NEW YORK, Feb. 23, 2023 /PRNewswire/ -- In 2022, the medical power supply market had a total size of USD 1,432.2 million, which will hit USD 2,394.5 million by 2030, progressing at a 6.6% CAGR from 2022 to 2030, as per P&S Intelligence.
This development can be attributed to the rapid commercialization of enhanced medical devices and the affordability and accessibility of power supplies.
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Home-Use Healthcare Devices Are Highly Demanded
Because of the increasing elderly populace, the installation of home-use healthcare devices is growing. This will drive the demand for affordable power supply systems for these devices and offer players numerous opportunities for growth.
New Product Launches Will Drive the Industry
In the past few years, key players have engaged in frequent product launches. Additionally, such players have improved the growth opportunities for themselves through alliances and partnerships. For example:
- In June 2022, XP Power launched a small medical desktop energy supply. Fit for hospitals and homecare settings, this system occupies less space, as it does not have a cooling fan.
- In April 2022, Wall Industries Inc. added PSSW225, PSSW450, PSSW120, PSSW350, and PSSW550 to its PSSW open-frame AC/DC power supply product line.
Enclosed Power Supply Systems Are Preferred
On the basis of type, the enclosed category led the market, with a share of approximately 40%, and it is projected to continue on this path in the future.
This can be credited to the wide availability of enhanced, compact, enclosed power sources that suffer low current leakage and offer a better efficiency, which contribute to less power usage.
North America Is Largest Buyer of Power Supplies for Medical Devices
North America dominated the market in 2022, with a revenue share of above 40%. This can majorly be attributed to the shift of the healthcare sector of the region from volume to value while providing healthcare.
Furthermore, the need for shorter hospital stays, better-quality care, and the evasion of new ailments is boosting the sale of enhanced medical devices.
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Furthermore, the Canadian Standards Association (CSA) and the American National Standards Institute (ANSI) have implemented specifications that all medical power supply systems must meet.
APAC To Offer Lucrative Prospects to Market Players
Product sales revenue is expected to grow by 8% over this decade in the APAC region. This is ascribed to the government initiatives to enhance their healthcare infrastructure and booming trend of home-based care, especially since the pandemic and due to the growing geriatric population.
Segments Analyzed in the Report
Medical Power Supply Market Analysis Based on Technology
- AC–DC
- DC–DC
Medical Power Supply Market Analysis Based on Type
- Enclosed
- Open-Frame
- External
- Configurable
- U Bracket
- Encapsulated
Medical Power Supply Market Analysis Based on Application
- Diagnostic Equipment
- Monitoring Equipment
- Homecare Equipment
- Dental Equipment
- Surgical Equipment
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