gerätebau (Germany), Bel Fuse (US), MEAN WELL Enterprises (Taiwan), GlobTek (US), Wall Industries (US), SynQor(US), Inventus Power (US), and Astrodyne TDI (US) among others.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
This report has segmented the global Medical Power Supply market based on converter type, application, architecture, manufacturing type, and region.
Global Medical Power Supply Market, by Converter Type
Global Medical Power Supply Market, by Application
Global Medical Power Supply Market, by Architecture
Global Medical Power Supply Market, by Manufacturing Type
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Why Buy this Report?
The purpose of Nova one advisor’s Medical Power Supply market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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