Medical Power Supply Market (Updated Version Available)
Medical Power Supply Market Size, Share & Trends Analysis, By Converter Type (AC/DC Converter and DC/DC Converter), Power Supplies (Linear Power Supplies and Switching Power Supplies), Type (Enclosed Type, Open Frame Type, On Board Type, External Adaptor, and Others), Application (Surgical, Dental, Ophthalmic, Ultrasound, Ventilator, and Others), By Region, Forecast Period 2023 - 2030
Report ID : RI_673834 | Date : March 2023 |
Format : 
Key Market Overview:
Medical Power Supply Market size was valued at USD 1.56 Billion in 2022, registering a CAGR growth of 7.4% during the forecast period (2023-2030), and the market is projected to be valued at USD 2.76 Billion by 2030.
Medical power supplies are essential components in a wide range of medical devices and equipment. They are designed to meet specific requirements for reliability, performance, and safety, as well as compliance with medical standards and regulations. Medical power supplies provide consistent, clean, and stable power to medical devices, even in the presence of noise and interference from other equipment. They are highly efficient, compact, and reliable, as they are often used in critical and life-saving applications.
Medical power supplies come in various forms, including external and internal models. External medical power supplies are designed to be used with a wide range of medical devices, such as portable diagnostic equipment, home healthcare devices, and patient monitors. Internal medical power supplies are built into medical devices, such as MRI machines, X-ray machines, and ultrasound devices.
The unprecedented demand for critical medical supplies such as ventilators in response to the COVID-19 pandemic has led to the ramping up of production facilities. This has created a demand for products from local power supply vendors as import-export activities were restricted due to the COVID-19 situation, thereby driving the growth of the medical power supply market.
Medical Power Supply Report Coverage:
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Market Dynamics:
Driver:
The increasing demand for medical devices due to the growing aging population and the rising prevalence of chronic diseases is driving the market for medical power supplies. The demand for medical power supplies is growing alongside the demand for portable diagnostic equipment, surgical equipment, and patient monitoring devices. As a result, the need for highly efficient, reliable, and quality medical power supplies is on high demand.
For instance, according to Population Reference Bureau, the number of Americans ages 65 and older is projected to nearly double by 2060, and the demand for medical devices and equipment, including those that require reliable and efficient medical power supplies, is expected to increase. Additionally, as the older population becomes more racially and ethnically diverse, there may be a need for medical power supplies that accommodate different cultural and language needs.
Furthermore, the increasing demand for wireless and wearable medical devices, as well as remote patient monitoring systems, is driving the need for highly efficient, reliable, and compact medical power supplies. This presents a significant opportunity for medical power supply manufacturers to innovate and develop advanced solutions to meet the evolving needs of the healthcare industry. Moreover, by staying ahead of the curve in terms of technological advancements, medical power supply manufacturers gain a competitive advantage and position themselves for long-term growth in the medical power supply market.
Restraint:
There are two significant restraints to the medical power supply market. Firstly, the development and manufacturing costs of medical power supplies are relatively high due to the specialized design, testing, and compliance requirements. These factors make it difficult for smaller players or those with limited resources to enter the market. Secondly, some of the raw materials used in medical power supply products, such as rare earth metals which are scarce is leading to supply chain disruptions and increased costs. Therefore, the above-mentioned factor impact the growth of the market, limit competition, and make it difficult for manufacturers to develop innovative and cost-effective products.
Opportunities:
To invest, there are numerous potential opportunities for businesses operating in the medical power supply market. One such opportunity is the increasing focus on sustainability and reducing carbon footprint, which creates demand for medical power supplies that use renewable energy sources such as solar, wind, or hydropower. This not only helps healthcare facilities reduce their reliance on traditional power sources but also lowers their energy costs, making such solutions highly attractive.
Another opportunity lies in the transformational impact of the Internet of Things (IoT) and connected healthcare. Manufacturers are likely to develop smart and connected medical power supplies that leverage IoT technologies to monitor and report on energy usage, diagnose issues remotely and provide alerts when maintenance is required. This would enhance the reliability and efficiency of medical power supplies while reducing the need for manual intervention, thereby creating ample opportunities for the market over the forecast period.
Market Segmentation:
By Converter Type
The converter type segment is categorized into AC/DC converter and DC/DC converter. The AC/DC converter holds the largest market share in the year 2022. This is attributed to the usage of AC/DC converters in applications where a high level of efficiency and reliability is required, such as in critical care equipment. These converters are commonly used in medical applications where a high level of isolation is required between the input and output, such as in medical imaging equipment, patient monitoring systems, and surgical instruments.
