Power supply devices, in general, are electronic or electric equipment, which change power sources into the desired form to ensure compatibility with the equipment being used. Medical power supply devices find applications in a plethora of medical activities including PET scanners, MRI, CT scans, X-ray, blood analysers, DNA equipment, patient monitor, dental equipment, robotic surgical devices, etc. Selecting a specific power supply device is a major task for healthcare organizations, especially due to frequent changes in safety and environmental norms for medical equipment. For instance, electromagnetic interference (EMI) generates significant distortion to the operation of equipment. Since medical equipment is more sensitive to EMI than industrial equipment, it is crucial to have compliance with efficient performance.
The global medical power supply devices market is estimated to account for US$ 1,400 Mn in 2021 and is expected to grow at a CAGR of 7.2 % over the forecasted period 2022-2030.
Market Trend
Rising demand for energy-efficient power supply devices
The demand for energy-efficient power supply devices is increasing significantly benefits provided by these devices such as low operational cost. The demand is also driven by legislation such as the European Union’s EcoDesign Directive 2009/125/EC, which aims to mandate low-stand operation. OEMs are focused on adopting various technologies such as the development of magnetic component devices and control ICs, in order to enhance the energy efficiency of their products thereby catering to the rising demand from end users.
Integration of mains isolation technology in medical power supply equipment
The medical power supply is not designed to work parallel with consumer electronics devices. This is due to the fact that power supply equipment in consumer electronic devices can negatively affect the electrical network of the medical power supply equipment. Moreover, medical power supply devices are adversely affected by electromagnetic interference (EMI), which can result in the potential risk of electric shocks to the patient. Therefore, medical power supply devices are being integrated with two Means of Operator Protection (MOOP), in order to isolate patients and operators using medical devices in case of a wide range of applications.
Market Restraint:
Rising emergence of multi-functional equipment is expected to restrain growth of the global medical power supply devices market over the forecast period
Sudden emergence of multi-functional medical equipment has hindered the demand for application-specific equipment, thereby hampering sales of medical power supply devices. Many manufacturers are actively offering medical devices with multiple functions and features. For instance, Chinese manufacturers offer multifunctional ‘Anesthesia’ machine with in-built ventilator systems. Moreover, companies such as DRE Medical, Inc. offer hospital-grade patient monitors for applications such as ECG monitoring and Capnography.
Frequent product recalls is expected to hamper the global medical power supply devices market growth during the forecast period
Product failures and constantly changing regulatory policies and certifications of medical devices have led to increase in product recalls. As a result of this, original equipment manufacturers (OEMs) are facing increased inventory, operational, and logistics costs, thereby leading to significant revenue losses. For instance, in March 2016, the U.S. Food and Drug Administration (FDA) recalled Drägerwerk AG & Co.’s ventilators between June 1, 2011, and December 1, 2015. The product was recalled due to power supplies causing a ventilator to shut down unexpectedly, which could potentially lead to patient injury or death.
Market Opportunities
Increasing shift towards wireless medical devices can present lucrative growth opportunities for market players
Wireless medical device manufacturers require flexibility in terms of terms EMC (Electromagnetic compatibility) and EMI (electromagnetic interference) for power supplies, in order to cater to the demand from end users. Furthermore, power supply devices manufacturers are focused on developing compact-sized and energy-efficient medical power supplies for wireless test and measurement equipment for medical applications. High demand for wireless medical devices is expected to boost expenditure by OEMs for designing and manufacturing medical power supply devices with specific equipment requirements.
Strategic partnerships between the public and private sectors can provide significant business opportunities
The government of India and China are collaborating with OEMs of healthcare equipment and service providers in the U.S., in order to expand manufacturing facilities and increase access to treatments in these countries. Allowing Foreign Direct Investment (FDI) in these countries is expected to create major growth opportunities for medical device manufacturers. For instance, in January 2014, Medtronic Plc., a medical devices manufacturer, partnered with the Chinese municipal government of Chengdu, China. Under this partnership, the company invested in its existing medical device manufacturing facility. Moreover, in August 2014, Medtronic Plc. announced plans to establish a factory for portable hemodialysis equipment in China.
