Medical Power Supply Market is Expected to Reach $1.9 billion | MarketsandMarkets.

Chicago, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Medical Power Supply market in terms of revenue was estimated to be worth $1.5 billion in 2022 and is poised to reach $1.9 billion by 2027, growing at a CAGR of 6.5% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The growth of the medical power supply market is majorly driven by growing product development and commercialization, increasing affordability, and the use of home healthcare devices. Portable/integrated instrument adoption and recent advancements in product design and 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 the 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.

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Medical Power Supply Market Scope:

Report Coverage	Details
Market Revenue in 2022	$1.5 billion
Estimated Value by 2027	$1.9 billion
Growth Rate	Poised to grow at a CAGR of 6.5%
Market Size Available for	2020–2027
Forecast Period	2022–2027
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Converter Type, Application, Architecture, Manufacturing Type, and Region
Geographies Covered	North America, Europe, Asia Pacific, Latin America, and Middle East and Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Emerging high-voltage DC power sources
Key Market Driver	Growing adoption of home-use healthcare products

Based on the converter type, the medical power supply market is segmented into AC-DC and DC-DC power supplies, with each segment covering various power ranges. The AC-DC power supply segment accounted for the largest share of the market in 2021. The large share of this segment can be attributed to the increasing focus of market players on launching modular AC-DC power supplies and the large installed base of patient monitoring equipment dependent on AC-DC supplies.

Based on architecture, the medical power supply market is segmented into enclosed, open-frame, external, U-bracket, encapsulated, and configurable power supplies. The enclosed power supply segment accounted for the largest share of the market in 2021. The growing preference for enclosed medical power supply products, owing to greater safety against electric shock, is expected to drive the growth of this market segment in the coming years.

Based on application, the medical power supply market is segmented into patient monitoring equipment, diagnostic imaging systems, implantable medical devices, home use and wearable medical equipment, surgical equipment, dental equipment, and other medical devices. The patient monitoring equipment segment accounted for the largest share of the medical power supply market, by application, in 2021. This can be attributed to several factors, such as the high demand for monitoring equipment due to growing hospitalization and the increasing need for healthcare accessibility.

The medical power supply market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Geographically, North America accounted for the largest share of the medical power supply market in 2021. The growing availability of products, product development efforts, and the strong presence of key market players have ensured its large share.

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Medical Power Supply market major players covered in the report, such as:

• Advanced Energy Industries, Inc (US)
• TDK Corporation (Japan)
• Delta Electronics, Inc. (Taiwan)
• SL Power Electronics (US)
• XP Power (Singapore)
• Bel Fuse Inc. (US)
• COSEL Co. Ltd. (Japan)
• FRIWO Gerätebau GmbH (Germany)
• SynQor, Inc. (US)
• GlobTek, Inc. (US)
• MEAN WELL Enterprises Co. Ltd. (Taiwan)
• Spellman High Voltage Electronics Corporation (US)
• Astrodyne TDI (US)
• and Among Others

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This report has segmented the global Medical Power Supply market based on converter type, application, architecture, manufacturing type, and region.

Global Medical Power Supply Market, by Converter Type

• AC-DC Power Supply
  • 200W and less
  • 201-500W
  • 501-1,000W
  • 1,001-3,000W
  • 3,001W and above
• DC-DC Power Supply
  • 30W and less
  • 31-60W
  • 61W and above

Global Medical Power Supply Market, by Application

• Diagnostic Imaging Systems
  • MRI Systems
  • X-ray Systems
  • CT Scanners
  • Ultrasound Systems
  • Mammography Systems
  • PET Systems
  • Other Diagnostic Imaging Systems
• Patient Monitoring Equipment
  • ECG Monitors
  • EEG Monitors
  • MEG Monitors
  • Multiparameter Monitors
  • Other Patient Monitoring Equipment
• Surgical Equipment
  • RF-based Ablation Systems
  • Electric & Electroporation Ablation Systems
  • Light & Laser-based Ablation Systems
  • Aesthetic Laser Systems
  • Ophthalmology Laser Devices
  • Other Surgical Equipment
• Dental Equipment
• Home Use & Wearable Equipment
• Implantable Medical Devices
• Other Applications

Global Medical Power Supply Market, by Architecture

• Enclosed Power Supply
• Open Frame Power Supply
• External Power Supply
• U-Bracket Power Supply
• Encapsulated Power Supply
• Configurable Power supply

Global Medical Power Supply Market, by Manufacturing Type

• Standard Power Supply
• Customized Power Supply
• CF Rating Power Supply

Medical power supply Market, by region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa

Recent Developments:

• In July 2022, Advanced Energy Industries expanded its SL Power SLB series with the launch of a 300 W power supply.
• In July 2022, Wall Industries, Inc. introduced four DC/DC converters (DCSMU1, DCSMU2, DCMHP06, and DCMHPL20) ranging from 1 to 20 watts and two AC/DC power supplies (PSAMPS45 and PSAMPS65) at 45 and 65 watts
• In June 2022, XP Power launched compact medical desktop power supplies. This AQM AC/DC power supply is a space-saving fan-less solution for home healthcare and hospital applications
• In April 2022, Wall Industries, Inc. introduced five new variants to expand its PSSW family of open frame AC/DC supplies. The models include PSSW120, PSSW225, PSSW350, PSSW450, and PSSW550
• In April 2022, Advanced Energy Industries acquired SL Power Electronics Corporation, a provider of customized power solutions for medical and advanced industrial applications, from Steel Partners Holdings L.P. The acquisition expanded Advanced Energy’s medical power solution offerings through the addition of a complementary portfolio of products and its ability to meet the growing needs of industrial and medical customers

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Report Objectives:

• To define, describe, and forecast the Medical Power Supply market on the basis of converter type, application, architecture, manufacturing type, and region
• To provide detailed information regarding the major factors influencing the growth potential of the global Medical Power Supply market (drivers, restraints, opportunities, challenges, and trends)
• To analyze the micromarkets with respect to individual growth trends, future prospects, and contributions to the global Medical Power Supply market
• To analyze key growth opportunities in the global Medical Power Supply market for key stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of market segments and/or subsegments with respect to five major regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and the RoE), Asia Pacific (Japan, China, India, and the RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and the Middle East & Africa
• To profile the key players in the global Medical Power Supply market and comprehensively analyze their market shares and core competencies
• To track and analyze the competitive developments undertaken in the global Medical Power Supply market, such as product launches; agreements; expansions; and mergers & acquisitions

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