Medical Power Supply Market To Surge At CAGR 7.0% By 2031

Global Medical Power Supply Market report from Global Insight Services is the single authoritative source of intelligence on Medical Power Supply Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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The global medical power supply market was valued at USD 1.2 billion in 2021 and it is anticipated to grow up to USD 2.4 billion by 2031, at a CAGR of 7.0% during the forecast period.

Medical power supply is a small device that supplies power in form of electricity to medical devices. The primary function of a power supply is to convert one form of electrical energy to another. These medical power supply devices must be specially designed to meet the IEC60601 medical equipment safety standard. These standalone devices can be used in an extensive range of medical applications. At times, they are integrated into larger devices/equipment.

Market Trends and Drivers

Increased market penetration of portable and integrated medical devices will propel the market growth during the forecast period. Portable/integrated instrument adoption and recent advancements in product design & 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 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. For instance, in November 2019, Schwarzer Cardiotek GmbH (Germany) was awarded an R&D grant by the Zentrale Innovations programm Mittelstand (ZIM). Schwarzer Cardiotek intends to integrate its electrophysiology recording platform EP-TRACER with Livetec's ablation system, LiveCath. Similarly, in 2018, Cambridge Medical Robotics (UK) raised USD 100 million to prepare its Versius system (a portable robot for laparoscopic applications) for planned commercialization.

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Global Medical Power Supply Market Segmentation

By Technology

AC to DC Power Supply
DC to DC Power Supply

By Type

Open Frame Power Supply
Enclosed Power Supply
Adapter Power Supply
Converters

By Application

Diagnostic, Imaging, and Monitoring Equipment
Surgical Equipment
Home Medical Equipment
Others
Major Players in the Global Medical Power Supply Market

The key 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 (Japaan), FRIWO Gerätebau (Germany), Bel Fuse (US), and MEAN WELL Enterprises (Taiwan), among others.

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COVID-19 Impact

As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to sell and implement the medical power supply diminished as hospitals became primarily focused on the COVID-19 pandemic. The pandemic has led to a significant increase in the demand for patient monitoring devices. The closure of manufacturing facilities due to lockdowns and disrupted supply chains slightly impacted the growth of the market at the regional level in 2020. Established vendors such as Astrodyne TDI supported the increased demand and mitigated key shortages of medical-grade power supplies used in ventilators, LVADs, circulatory devices, surgical suites, and oxygen concentrators. The company provided technical support and sampling within 48 hours of the request.

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