Medical Power Supply Devices Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the outbreak of the COVID-19 pandemic. There was a widespread of the virus all over the world which led to the suspension of various industries manufacturing power supply devices. Further, COVID-19 harmed the power supply market due to the strict rules imposed by the government to control the coronavirus spread. Economic uncertainty, a business shutdown, and low consumer confidence impacted the demand for Medical power supply technology. During the pandemic, the supply chain was also hindered by delays in logistics activities. However, the market is regaining its position in the market with the coming years.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 1,400 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 7.2 % | 2030 Value Projection: | US$ 3,500 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Astrodyne TDI, Advanced Energy Industries, SL Power Electronics, Powerbox International AB, TDK Lambda Corporation, Artesyn Embedded Technologies (Emerson Network Power), GlobTek, Inc., ICCNexergy, FRIWO Geratebau GmbH, Excelsys Technology, and Delta Electronics, Inc. |
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| Restraints & Challenges: |
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Competitive Section
Key players operating in the global medical power supply devices market are Astrodyne TDI, Advanced Energy Industries, SL Power Electronics, Powerbox International AB, TDK Lambda Corporation, Artesyn Embedded Technologies (Emerson Network Power), GlobTek, Inc., ICCNexergy, FRIWO Geratebau GmbH, Excelsys Technology, and Delta Electronics, Inc.
Recent Developments:
Forecasted APAC is expected to hold a dominant position in the Global Medical Power Supply Devices Market in 2030
Statistics:
North America region dominated Global Medical Power Supply Devices Market in 2021, accounting for 40% share in terms of value, followed by Europe, North America, Latin America, and Middle East & Africa respectively.
Figure 1: Global Medical Power Supply Devices Market Share (%), By Region, 2021
Asia Pacific Medical Power Supply Device Market is expected to be one of the prominent region in the global market and witness high growth during the forecast period. This is due to the collaboration of governments of India and China with OEMs of healthcare equipment and service providers in the U.S.
Figure 2: Global Medical Power Supply Devices Market (US$ Mn) Analysis and Forecast, 2017 – 2030
The Global Medical Power Supply Devices Market was valued at US$ 1,400 Mn in 2021 and is expected to reach US$ 3,500 Mn by 2030, growing at a CAGR of 7.2% between 2022 and 2030.
Power supply devices, in general, are electronic or electric equipment, which changes power source into the desired form to ensure compatibility with the equipment being used. The variety of medical applications such as dental equipment, robotic surgical devices, MIR, X-ray, CT scan, patient monitor, blood analyzers, and DNA equipment found applications in the medical devices. Moreover, selecting a specific power supply device is a major task for healthcare organizations, especially due to frequent changes in safety and environmental norms for medical equipment. For instance, electromagnetic interference (EMI) generates significant distortion to operation of equipment. Since medical equipment is more sensitive to EMI than industrial equipment, it is crucial to have compliance with efficient performance. Furthermore, many medical power supply device manufacturers are focused on manufacturing smaller, efficient, and reliable medical power supply equipment, which are to be offered at a competitive price. Due to this global medical power medical supply devices market is expected to grow in the forecast period.
The Medical Power Supply Devices Market was valued at US$ 1,400 Mn in 2021.
Market Dynamics
According to world health organization (WHO) the global world population is growing at the rate of 1.63% during the 2020-2025 period and it is expected to reach around 8 billion by 2025. Since the geriatric population requires more assistance and medical care, the demand for a wide range of medical devices ranging from simple disposable supplies to patient-treatment and monitoring instruments are expected to increase significantly. Furthermore, power supply device manufacturers are focused on introducing non-invasive, responsive, and user-friendly medical devices particularly focused on geriatric population and manufactures are also trying to keep the innovating in these devices to remain competitive in the market. Hence, these factors are expected to boost the market growth in the near future.
However, increasing use of multi functionality equipment in medical field is expected to hamper the sale of medical supply devices in the forecast period. For instance, Chinese manufacturers offer multifunctional ‘Anesthesia’ machine with in-built ventilator systems.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
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