Medical Power Supply Market Analysis And Forecast To 2031: 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) And Region
The global medical power supply market was valued at USD 1.2 billion in 2021 and it is anticipated to grow up to USD 2.4 billion by 2031, 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.
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 2021. 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 2019. 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 2021. 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
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.
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