Medical power supply devices market

Medical Power Supply Devices Market, By Product Type (Standard Medical Power Supply Devices and Configurable Power Supply Devices), By Function (AC-DC Power Supply Devices and DC-DC Converters), By End User (Hospitals, Ambulatory Surgical Centers, Clinics, Long term Care Centers, Rehabilitation Centers, Diagnostic Centers, and Home Care Settings), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Dec 2022
CMI3678
130 Pages
Excel & Pdf
Information and Communication Technology

Summary

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.

Medical Power Supply Devices Market Report Coverage

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:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: Israel, GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By Product Type: Standard Medical Power Supply Device and Configurable Power Supply Devices By Function: AC-DC Power Supply Devices and DC-DC Converters By End User: Hospitals, Ambulatory Surgical Centers, Clinics, Long term Care Centers, Rehabilitation Centers, Diagnostic Centers and Home Care Settings
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.
Growth Drivers:	Increasing Geriatric Population Worldwide is Expected to Drive Growth of the Global Medical Power Supply Devices Market During the Forecast Period Growing Expenditure on Healthcare and Healthcare Facilities is Expected to Propel the Global Medical Power Supply Devices Market Growth over the Forecast Period
Restraints & Challenges:	Rising emergence of multi-functional equipment is expected to restrain the growth of the global medical power supply devices market over the forecast period Frequent product recalls is expected to hamper the global medical power supply devices market growth during the forecast period

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:

In April 2022, Advanced Energy, a global leader in highly engineered, precision power conversion, measurement, and control solutions announced the acquisition of SL power, a leading supplier of power conversion solutions for medical and advanced industrial applications with the aim to expand Advanced Energy’s medical power solution offerings by adding a complementary portfolio of products and improves its ability to meet the growing needs of industrial and medical customers.
In December 2020, - Excelsys CoolX®3000 modular, a configurable power supply system, was introduced by Advanced Energy Industries, a global leader in highly engineered technologies. With up to 24 isolated user field-configurable outputs and individual output controls, CoolX3000 simplifies system integration for the world's leading OEMs and provides unparalleled levels of flexibility and scalability.

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.

Table of Content

Table of Contents

*Browse 60 market data tables and 40 figures on " Global Medical Power Supply Devices Market - Global forecast to 2030”.

Segmentation

Detailed Segmentation

- Frequently Asked Questions -

What are the growth estimates for the Global Medical Power Supply Devices Market till 2030?

The Global Medical Power Supply Devices Market is estimated to surpass US$ 3,500 Billion by 2030.

What is the expected compound annual growth rate (CAGR) of the Market during the forecast period (2022-2030)?

The Market is expected to witness a CAGR of 7.2% during the forecast period (2022-2030).

What is the primary factor contributing to the growth of the Market?

Rising geriatric population across the globe is one of the major factors that is expected to propel growth of the market over the forecast period.

Which segment based on product type, accounted for the highest demand in the market?

Among product type, the standard medical power supply segment is expected to hold a dominant position in the market in 2021, accounting for 64% share in terms of value, followed by a configurable medical power supply.

Which region is dominating the Market?

Among regions, APAC held a dominant position in the Market in 2021, and is expected to retain its dominance over the forecast period.

Who are the major players operating in the Market?

Major players operating in the market include 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.