Medical Power Supply Market Analysis and Forecast to 2032: By Technology (AC to DC Power Supply, DC to DC Power Supply), Type (Open Frame Power Supply, Enclosed Power Supply, Adapter Power Supply, Converters), Application (Diagnostic, Imaging, and Monitor

Medical Power Supply Market Analysis and Forecast to 2032: By Technology (AC to DC Power Supply, DC to DC Power Supply), Type (Open Frame Power Supply, Enclosed Power Supply, Adapter Power Supply, Converters), Application (Diagnostic, Imaging, and Monitoring Equipment, Surgical Equipment, Home Medical Equipment), and Region

The global medical power supply market was valued at USD 1.2 billion in 2022 and it is anticipated to grow up to USD 2.4 billion by 2032, at a CAGR of 7.0% during the forecast period.

Medical power supply is a small device that supplies power in form of electricity to medical devices. The primary function of a power supply is to convert one form of electrical energy to another. These medical power supply devices must be specially designed to meet the IEC60601 medical equipment safety standard. These standalone devices can be used in an extensive range of medical applications. At times, they are integrated into larger devices/equipment.

Global Medical Power Supply Market Scope and Report Structure

Market Trends and Drivers

Increased market penetration of portable and integrated medical devices will propel the market growth during the forecast period. Portable/integrated instrument adoption and recent advancements in product design & architecture are supported by developments in adjacent industries, such as semiconductor chips and integrated circuits. Such devices have witnessed rapid installation due to their advantages—improved power factor correction, better thermal management, and reduced audible noise. The availability of funding and support to develop portable medical devices has also driven overall research activity in this sector. These factors have favored the adoption of medical power solutions since the growth of this market is directly tied to instrument use. For instance, in November 2019, Schwarzer Cardiotek GmbH (Germany) was awarded an R&D grant by the Zentrale Innovations programm Mittelstand (ZIM). Schwarzer Cardiotek intends to integrate its electrophysiology recording platform EP-TRACER with Livetec’s ablation system, LiveCath. Similarly, in 2018, Cambridge Medical Robotics (UK) raised USD 100 million to prepare its Versius system (a portable robot for laparoscopic applications) for planned commercialization.

Market Restraints and Challenges

Stringent regulatory compliance and safety standards may impede the market growth. Component manufacturers are expected to adhere to standards implemented by target countries. The majority of power supply components manufactured worldwide are mandated to comply with IEC60601-1 standards and IEC60601 “Medical Electrical Equipment, Part 1: General Requirements for Safety,” which includes specific guidelines for patient safety, provider protocols, and quality mandate for design of electronic medical devices. The RoHS (Restriction of Hazardous Substances) and Electronic Waste Directive (Europe) also impose restrictions on product commercialization for DC power supply manufacturers. Such requirements erect additional market entry/expansion barriers for medical power supply manufacturers to enter new markets.

Global Medical Power Supply Market Segmental Overview

The report analyses the global medical power supply market based on Technology, Type, application, and region.

Global Medical Power Supply Market by Technology

Based on technology, it is segmented into AC to DC power supply, and DC to DC power supply. Among these, Ac to Dc power supply segment accounted for significant market share in 2022. AC-DC power supply products include 200W and less, 201-500W, 501-1000W, 1,000-3,000W and 3000W and above. The 200W and less segment dominated the market in 2019. Rising incidences of home healthcare devices, new product launches, coupled with the rising adoption of portable medical devices models, is expected to fuels the growth of this segment during the forecast period. Moreover increasing new product launch will boost the segmental growth. 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.

Global Medical Power Supply Market by Type

Based on type, it is segmented into open frame power supply, enclosed power supply, adapter power supply, and converters. Among these, the enclosed power supply segment accounted for the largest share of the market in 2022. The large share of this segment is attributed to technological advancements which have resulted in compact enclosed power supplies that offer higher efficiency and low leakage current, which have driven their use.

Global Medical Power Supply Market Application

Based on application, it is segmented into diagnostic, imaging, and monitoring equipment, surgical equipment, home medical equipment and others. The diagnostic imaging systems segment accounted for a larger market share in 2022. The need for continuous functioning has driven the use of uninterrupted power supply solutions in diagnostic imaging equipment. The increasing installation base for diagnostic imaging devices, growing number of imaging procedures, are factors expected to drive the growth of this market segment in the coming years. 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.

Geographical Analysis of Global Medical Power Supply Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America commanded the largest share of the market in 2021. Market growth is mainly attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers, and the growing medical equipment production. As per the US Medical Technology Industry Associations (MTIA), US medical device companies are highly regarded globally for their innovative and technologically advanced products. R&D spending continues to represent a high percentage of medical device industry expenditures, averaging 7% of revenue in 2017. 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. 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.

