Medical Power Supply Market Will Reach USD 2,394.5 Million By 2030, Says P&S Intelligence

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.

Browse detailed report on Medical Power Supply Market Size, Growth, Development and Demand Forecast to 2030

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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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence