For instance, electromagnetic interference (EMI) generates significant distortion to operation of equipment. Since medical equipment is more sensitive to EMI than industrial equipment, it is crucial to have compliance with efficient performance.
The global medical power supply devices market was valued US$ 1408.5 Mn in 2019 and expected to grow at a CAGR of 4.55 during the forecasted period 2019-27.
Market Dynamics- Drivers
Increasing geriatric population worldwide is expected to drive growth of the global medical power supply devices market during the forecast period
Rising geriatric population across the globe is increasing the demand for biotechnology, pharmaceutical, and medical device products. Since the geriatric population requires more assistance and medical care, the demand for a wide range of medical devices ranging from simple disposable supplies to patient-treatment and monitoring instruments are expected to increase significantly. According to the World Health Organization (WHO), the global geriatric population is expected to account for around 22% of global population by 2050. According to the same source, in Europe, the number of people aged 85 years and above is expected to increase from 14 million to 19 million by 2020, and increase to 40 million by 2050. Furthermore, power supply device manufacturers are focused on introducing non-invasive, responsive, and user-friendly medical devices particularly focused on geriatric population. Hence, these factors are expected to boost the market growth in the near future.
Growing expenditure on healthcare and healthcare facilities is expected to propel the global medical power supply devices market growth over the forecast period
Private as well as public expenditure on healthcare has increased significantly in the recent past. This is owing to increasing population and prevalence of various diseases. Furthermore, rapidly changing lifestyle is driving the demand for advanced healthcare solutions, thereby accelerating the demand for medical power supplies globally. According to the World Bank, public and private health expenditure collectively in the U.S. accounted for 17% and 17.2% of the overall GDP of the country in 2012 and 2013 respectively; whereas, in Germany, it accounted for 11.3% of the country’s GDP in 2013. Increased expenditure on healthcare has led to high adoption of wireless technologies, implantable medical devices, and high preference for alternative healthcare institutions. Thus, rise in healthcare expenditure is expected to propel the global medical power supply devices market growth over the forecast period. APAC region dominated the global medical power supply devices market in 2019, accounting for 40.3% share in terms of value, followed by Europe, North America, Latin America, and Middle East & Africa respectively.
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Market Dynamics- Restraints
Rising emergence of multi-functional equipment is expected to restrain growth of the global medical power supply devices market over the forecast period
Sudden emergence of multi-functional medical equipment has hindered the demand for application-specific equipment, thereby hampering sales of medical power supply devices. Many manufacturers are actively offering medical devices with multiple functions and features. For instance, Chinese manufacturers offer multifunctional ‘Anesthesia’ machine with in-built ventilator systems. Moreover, companies such as DRE Medical, Inc. offer hospital-grade patient monitors for applications such as ECG monitoring and Capnography.
Frequent product recalls is expected to hamper the global medical power supply devices market growth during the forecast period
Product failures and constantly changing regulatory policies and certifications of medical devices have led to increase in product recalls. As a result of this, original equipment manufacturers (OEMs) are facing increased inventory, operational, and logistics costs, thereby leading to significant revenue losses. For instance, in March 2016, the U.S. Food and Drug Administration (FDA) recalled Drägerwerk AG & Co.’s ventilators between June 1, 2011, and December 1, 2015. The product was recalled due to power supplies causing a ventilator to shut down unexpectedly, which could potentially lead to patient injury or death.
Increasing shift towards wireless medical devices can present lucrative growth opportunities for market players
Wireless medical device manufacturers require flexibility in terms of terms EMC (Electromagnetic compatibility) and EMI (electromagnetic interference) for power supplies, in order to cater to the demand from end users. Furthermore, power supply devices manufacturers are focused on developing compact-sized and energy-efficient medical power supplies for wireless test and measurement equipment for medical applications. High demand for wireless medical devices is expected to boost expenditure by OEMs for designing and manufacturing medical power supply devices with specific equipment requirements.
Strategic partnerships between public and private sector can provide significant business opportunities
The government of Indian and China are collaborating with OEMs of healthcare equipment and service providers in the U.S., in order to expand manufacturing facilities and increase access to treatments in these countries. Allowing Foreign Direct Investment (FDI) in these countries is expected to create major growth opportunities for medical device manufacturers. For instance, in January 2014, Medtronic Plc., a medical devices manufacturer, partnered with the Chinese municipal government of Chengdu, China. Under this partnership, the company invested in its existing medical device manufacturing facility. Moreover, in August 2014, Medtronic Plc. announced plans to establish a factory for portable hemodialysis equipment in China.
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