However, the DC/DC converter segment is anticipated to witness the fastest CAGR over the forecast period. This is owing to the usage of DC/DC converters in applications where a high level of efficiency and low power dissipation is required, such as in diagnostic and imaging equipment.
By Power Supplies
Based on power supplies the medical power supply market is bifurcated into linear power supplies and switching power supplies. Linear power supplies hold the largest market share in the year 2022. The large market share of this segment is due to the linear power supplies simple design and stable DC output voltage that is proportional to the input voltage. Furthermore, they are often used in applications where noise levels are critical, such as in medical devices that require low noise and interference levels.
However, the switching power supplies segment is expected to witness the fastest CAGR over the forecast period. This is attributed to the usage of these supplies in medical applications that require high efficiency, high power density, and a compact design, such as in portable medical equipment, battery-powered medical devices, and medical implants. Switching power supplies are also commonly used in applications that require a wide input voltage range and a regulated output voltage, such as in diagnostic and imaging equipment.
By Type
The type segment of the medical power supply market is divided into enclosed type, open frame type, on board type, external adaptor, and others. The enclosed type segment holds the largest market share in the year 2022. This is attributed to their common usage in medical equipment that requires a higher level of protection, such as patient monitoring systems, diagnostic equipment, and imaging systems, as they protect from moisture and dust.
However, the external adaptor segment is expected to witness the fastest CAGR over the forecast period. These are standalone power supplies that are connected to a medical device via a cable or connector. The fastest growth of this segment is due to their typical usage in medical equipment that requires a flexible power source, such as mobile carts, portable devices, and battery-powered equipment.
By Application
The application segment is classified into surgical, dental, ophthalmic, ultrasound, ventilator, and others. The surgical segment holds the largest market share in the year 2022. This is due to the increase in demand for minimally invasive surgeries and the rise in the number of surgical procedures performed worldwide. This has led to a higher demand for efficient, reliable, and high-performance power supplies that support a range of surgical equipment such as electrosurgical generators, cautery devices, and surgical lights.
However, the ventilator segment is anticipated to witness the fastest CAGR growth over the forecast period. This is due to the increasing prevalence of respiratory diseases, the impact of the COVID-19 pandemic on the healthcare industry, and the growing elderly population. This has led to a higher demand for ventilators and related equipment, which require reliable and efficient power supplies. As a result, there is a growing need for advanced power supply solutions that meet the specific requirements of ventilators and related equipment.
By Region
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share in the year 2022. This is due to the high adoption of advanced medical devices in the healthcare sector and the growing need to improve the quality of healthcare services. The region is witnessing significant developments in healthcare, leading to increased laboratory capabilities in multiple public institutions. For instance, the US Army Medical Research Institute of Infectious Diseases (USAMRIID), located at Fort Detrick in Frederick, Maryland, is currently undergoing final commissioning and is expected to open for occupancy in 2021. This 835,000-square-foot facility will serve as the lead facility for the US Biological Defense Research Program, highlighting North Americas leadership in the medical power supplies market.
However, Asia-Pacific is expected to witness the fastest CAGR over the forecast period. This is attributed to the growing medical tourism industry in countries such as India and Thailand is also boosting the demand for advanced healthcare facilities, which require reliable power supply equipment. Moreover, several governments in the region are focusing on improving their healthcare infrastructure and providing access to affordable healthcare, which is further driving the demand for medical power supplies.
Medical Power Supply Market Competitive Landscape:
The market is highly competitive, with a large number of players operating at the global and regional levels. The players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
• Delta Electronics, Inc.
• Mean Well Enterprises Co. Ltd
• TDK-Lambda Corporation (TDK)
• Advanced Energy Industries, Inc.
• Spellman High Voltage Electronics Corporation
• CUI Inc.
• XP Power
• Powerbox International AB
• SL Power Electronics Corp
• Bel Fuse Inc.
Recent Developments:
• In December 2020, CUI Inc. has expanded its range of certified medical power supplies by introducing two new series of external power supplies, each with a power output of 120 watts. These new series are 35% smaller than non-medical power supplies, making them lighter and more manageable for powering various medical and dental devices. The SDM120-U and SDM120-UD models come with C14 and C8 inlets respectively, and both meet the current average efficiency and no-load power specifications set out by the US Department of Energy and the European Unions Ecodesign and CoC Tier 2 directives for external power supplies.
• In April 2020, XP Power has launched its latest UCH600 series of AC-DC power supplies, which provides up to 600W of power and do not require any additional cooling. These power supplies are highly compact and operate efficiently under various conditions, making them suitable for both medical and industrial applications in the electronics sector.
