Overview and Scope
Medical power supplies refer to power sources that create conditioned outputs for instruments, equipment, and medical devices such as dental devices, ophthalmic procedures, ultrasound devices, and surgical procedures inside operating rooms. They are constructed in accordance with the IEC601(EN60601) and UL60601 safety standards, which apply to professional-use electrical, medical, and dental equipment.
Sizing and Forecast
The medical power supply market size has grown strongly in recent years. It will grow from <b>$1.77 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. </b> The growth in the historic period can be attributed to aging population, regulatory compliance, patient-centric care, global health preparedness, electrical safety,
The medical power supply market size is expected to see rapid growth in the next few years. It will grow to <b>$2.86 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. </b> The growth in the forecast period can be attributed to renewable energy integration, resilient power infrastructure, miniaturization of devices, remote healthcare solutions, telehealth services. Major trends in the forecast period include battery technologies advancements, artificial intelligence (ai)-enhanced power management, smart grid integration, customized power solutions, innovations in electromedical devices.
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Segmentation & Regional Insights
The medical power supply market covered in this report is segmented –
1) By Type: Open Frame Power Supply, Enclosed Power Supply, Adapter Power Supply, Converters
2) By Converter Type: AC-DC Power Supply, DC-DC Power Supply
3) By End-User: Hospitals, Ambulatory Surgical Cente, Clinics, Long Term Care Centres, Diagnostic Centers, Rehabilitation Centers, Home Care Setting
<b>North America</b> was the largest region in the medical power supply market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the medical power supply market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing expenditure on healthcare is expected to propel the growth of the medical power supply market going forward. All expenditures for the provision of health services, family planning activities, nutrition activities, and health-related emergency aid are included in health expenditure. Medical devices provide healthcare professionals with unparalleled support in the medical diagnosis and treatment process. They are essential for preventing, diagnosing, treating, and rehabilitating illnesses and diseases in a safe and effective way. For instance, in May 2023, according to a report published by the Office for National Statistics, a UK-based government department, between 2020 and 2021, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms. Therefore, the increasing expenditure on healthcare is driving the growth of the medical power supply market.
Key Industry Players
Major companies operating in the medical power supply market include <b> Koninklijke Philips N.V., Connect America LLC, ADT Security Services, Bay Alarm Medical Inc., VRI Inc., Life Alert Emergency Response Inc, Medical Guardian LLP, Nortek Security and Control LLC, Rescue Alert, AlertONE Service Inc., GreatCall Inc., Ascom Wireless Solutions, LogicMark LLC, Tunstall Healthcare, LifeStation Inc., Mean Well Enterprises Co. Ltd, Delta Electronics Inc., Advanced Energy Industries Inc., Astrodyne TDI Holdings, Bel Fuse Inc., Fuhua Electronic, Shenzhen Megmeet Electric, XP Power, CUI Inc., Powerbox International AB, Spellman High Voltage Electronics Corporation, Wall Industries Inc., SynQor Inc., Artesyn Embedded Technologies, Excelsys Technologies Ltd., FRIWO Gerätebau GmbH, Inventus Power, Protek Power N.A. Inc., P-Duke Power Co. Ltd., EOS Power India Pvt. Ltd., GlobTek Europe Ltd., Power Partners Inc., SL Montevideo Technology Inc., TDK Corporation, Traco Electronic AG </b>
The medical power supply market report table of contents includes:
1. Executive Summary
2. Medical Power Supply Market Characteristics
3. Medical Power Supply Market Trends And Strategies
4. Medical Power Supply Market – Macro Economic Scenario
5. Global Medical Power Supply Market Size and Growth
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26. South America Medical Power Supply Market
27. Brazil Medical Power Supply Market
28. Middle East Medical Power Supply Market
29. Africa Medical Power Supply Market
30. Medical Power Supply Market Competitive Landscape And Company Profiles
Top Major Players:
- Koninklijke Philips N.V.
- Connect America LLC
- ADT Security Services
- Bay Alarm Medical Inc
- VRI Inc
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