Global medical power supply market is projected to witness a CAGR of 6.10% during the forecast period 2024-2031F, growing from USD 1.51 billion in 2023 to USD 2.42 billion in 2031F. The market growth is aided by the rapid expansion of the healthcare sector, increasing prevalence of chronic conditions, growing popularity of home healthcare, rising investments towards novel product launches, and increasing requirements for diagnostic imaging systems.
The rising investments by various companies towards the development of new products are one of the major global medical power supply market trends. In January 2022, Traco Power launched its new miniaturized AC/ DC power supplies that offer high efficiency for industrial and medical applications. Their TPI 180 series is for industrial and medical applications, whereas their TPP 180 series is for medical applications. The performance characteristics and small footprint of these power supplies make them suitable for a wide range of requirements of the medical sector.
Additionally, the rapid expansion of the healthcare sector is also providing lucrative growth opportunities to the market. This growth is supported by the rising emphasis on enhancing patient outcomes, increasing healthcare accessibility, and growing investments towards the upgradation of healthcare infrastructure and equipment. Furthermore, the rising requirement for surgical procedures for the treatment and management of various conditions is another major factor bolstering the market demand. As per the estimates of researchers from St Thomas West Hospital and the University of Tennessee, approximately 1,50,000 patients undergo lower extremity amputation in the United States every year. The increase in the number of such procedures is propelling the demand for various surgical equipment and boosting the requirement for power supplies, thus augmenting the growth of the market.
Growing Utilization of Home Medical Equipment Boosts Market Demand
The increase in the number of chronic diseases and disorders that have lifelong effects and require continuous monitoring and treatment is propelling the requirement for home medical equipment in various regions across the globe. The growing popularity of these products can also be attributed to their ability to reduce patients’ dependency on diagnostic and pathological facilities for small requirements. These devices also allow patients to self-monitor their vitals and contact healthcare professionals if their condition deteriorates. With the expansion of the geriatric population and increased life expectancy, the requirement for home medical equipment is further expected to rise in the coming years, augmenting the demand for various supplies essential for powering these equipment.
Additionally, the growing awareness of home healthcare’s various advantages is boosting the popularity of remote patient monitoring devices. According to a Harvard Health Letter article published in 2022, approximately 50 million people in the United States use remote patient monitoring devices. Thus, the supply requirement for powering these devices is increased.
New Product Launches Support Medical Power Supply Market Growth
The rising investments by the leading market players in developing and introducing new products are expected to provide lucrative growth opportunities for the market. These investments also support the manufacture of advanced solutions that offer several benefits. In November 2023, Advanced Energy Industries launched their configurable 4kW high-density power supply with four times higher power density than conventional supplies. The first member of the company’s next-generation NeoPower family of industrial and medical power supplies is NP08. It has flexible communication capabilities and optional dongles, supporting common digital communication protocols without requiring design modification or changes. The NP08 qualifies for all standards, including the SEMI F47 and medical BF safety ratings. The increasing efforts of the market players towards developing novel products are also expected to boost the availability of compact and advanced medical power supplies that provide low leakage current and high efficiency, positively influencing the market’s growth in the coming years.
North America Holds a Significant Share of the Market
The growth of the market in the region is supported by the rising adoption of technologically advanced solutions and systems by the healthcare sector. The strong presence of several key market players and the increasing burden of chronic conditions in North America further support the market’s expansion. According to the estimates of the United Spinal Association, approximately 17,700 Americans acquire a spinal cord injury every year. The increasing prevalence of such injuries and chronic diseases bolstered the requirement for patient monitoring equipment and diagnostic imaging systems, propelling the market demand. Additionally, the augmenting requirement for precise treatment and diagnosis is increasing the demand for many sophisticated medical devices, further boosting the demand for medical power supplies.
Diagnostic Imaging Systems Account for Significant Share in the Medical Power Supply Market
Diagnostic imaging systems are essential for establishing timely and accurate diagnoses and improving patient outcomes by determining the best treatment course. Due to the increasing prevalence of various chronic conditions, the requirement for different diagnostic imaging systems is rising. According to the estimates of the American Cancer Society, approximately 25,400 malignant tumors of the spinal cord or brain were diagnosed in the United States in 2023. Diagnostic imaging solutions such as MRIs, CT scanners, and X-Rays aid in assessing the stage of cancer and detecting tumors. Additionally, due to this increase, several healthcare institutions and government agencies are actively investing in different diagnostic imaging systems and bolstering the market demand as power supply technologies and products play a crucial role in diagnostic and imaging systems.
These products power equipment, ensuring that the patients receive accurate diagnoses and aiding healthcare professionals in noting their progress and the treatment’s different effects. Furthermore, the growth of the geriatric population in various regions across the globe is also supporting the segment’s expansion as this population is more prone to diseases and injuries and requires frequent diagnostic imaging systems. According to the World Health Organization (WHO) estimates, one in six individuals across the globe will be 60 or older by 2030.
Future Market Scenario (2024-2031F)
As per the global medical power supply market analysis, the market is expected to grow significantly in the coming years. The increasing preference for portable and compact medical devices and equipment is expected to bolster the requirement for power supplies that are small in size. The rising requirement for healthcare equipment by various institutions such as hospitals, clinics, and home healthcare settings due to the rise in the number of patients suffering from different chronic conditions is further expected to propel the demand for medical power supplies. The rising prevalence of chronic diseases such as cancer is bolstering the requirement for diagnostic imaging systems such as CT scanners, which in turn is increasing the demand for medical power supplies. According to the estimates of the National Cancer Institute, the number of new cases of cancer per year is expected to increase to 29.9 million by 2040.
Report Scope
“Medical Power Supply Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global medical power supply market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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