Medical Power Supply Market size was valued at USD 1.56 Billion in 2022, registering a CAGR growth of 7.4% during the forecast period (2023-2030), and the market is projected to be valued at USD 2.76 Billion by 2030.
Medical power supplies are essential components in a wide range of medical devices and equipment. They are designed to meet specific requirements for reliability, performance, and safety, as well as compliance with medical standards and regulations. Medical power supplies provide consistent, clean, and stable power to medical devices, even in the presence of noise and interference from other equipment. They are highly efficient, compact, and reliable, as they are often used in critical and life-saving applications.
Medical power supplies come in various forms, including external and internal models. External medical power supplies are designed to be used with a wide range of medical devices, such as portable diagnostic equipment, home healthcare devices, and patient monitors. Internal medical power supplies are built into medical devices, such as MRI machines, X-ray machines, and ultrasound devices.
The unprecedented demand for critical medical supplies such as ventilators in response to the COVID-19 pandemic has led to the ramping up of production facilities. This has created a demand for products from local power supply vendors as import-export activities were restricted due to the COVID-19 situation, thereby driving the growth of the medical power supply market.
Medical Power Supply Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 2.76 Billion |
| CAGR (2023-2030) | 7.4 % |
| Base Year | 2022 |
| By Converter Type | AC/DC Converter and DC/DC Converter |
| By Power Supplies | Linear Power Supplies and Switching Power Supplies |
| By Type | Enclosed Type, Open Frame Type, On Board Type, External Adaptor, and Others |
| By Application | Surgical, Dental, Ophthalmic, Ultrasound, Ventilator, and Others |
| By Geography | |
| Key Players | BASF SE, Sika AG, DOW Inc., W.R.Grace & Co., Chryso SAS, RPM International Inc., Mapei S.P.A., Evonik Industries AG, Fosroc International Limited, CICO Technologies Limited |
Market Dynamics:
Driver:
The increasing demand for medical devices due to the growing aging population and the rising prevalence of chronic diseases is driving the market for medical power supplies. The demand for medical power supplies is growing alongside the demand for portable diagnostic equipment, surgical equipment, and patient monitoring devices. As a result, the need for highly efficient, reliable, and quality medical power supplies is on high demand.
For instance, according to Population Reference Bureau, the number of Americans ages 65 and older is projected to nearly double by 2060, and the demand for medical devices and equipment, including those that require reliable and efficient medical power supplies, is expected to increase. Additionally, as the older population becomes more racially and ethnically diverse, there may be a need for medical power supplies that accommodate different cultural and language needs.
Furthermore, the increasing demand for wireless and wearable medical devices, as well as remote patient monitoring systems, is driving the need for highly efficient, reliable, and compact medical power supplies. This presents a significant opportunity for medical power supply manufacturers to innovate and develop advanced solutions to meet the evolving needs of the healthcare industry. Moreover, by staying ahead of the curve in terms of technological advancements, medical power supply manufacturers gain a competitive advantage and position themselves for long-term growth in the medical power supply market.
Restraint:
There are two significant restraints to the medical power supply market. Firstly, the development and manufacturing costs of medical power supplies are relatively high due to the specialized design, testing, and compliance requirements. These factors make it difficult for smaller players or those with limited resources to enter the market. Secondly, some of the raw materials used in medical power supply products, such as rare earth metals which are scarce is leading to supply chain disruptions and increased costs. Therefore, the above-mentioned factor impact the growth of the market, limit competition, and make it difficult for manufacturers to develop innovative and cost-effective products.
Opportunities:
To invest, there are numerous potential opportunities for businesses operating in the medical power supply market. One such opportunity is the increasing focus on sustainability and reducing carbon footprint, which creates demand for medical power supplies that use renewable energy sources such as solar, wind, or hydropower. This not only helps healthcare facilities reduce their reliance on traditional power sources but also lowers their energy costs, making such solutions highly attractive.
Another opportunity lies in the transformational impact of the Internet of Things (IoT) and connected healthcare. Manufacturers are likely to develop smart and connected medical power supplies that leverage IoT technologies to monitor and report on energy usage, diagnose issues remotely and provide alerts when maintenance is required. This would enhance the reliability and efficiency of medical power supplies while reducing the need for manual intervention, thereby creating ample opportunities for the market over the forecast period.
Market Segmentation:
By Converter Type
The converter type segment is categorized into AC/DC converter and DC/DC converter. The AC/DC converter holds the largest market share in the year 2022. This is attributed to the usage of AC/DC converters in applications where a high level of efficiency and reliability is required, such as in critical care equipment. These converters are commonly used in medical applications where a high level of isolation is required between the input and output, such as in medical imaging equipment, patient monitoring systems, and surgical instruments.
