According to the new market research report "Medical Power Supply Market by Converter Type (AC-DC, DC-DC), Application (MRI, ECG, EEG, PET, CT Scan, Ultrasound, X-ray, MEG, Mammography, Ablation, Dental), Construction (Enclosed, External, Encapsulated), Type (Standard) - Global Forecast to 2025", published by MarketsandMarkets™, the global market is projected to reach USD 1.8 billion by 2025 from USD 1.3 billion in 2020, at a CAGR of 6.9% during the forecast period.
Browse and in-depth TOC on "Medical Power Supply Market"
181 - Tables
28 - Figures
274 - Pages
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Opportunity: Increasing accessibility by major product manufacturers
Many market players have begun to offer products on their websites or third parties, thus greatly expanding product accessibility. By increasing visibility and reach, companies can boost revenue significantly. E-commerce websites already have a well-established presence in many countries, and this also helps the company expand reach to regions otherwise not penetrated or accessible.
Challenge: Technical limitations of power supply
Conventional power supply assemblies are associated with several technical limitations: limited power optimization, substantial functional noise, device overheating, and low detection quality of target biomolecules. Therefore, there is a constant customer need for novel power supply assemblies, and a long-term gap between development and commercialization of the same is expected to restrain the growth of the global market. However, this may be mitigated through industry-academia collaborations and industry-customer partnerships to develop novel components as per changing user needs.
By converter type, the AC-DC power supply segment dominated the global medical power supply market
Based on the converter type, the medical power supply market is segmented into AC-DC power supply, and DC-DC power supply. AC-DC power supply products include 200W and less, 201-500W, 501-1000W, 1,000-3,000W and 3000W and above. The 200W and less segment dominated the medical power supply market in 2019. Rising incidences of home healthcare devices, new product launches, coupled with the rising adoption of portable medical devices models, is expected to fuels the growth of this segment during the forecast period.
By application, the diagnostic imaging systems segment dominated the global medical power supply market
Based on the application, the medical power supply market is segmented into diagnostic imaging systems, patient monitoring equipment, home use and wearable medical equipment, implantable medical devices, dental equipment, surgical equipment, and other medical devices. The diagnostic imaging systems segment accounted for a larger share of in the market in 2019. The need for continuous functioning has driven the use of uninterrupted power supply solutions in diagnostic imaging equipment. The increasing installation base for diagnostic imaging devices, growing number of imaging procedures, are factors expected to drive the growth of this market segment in the coming years.
By architecture, the enclosed power supply segment accounted for the largest share of the medical power supply market in 2019
Based on architecture, the medical power supply market has been segmented into the enclosed, open frame, external, U-bracket, configurable, and encapsulated power supply. Among these, the enclosed power supply segment accounted for the largest share of the market in 2019. The large share of this segment is attributed to technological advancements which have resulted in compact enclosed power supplies that offer higher efficiency and low leakage current, which have driven their use.
By manufacturing type, the Standard power supply segment accounted for the largest share of the medical power supply market in 2019
Based on manufacturing type, the medical power supply market has been segmented into the standard, customized, and CF Rating power supplies. Among these, the standard power supply segment accounted for the largest share of the market in 2019. however, the customized power supplies segment is expected to register the highest CAGR, mainly due to the growing demand for and adoption of novel home-use and miniaturized devices that require specifically tooled power supplies.
North America is expected to command the largest share of the medical power supply market in 2019
The report covers the medical power supply market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the medical power supply market in 2019. Market growth is mainly attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers, and the growing medical equipment production. As per the US Medical Technology Industry Associations (MTIA), US medical device companies are highly regarded globally for their innovative and technologically advanced products. R&D spending continues to represent a high percentage of medical device industry expenditures, averaging 7% of revenue in 2017
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Key Market Players
The major players in the medical power supply market are Advanced Energy Industries (US), Delta Electronics (Taiwan), TDK-Lambda Corporation (Japan), SL Power Electronics (US), XP Power (Singapore), Spellman High Voltage Electronics Corporation (US), COSEL (Japan), FRIWO Gerätebau (Germany), Bel Fuse (US), MEAN WELL Enterprises (Taiwan), GlobTek (US), Wall Industries (US), SynQor(US), Inventus Power (US), and Astrodyne TDI (US) among others.
Advanced Energy Industries (US): Advanced Energy Industries was the leading player in the medical power supply market in 2019. Its leading position can be attributed to its well-diversified and robust product portfolio. As part of its growth strategy, the company focuses on product launches to increase its share in the medical power supply market. For instance, in December 2020, Advanced Energy launched Excelsys CoolX3000 modular, a configurable power platform for a wide range of medical and industrial applications. The company also engages in inorganic strategies like acquisitions to enhance its position in this market. In January 2021, it acquired Versatile Power (US) to add programmable power supplies to its portfolio.