Global Medical Power Supply Market - Segmented by Type, Application, Technology, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global medical power supply market is expected to register a CAGR of 6.5% during the forecast period (2018 - 2023). North America is anticipated to dominate the market during the forecast period owing to technological advancement in the development of innovative devices and growing demand for home-based and wireless devices in the region.
Rise in the Number of Healthcare Facilities
Healthcare facilities are booming across the globe owing to the technological innovation in healthcare sectors and the growing geriatric population, which is likely to change the face of the healthcare industry. Healthcare technologies are evolving in all possible aspects, ranging from patient registration to data monitoring, and from lab tests to self-care devices. The geriatric population is further increasing at high pace globally. Currently, about two-thirds of the world’s geriatric population live in developing countries. This has prompted the need for an increase in the healthcare setups over the world. Further, governments are taking initiative in setting up new advanced healthcare facilities in developing countries to cater the need of growing population. The rise in the number of healthcare facilities will increase the demand for medical power supply which will drive the medical power supply market. Additionally, technological advancement in healthcare equipment, increasing incidences of chronic diseases and the rising demand for portable as well as home-based devices is driving the growth of the medical power supply market.
High Risk and Cost of the Medical Supply Devices
In a High Voltage DC system, electric power is taken from a three-phase AC network system which is converted to a DC network system in a converter station. First, it is transmitted to the receiving end by a DC cable or a DC overhead line, and then inverted back to AC in another converter station and transferred to the receiving end AC network system. The converters required at both the ends of the line are much more expensive than conventional equipment. Converter substations are more complex than High Voltage AC substations, not only in terms of additional converting equipment but also in terms of more complicated control and regulating systems. Moreover, while turning off a load connected to DC, the arcing at the switch due to wire inductance and load inductance becomes problematic. There is also a high risk of fire because of series and parallel arc faults, as corrosion of building components can also occur due to the DC leakage. This forces DC switches and safety equipment to be more robust, thereby increasing the equipment cost. Additionally, strict government regulations and guidelines are further restricting the growth of the market.
North America is the Largest Market
North America is the largest market for global medical power supply. The high growth is attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers in the region. In terms of growth, Asia-Pacific is the fastest growing region. The factors such as huge population base, rising incidence of chronic disease, and rising healthcare facilities are expected to drive the market growth of medical power supply in the APAC region
Key Developments in the Market