Market Size of Global Medical Power Supply Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 1.31 Billion |
Market Size (2029) | USD 1.79 Billion |
CAGR (2024 - 2029) | 6.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Power Supply Market Analysis
The Global Medical Power Supply Market size is estimated at USD 1.31 billion in 2024, and is expected to reach USD 1.79 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
Certain factors that are driving the growth of the market are technological advancements in healthcare equipment, a rise in the number of healthcare facilities, increasing incidences of chronic diseases, and growing demand for portable and home-based devices.
- Healthcare facilities are thriving across the world, owing to technological innovations in the healthcare sector and a growing geriatric population. Healthcare technologies are evolving in all possible aspects, ranging from patient registration to data monitoring and from lab tests to self-care devices.
- Furthermore, the geriatric population is growing at a rapid pace globally. Currently, about two-thirds of the world's geriatric population lives in developing countries. This has prompted the need for an increase in healthcare setups all over the world.
- Moreover, governments are taking initiatives to set up new and advanced healthcare facilities in developing countries to cater to the requirements of the growing population. The rise in the number of healthcare facilities may increase the demand for medical power supply, which is expected to drive the medical power supply market. Additionally, technological advancements in healthcare equipment, increasing incidences of chronic diseases, and the rising demand for portable and home-based devices are driving the growth of the medical power supply market.
- COVID-19 has put the Medtech industry at center stage with unparalleled demand for diagnostic tests, personal protective equipment (PPE), ventilators, and other critical medical supplies. Several new production facilities were built due to the pandemic. For instance, the Ministry of Health and Family Welfare (MoHFW), India, issued a report in December 2020, stating that before the COVID-19 pandemic, the average cost of each ventilator in March 2020 was INR 15 lakh (approximately USD 21,000). However, due to the Indian ventilator industry taking up the production, the cost was INR 2-10 lakh. Such developments are creating demand for products from local power supply vendors as import-export activities were largely restricted due to the COVID-19 scenario.
- Furthermore, there is a high trend of miniaturization of medical electronics globally. This trend holds for all electronic equipment, but the pressure for size and weight reduction is greatest in the area of medical applications. This is driving the power supply manufacturers primarily to reduce the size of their products. For instance, in September 2021, New Yorker Electronics announced its release of the new Polytron Devices PFMUIC700 Series of AC-DC power supplies designed for medical applications. The Polytron PFMUIC700 series features ultra-compact size of 6.7 x 3.66 x 1.61 inch (170.2 x 93.0 x 41.0mm) in a fully enclosed plastic case.
Medical Power Supply Industry Segmentation
A power supply is an electrical device that supplies electric power to an electrical load. Safety is the primary factor that distinguishes medical-grade power supplies from commercial models. Medical equipment typically requires longer design cycles than other types of equipment and more support from the power supply vendor. The study covers the market based on the technology deployed, the type of power supply system available, and its application across the globe.
By Technology | |
AC to DC Power Supply | |
DC to DC Power Supply |
By Type | |
Open Frame Power Supply | |
Enclosed Power Supply | |
Adapter Power Supply | |
Converters |
By Application | |
Diagnostic, Imaging, and Monitoring Equipment | |
Surgical Equipment | |
Home Medical Equipment | |
Other Applications |
By Geography | |
North America | |
Europe | |
Asia Pacific | |
Latin America | |
Middle East and Africa |
Global Medical Power Supply Market Size Summary
The medical power supply market is experiencing significant growth, driven by technological advancements in healthcare equipment and an increasing number of healthcare facilities worldwide. The demand for medical power supplies is further fueled by the rising incidences of chronic diseases and the growing need for portable and home-based medical devices. The global healthcare landscape is evolving, with a notable shift towards value-based care models, particularly in regions like North America. This shift is accompanied by a surge in demand for advanced medical devices, which in turn boosts the need for reliable and efficient power supply solutions. The market is characterized by a trend towards miniaturization of medical electronics, prompting manufacturers to develop compact and high-performance power supply units.
The COVID-19 pandemic has accelerated the demand for medical power supplies, particularly for life support equipment such as ventilators and diagnostic devices. This surge in demand has led to increased production capabilities and innovations in power supply technologies. The market is moderately concentrated, with key players like Delta Electronics Group, Excelsys Technology, and Mean Well Enterprises Co. Ltd. actively engaging in product innovation and strategic partnerships to maintain their competitive edge. As governments and private institutions continue to invest in healthcare infrastructure and research, the medical power supply market is poised for sustained growth, supported by ongoing advancements in medical technology and increasing healthcare demands globally.
Global Medical Power Supply Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Industry Attractiveness - Porter's Five Forces Analysis
-
1.2.1 Bargaining Power of Suppliers
-
1.2.2 Bargaining Power of Consumers
-
1.2.3 Threat of New Entrants
-
1.2.4 Intensity of Competitive Rivalry
-
1.2.5 Threat of Substitutes
-
-
1.3 Impact of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Technology
-
2.1.1 AC to DC Power Supply
-
2.1.2 DC to DC Power Supply
-
-
2.2 By Type
-
2.2.1 Open Frame Power Supply
-
2.2.2 Enclosed Power Supply
-
2.2.3 Adapter Power Supply
-
2.2.4 Converters
-
-
2.3 By Application
-
2.3.1 Diagnostic, Imaging, and Monitoring Equipment
-
2.3.2 Surgical Equipment
-
2.3.3 Home Medical Equipment
-
2.3.4 Other Applications
-
-
2.4 By Geography
-
2.4.1 North America
-
2.4.2 Europe
-
2.4.3 Asia Pacific
-
2.4.4 Latin America
-
2.4.5 Middle East and Africa
-
-
Global Medical Power Supply Market Size FAQs
How big is the Global Medical Power Supply Market?
The Global Medical Power Supply Market size is expected to reach USD 1.31 billion in 2024 and grow at a CAGR of 6.5% to reach USD 1.79 billion by 2029.
What is the current Global Medical Power Supply Market size?
In 2024, the Global Medical Power Supply Market size is expected to reach USD 1.31 billion.