Market Trends of Global Medical Power Supply Industry
This section covers the major market trends shaping the Medical Power Supply Market according to our research experts:
Diagnostic and Monitoring Equipment is Expected to Hold Significant Market Share
- Power supply products and technology play a critical role in medical imaging, diagnostics, monitoring equipment, and therapeutic businesses. From generating X-rays to powering detectors, these varied voltage power supply and X-ray generator solutions enable and improve the delivery of medical treatment.
- The increase in the number of government initiatives for the diagnosis of infectious disease and the rising need for fast detection of diseases are contributing to the growing demand for diagnostic and monitoring equipment across the world. Governments are proactively investing in many research studies, including those for the diagnosis of infectious diseases.
- Technology holds a central role in expanding the market for diagnostic and monitoring devices. The increase in the aging population and the transformation of acute illnesses, such as heart failure into chronic diseases, indicate that the number of patients is also increasing. All the aforementioned factors are expected to contribute to the huge market share of the segment.
- With the recent outbreak of the coronavirus pandemic across the globe, there is a significant surge in demand for medical power requirements, especially for the ventilators, nucleic acid detectors, mask machines, and other temperature measurement equipment. Among all the medical devices demands, life support equipment such as patient monitors and ventilators have witnessed the largest spike in demand.
- The United States holds a significant proportion of the diagnostic imaging market, which may be ascribed to rising technical advancements, higher population affordability, and an annual increase in the number of diagnostic operations. The market is also predicted to increase in the forecast period, owing to the presence of well-established healthcare facilities, rising demand for improved healthcare systems among the aging population, and rising prevalence of chronic diseases.
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North America is Expected to Hold a Significant Market Share
- The medical and healthcare industry in North America is shifting from a volume-based to a value-based model. Payers and providers are clamoring for higher-quality healthcare, better fraud detection, shorter hospital stays, and the prevention of new diseases.
- The North American region is expected to hold a prominent share of the global market, lead by the US, which plays a crucial role in generating the demand from the region when compared to Canada. Over the forecast period, the country is expected to dominate the global market, owing to the high implementation of advanced medical devices in the healthcare sector and the increasing necessity to improve the quality of health care services.
- Population Bureau Report examined the recent trends and estimated that the number of Americans aged 65 and older might reach over 98 million by 2060 from 46 million today. According to the American Heart Association (AHA), approximately half of all adults in the United States have cardiovascular disease. Heart disease causes almost 1 out of 4 deaths in the United States.
- Owing to the developments in healthcare, multiple public institutions are expected to enhance their laboratory capabilities across the region, in turn boosting the demand for power supply equipment. For instance, the final commissioning is underway at the US Army Medical Research Institute of Infectious Diseases (USAMRIID), which is situated at Fort Detrick in Frederick, Maryland. The medical facility is expected to be open for occupancy by 2021. The 835,000-square-foot building is expected to serve as the lead facility for the US Biological Defense Research Program.
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