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Market Insight- Global Medical Power Supply Devices Market
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. Medical power supply devices find applications in a plethora of medical activities including PET scanners, MRI, CT scan, X-ray, blood analyzers, 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 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 was valued US$ 1408.5 Mn in 2019 and expected to grow at a CAGR of 4.55 during the forecasted period 2019-27.
Market Dynamics- Drivers
- Increasing geriatric population worldwide is expected to drive growth of the global medical power supply devices market during the forecast period
Rising geriatric population across the globe is increasing the demand for biotechnology, pharmaceutical, and medical device products. 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. According to the World Health Organization (WHO), the global geriatric population is expected to account for around 22% of global population by 2050. According to the same source, in Europe, the number of people aged 85 years and above is expected to increase from 14 million to 19 million by 2020, and increase to 40 million by 2050. Furthermore, power supply device manufacturers are focused on introducing non-invasive, responsive, and user-friendly medical devices particularly focused on geriatric population. Hence, these factors are expected to boost the market growth in the near future.
- Growing expenditure on healthcare and healthcare facilities is expected to propel the global medical power supply devices market growth over the forecast period
Private as well as public expenditure on healthcare has increased significantly in the recent past. This is owing to increasing population and prevalence of various diseases. Furthermore, rapidly changing lifestyle is driving the demand for advanced healthcare solutions, thereby accelerating the demand for medical power supplies globally. According to the World Bank, public and private health expenditure collectively in the U.S. accounted for 17% and 17.2% of the overall GDP of the country in 2012 and 2013 respectively; whereas, in Germany, it accounted for 11.3% of the country’s GDP in 2013. Increased expenditure on healthcare has led to high adoption of wireless technologies, implantable medical devices, and high preference for alternative healthcare institutions. Thus, rise in healthcare expenditure is expected to propel the global medical power supply devices market growth over the forecast period. APAC region dominated the global medical power supply devices market in 2019, accounting for 40.3% share in terms of value, followed by Europe, North America, Latin America, and Middle East & Africa respectively.
Source: Coherent Market Insights
Market Dynamics- Restraints
- 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.
- 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 public and private sector can provide significant business opportunities
The government of Indian 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.
Source: Coherent Market Insights
- 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 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. For instance, in October 2015, TDK Lambda announced that external power supplies were complaint with the U.S. DoE Level VI efficiency standards. In January 2016, XP Power introduced AC-DC power supplies, complying with the same energy efficiency standards.
- Integration of mains isolation technology in medical power supply equipment
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 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.
In global enterprise collaboration service market, by Product Type segment, the Standard Medical Power Supply dominated the global market in 2019, accounting for 61.8% share in terms of value, followed by Configurable Medical Power Supply respectively.
Source: Coherent Market Insights
- Medical power supplies imported to Japan need to comply with DENAN
- In Japan, DENAN is a national law administered by Japan’s METI (Ministry of Economy, Trade, and Industry), formerly the Electrical Appliance and Material Control Law (DENTORI). DENAN provides PSE approval certification which acts as compliance of safety standards for medical equipment
- EK Mark – Korea
- Korea’s EK Mark is administered by its Agency for Technology and Standards (MOCIE) to demonstrate compliance for medical power supply and equipment with the Electrical Appliances and Materials Safety Control Law.
- CCC Mark – China
The CCC (China Compulsory Certificate) Mark on any product specifies compliance with Chinese laws and regulations. This mark is compulsory for any product to be used for commercial purposes in China.
Key players operating in the global medical power supply devices market are Astrodyne TDI, 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.
- Key players in the market are focused on product launches, in order to expand product portfolio. For instance, in December 2017, Powerbox International AB introduced a new series of power supplies for medical applications, OBR04.
- Major companies in the market are involved in product launches, in order to enhance the market presence. For instance, in November 2018, TDK Lambda Corporation introduced CUS1500M series of AC-DC power supplies, which certified for medical applications.
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