Medical Power Supply Market is projected to grow from USD 1.5 billion in 2022 to USD 1.9 billion by 2027, at a CAGR of 6.5% from 2022 to 2027, according to a new report by MarketsandMarkets™. Growing adoption of home-used products, technological advancements & new product launches, increased research spending on energy-efficient power supplies coupled with rising number of PSUs suppliers are the key factors driving the market in near future.
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Browse in-depth TOC on "Medical Power Supply Market"
197 – Tables
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297 – Pages
Key Market Players
prominent players in the medical power supply market are Advanced Energy Industries, Inc (US), TDK Corporation (Japan), Delta Electronics, Inc. (Taiwan), SL Power Electronics (US), XP Power (Singapore), Bel Fuse Inc. (US), COSEL Co. Ltd. (Japan), FRIWO Gerätebau GmbH (Germany), SynQor, Inc. (US), GlobTek, Inc. (US), MEAN WELL Enterprises Co. Ltd. (Taiwan), Spellman High Voltage Electronics Corporation (US), and Astrodyne TDI (US), among others.
Medical Power Supply Market Dynamics
Driver: Growing adoption of home-use healthcare products
The aging population more prone to develop chronic disorders is another key factor fueling the demand for home healthcare products. The American Medical Association (AMA) estimates that at least 60% of individuals aged 65 years and above will be living with more than one chronic condition by 2030. The growing preference for home healthcare is expected to provide growth opportunities for players operating in the medical power supply market. The focus has shifted to designing and producing small and efficient supply units. Recent approvals in this regard include:
· LYMA Life Ltd. launched an at-home and medical-grade laser-based skincare device in the US, that treats a host of skin conditions such as wrinkles, fine lines, scaring, sagging, and rosacea, among others.
· Biotricity Inc. launched commercial sales of Biotres, a wireless wearable cardiac monitoring device. The device is an FDA-approved three-lead device that offers early detection of cardiac arrhythmias with continuous ECG recording capabilities.
Restraint: safety standards and regulatory compliance
The Restriction of Hazardous Substances (RoHS) and Electronic Waste Directive (Europe) also impose restrictions on product commercialization for DC power supply manufacturers. The primary goal of safety/regulatory standards for power supplies used for electrical equipment testing is to protect against fire, electric shock, and injury. Products meeting these requirements may be identified by a safety mark from the associated standards organization or by a mark indicating compliance with local legislation within a defined economic area or trading zone. Such requirements erect additional market entry/expansion barriers for medical power supply manufacturers to enter new markets.
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Opportunity: Emerging high-voltage DC power sources
A high-voltage power supply assembly uses a complex power conversion circuit to provide higher voltage potential. High-voltage AC-DC power supply units use filtering and shielding techniques for high stability, low ripple, noise & EMI/RFI, and well-regulated output levels. The integration of high-voltage units into precision measurement devices and sensitive medical equipment is likely to provide a lucrative opportunity in this market.
Asia Pacific to register major growth in the market during the forecast period
Asia Pacific medical power supply market is anticipated to register highest growth over the forecast period of 2022 to 2027. Major growth of the market is attributed to the growing installation of diagnostic imaging equipment, rapidly expanding urban population, significant investments in infrastructure expansion, and a strong industrial manufacturing base creating more opportunities for market players.
Recent Developments
· In July 2022, Advanced Energy Industries expanded its SL Power SLB series with the launch of a 300 W power supply.
· In July 2022, Wall Industries, Inc. introduced four DC/DC converters (DCSMU1, DCSMU2, DCMHP06, and DCMHPL20) ranging from 1 to 20 watts and two AC/DC power supplies (PSAMPS45 and PSAMPS65) at 45 and 65 watts
· In June 2022, XP Power launched compact medical desktop power supplies. This AQM AC/DC power supply is a space-saving fan-less solution for home healthcare and hospital applications
· In April 2022, Wall Industries, Inc. introduced five new variants to expand its PSSW family of open frame AC/DC supplies. The models include PSSW120, PSSW225, PSSW350, PSSW450, and PSSW550
· In April 2022, Advanced Energy Industries acquired SL Power Electronics Corporation, a provider of customized power solutions for medical and advanced industrial applications, from Steel Partners Holdings L.P. The acquisition expanded Advanced Energy’s medical power solution offerings through the addition of a complementary portfolio of products and its ability to meet the growing needs of industrial and medical customers
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