Medical Power Supply Devices Market is Estimated to Witness High Growth Owing to Rising Healthcare Expenditure and Growing Medical Devices Industry
The global medical power supply devices market is estimated to be valued at US$ 1,784.6 Mn in 2024, exhibiting a CAGR of 4% over the forecast period (2024-2031). Rising healthcare expenditure across major countries and growing demand for advanced medical devices are some key factors fueling the market growth. Furthermore, increasing investments by market players for the development of innovative and compact medical power supply solutions will further drive the market growth in the coming years.
Market Dynamics:
The global medical power supply devices market is mainly driven by two major factors:
Rising Healthcare Expenditure: Growing healthcare expenditure by governments around the world to enhance healthcare infrastructure and facilitate better access to healthcare is contributing significantly to the growth of the overall medical power supply devices market . This increased focus on healthcare is creating considerable demand for various medical equipment and devices including medical power supply units.
Growing Medical Devices Industry: Continuous technological advancements in the medical devices area has led to the introduction of numerous sophisticated and digitalized healthcare equipment that require stable and reliable power sources. The blossoming medical power supply devices market therefore translates into increased need for high-performance medical power supply devices. This acts as a key growth driver for the global medical power supply devices market.
Growing demand for home healthcare equipment is driving the market growth
The demand for home healthcare equipment has been rising significantly over the past few years. As medical costs continue to increase tremendously, patients are opting for home healthcare services and equipment to avoid steep hospital bills. This growing preference for home healthcare is driving the demand for various medical devices that require power supplies, such as home dialysis machines, continuous positive airway pressure (CPAP) machines, nebulizers, sleeping apnea monitors, etc. Medical power supply devices ensure a constant and regulated power supply for these home healthcare devices. With the aging population, the demand for home healthcare services is projected to rise further in the coming years, thereby propelling the growth of the medical power supply devices market.
Increased healthcare spending and expansion of healthcare infrastructure is boosting market growth
Many countries around the world are investing heavily in improving and expanding their healthcare infrastructure. Governments are increasing their healthcare budgets to provide better medical facilities. This rising healthcare expenditure is enabling hospitals and clinics to procure advanced medical equipment in large numbers. Since almost all medical devices require power supplies, the increased procurement of medical technology is elevating the demand for medical power supply devices. Additionally, growing investments in private hospitals and clinics are also augmenting the adoption of sophisticated medical equipment powered by medical power supply units. Thus, increased healthcare spending supported by infrastructure developments is acting as a key growth driver for the global medical power supply devices market.
High R&D costs and stringent regulatory norms are restricting market growth
Developing technologically advanced medical power supply devices requires substantial investments in R&D activities. It demands extensive research to design devices that can deliver reliable, constant, and well-regulated power output conforming to stringent medical standards. The high costs associated with R&D activities make medical power supply devices highly expensive. Additionally, medical devices are subject to complex regulatory approvals and quality certifications that prolong the time-to-market and increase compliance costs. Any changes or upgrades in power supply designs also require re-certification. These stringent regulations restrict quick product innovation and add compliance burdens, negatively impacting the development process and market expansion efforts of medical power supply device manufacturers.
Growing geriatric population opens up new opportunities
The global population aged 60 and above is steadily growing. As per the UN, the geriatric population is estimated to reach 2 billion by 2050. The growing elderly demographic will undoubtedly increase the burden of chronic diseases, thereby driving the demand for various medical devices used for disease diagnosis and treatment. Since virtually all medical equipment need regulated power supplies, the growing geriatric population presents lucrative opportunities for medical power supply device manufacturers. Catering medical solutions that address the needs of elderly patients suffering from a variety of health issues can open diverse application areas. Additionally, introducing portable/wearable medical devices integrated with efficient power supply units will open new opportunity avenues.
Advancements in battery technology will create new growth opportunities
Rapid advancements in battery technology are making medical devices more portable with longer battery lives. Miniaturized power sources like lithium-ion batteries with high energy density and quick charging abilities will help develop portable medical devices with self-contained power supplies. This will open up opportunities to commercialize wearable healthcare monitors and self-testing medical kits. Furthermore, advanced battery chemistries that enable fast charging can support medical equipment needing frequent battery swapping. Technology improvements like printed batteries and flexible power sources will also create scope to develop novel integrated designs of medical devices with miniature embedded power supplies. Such innovative battery-powered solutions will revolutionize portable healthcare and create a paradigm shift towards preventive medicine practices.
Link: https://www.coherentmarketinsights.com/market-insight/medical-power-supply-devices-market-3678
Key Developments:
- In April 2022, Advanced Energy, a global leader in precision power conversion, measurement, and control solutions, announced its acquisition of SL Power, a prominent supplier of power conversion solutions for medical and advanced industrial applications. This acquisition is intended to enhance Advanced Energy's medical power solution offerings by integrating a complementary product portfolio, thereby improving its capacity to address the increasing demands of industrial and medical customers.
In December 2020, Advanced Energy Industries, a global leader in precision power conversion, measurement, and control solutions, launched the Excelsys CoolX®3000, a modular and configurable power supply system. The CoolX3000 features up to 24 isolated, user-configurable outputs with individual output controls, streamlining system integration for leading OEMs and offering exceptional flexibility and scalability.
Key Players:
Advanced Energy Industries, Inc., Astrodyne TDI, Cosel Co., Ltd., Delta Electronics, Inc., Emerson Electric Co., Excelsys Technologies Ltd., Friwo Gerätebau GmbH, Globtek Inc., Inventus Power, Meanwell Enterprises Co., Ltd., Powerbox International AB, Protek Power, Recom Power GmbH, Synqor Inc., and TDK-Lambda Corporation