Major Players in the Global Medical Power Supply Market

The key players in the medical power supply market are Advanced Energy Industries (US), Delta Electronics (Taiwan), TDK-Lambda Corporation (Japan), SL Power Electronics (US), XP Power (Singapore), Spellman High Voltage Electronics Corporation (US), COSEL (Japaan), FRIWO Gerätebau (Germany), Bel Fuse (US), and MEAN WELL Enterprises (Taiwan), among others.

COVID-19 Impact

As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to sell and implement the medical power supply diminished as hospitals became primarily focused on the COVID-19 pandemic. The pandemic has led to a significant increase in the demand for patient monitoring devices. The closure of manufacturing facilities due to lockdowns and disrupted supply chains slightly impacted the growth of the market at the regional level in 2020. Established vendors such as Astrodyne TDI supported the increased demand and mitigated key shortages of medical-grade power supplies used in ventilators, LVADs, circulatory devices, surgical suites, and oxygen concentrators. The company provided technical support and sampling within 48 hours of the request.

Recent Developments

• In August 2021, CUI, a Bel group company, announced the addition of 12 new models to its VMS-C and VMS-C-CNF range of internal medical ac-dc power supplies. These new, higher power models are chassis-mount units, available in open-frame or metal-case variations that are ideal for use in medical and home healthcare applications, such as ultrasound machines and medical beds.
• In June 2021, Powerbox announced 300% peak power open-frame power supplies for medical and industrial applications. For medical applications, the AEA600F input to output isolation complies with 2MOPP, its input to the ground with 1MOPP, and output to the ground with 1MOPP making the product suitable for the Body Floating (BF) applications. The units are approved under ANSI/AAMI ES60601-1 and EN60601-1 3rd Edition.
• In December 2020, CUI Inc. announced the addition of two 120-watt ac-dc external power supply series, expanding its existing 60601 certified medical power supply family. The new series footprint is 35% smaller than its non-medical counterpart, providing a lighter and less cumbersome adapter that can power a wide range of medical and dental devices.
• In April 2020, XP Power released its new UCH600 series of convection cooled, 600W AC-DC power supplies. The ultra-compact power supplies do not require additional cooling and deliver full load power under a wide range of conditions. This series can be used in medical devices, as well as for industrial electronics applications.
• In March 2020, Delta Electronics launched MEA-065A, a new 65W output to MEA Series of Medical AC-DC desktop type adapter, which offers four single output voltages of 12V, 15V, 19V, and 24V in an extremely compact size, i.e., 50 x 115 x 29 mm, and finds its application in various types of portable equipment, such as home healthcare equipment, and test and measurement equipment. Key features include 0.1mA low earth leakage and electric shock protection complying with 2 x MOPP.

Medical Power Supply Market Report Coverage

• The report offers a comprehensive quantitative as well as qualitative analysis of the current global medical power supply market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
• A thorough analysis of market trends and restraints is provided.
• Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
• The forecasts in this report are made by examining the recent trends along with future medical power supply market potential from 2022 to 2032 in terms of revenue.
• Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the medical power supply market are also analyzed.
• Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.

Frequently Asked Questions

Q1. How big is the medical power supply market?

Ans. The global medical power supply market size was USD 1.2 billion in 2022 and is anticipated to reach USD 2.4 billion in 2032, growing at a rate of 7.0% from 2023 to 2032.

Q2. What is the medical power supply market growth rate?

Ans. The growth rate of the medical power supply market is 7.0%.

Q3. Which region holds a major market share for the medical power supply market?

Ans. North America holds a major market share of the medical power supply market in 2021.

Q4. Which segment accounted for the largest medical power supply market share?

Ans. By end user, the laboratories segment accounted for the largest medical power supply market share.

Q5. Who are the key players in the microplate systems market?

Ans. The global medical power supply market report includes players such as Advanced Energy Industries (US), Delta Electronics (Taiwan), TDK-Lambda Corporation (Japan), SL Power Electronics (US), XP Power (Singapore), Spellman High Voltage Electronics Corporation (US), COSEL (Japaan), FRIWO Gerätebau (Germany), Bel Fuse (US), and MEAN WELL Enterprises (Taiwan), among others.

Q6. What are the factors driving the medical power supply market growth?

Ans. The major factors driving the growth of the market are the governments are taking initiatives to set up new and advanced healthcare facilities in developing countries to cater to the requirements of the growing population.

Q7. What are the key growth strategies of medical power supply market players?

Ans. The key growth strategies of medical power supply market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the medical power supply market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the medical power supply market during the forecast period.

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