However, the DC/DC converter segment is anticipated to witness the fastest CAGR over the forecast period. This is owing to the usage of DC/DC converters in applications where a high level of efficiency and low power dissipation is required, such as in diagnostic and imaging equipment.
By Power Supplies
Based on power supplies the medical power supply market is bifurcated into linear power supplies and switching power supplies. Linear power supplies hold the largest market share in the year 2022. The large market share of this segment is due to the linear power supplies simple design and stable DC output voltage that is proportional to the input voltage. Furthermore, they are often used in applications where noise levels are critical, such as in medical devices that require low noise and interference levels.
However, the switching power supplies segment is expected to witness the fastest CAGR over the forecast period. This is attributed to the usage of these supplies in medical applications that require high efficiency, high power density, and a compact design, such as in portable medical equipment, battery-powered medical devices, and medical implants. Switching power supplies are also commonly used in applications that require a wide input voltage range and a regulated output voltage, such as in diagnostic and imaging equipment.
By Type
The type segment of the medical power supply market is divided into enclosed type, open frame type, on board type, external adaptor, and others. The enclosed type segment holds the largest market share in the year 2022. This is attributed to their common usage in medical equipment that requires a higher level of protection, such as patient monitoring systems, diagnostic equipment, and imaging systems, as they protect from moisture and dust.
However, the external adaptor segment is expected to witness the fastest CAGR over the forecast period. These are standalone power supplies that are connected to a medical device via a cable or connector. The fastest growth of this segment is due to their typical usage in medical equipment that requires a flexible power source, such as mobile carts, portable devices, and battery-powered equipment.
By Application
The application segment is classified into surgical, dental, ophthalmic, ultrasound, ventilator, and others. The surgical segment holds the largest market share in the year 2022. This is due to the increase in demand for minimally invasive surgeries and the rise in the number of surgical procedures performed worldwide. This has led to a higher demand for efficient, reliable, and high-performance power supplies that support a range of surgical equipment such as electrosurgical generators, cautery devices, and surgical lights.
However, the ventilator segment is anticipated to witness the fastest CAGR growth over the forecast period. This is due to the increasing prevalence of respiratory diseases, the impact of the COVID-19 pandemic on the healthcare industry, and the growing elderly population. This has led to a higher demand for ventilators and related equipment, which require reliable and efficient power supplies. As a result, there is a growing need for advanced power supply solutions that meet the specific requirements of ventilators and related equipment.
By Region
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share in the year 2022. This is due to the high adoption of advanced medical devices in the healthcare sector and the growing need to improve the quality of healthcare services. The region is witnessing significant developments in healthcare, leading to increased laboratory capabilities in multiple public institutions. For instance, the US Army Medical Research Institute of Infectious Diseases (USAMRIID), located at Fort Detrick in Frederick, Maryland, is currently undergoing final commissioning and is expected to open for occupancy in 2021. This 835,000-square-foot facility will serve as the lead facility for the US Biological Defense Research Program, highlighting North Americas leadership in the medical power supplies market.
However, Asia-Pacific is expected to witness the fastest CAGR over the forecast period. This is attributed to the growing medical tourism industry in countries such as India and Thailand is also boosting the demand for advanced healthcare facilities, which require reliable power supply equipment. Moreover, several governments in the region are focusing on improving their healthcare infrastructure and providing access to affordable healthcare, which is further driving the demand for medical power supplies.
Medical Power Supply Market Competitive Landscape:
The market is highly competitive, with a large number of players operating at the global and regional levels. The players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
• Delta Electronics, Inc.
• Mean Well Enterprises Co. Ltd
• TDK-Lambda Corporation (TDK)
• Advanced Energy Industries, Inc.
• Spellman High Voltage Electronics Corporation
• CUI Inc.
• XP Power
• Powerbox International AB
• SL Power Electronics Corp
• Bel Fuse Inc.
Recent Developments:
• In December 2020, CUI Inc. has expanded its range of certified medical power supplies by introducing two new series of external power supplies, each with a power output of 120 watts. These new series are 35% smaller than non-medical power supplies, making them lighter and more manageable for powering various medical and dental devices. The SDM120-U and SDM120-UD models come with C14 and C8 inlets respectively, and both meet the current average efficiency and no-load power specifications set out by the US Department of Energy and the European Unions Ecodesign and CoC Tier 2 directives for external power supplies.
• In April 2020, XP Power has launched its latest UCH600 series of AC-DC power supplies, which provides up to 600W of power and do not require any additional cooling. These power supplies are highly compact and operate efficiently under various conditions, making them suitable for both medical and industrial applications in the electronics sector.
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| Multi user | : $5460 |
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