Press release
Medical Power Supply Market Report 2024: Strategies And Recent Developments | Koninklijke Philips N.V., Connect America LLC, ADT Security Services, Bay Alarm Medical Inc
Medical Power Supply Market Characteristics
The Business Research Company offers in-depth market insights through Medical Power Supply Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The medical power supply market size has grown strongly in recent years. It will grow from $1.77 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to aging population, regulatory compliance, patient-centric care, global health preparedness, electrical safety, .
The medical power supply market size is expected to see rapid growth in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to renewable energy integration, resilient power infrastructure, miniaturization of devices, remote healthcare solutions, telehealth services. Major trends in the forecast period include battery technologies advancements, artificial intelligence (ai)-enhanced power management, smart grid integration, customized power solutions, innovations in electromedical devices.
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Market Segmentation:
The main types of medical power supplies are open-frame power supplies, enclosed power supplies, adapter power supplies, and converters. An enclosed power supply takes the open frame format and encloses it in a frame or box. This enclosure is often metal (but can also be another material, such as plastic), and is either solid or perforated. The converter types are AC-DC power supply and DC-DC power supply. The various end-users involved hospitals, ambulatory surgical centers, clinics, long-term care centers, diagnostic centers, rehabilitation centers, and home care settings.
Major Driver - Surge In Healthcare Expenditure Fuels Growth In The Medical Power Supply Market
Increasing expenditure on healthcare is expected to propel the growth of the medical power supply market going forward. All expenditures for the provision of health services, family planning activities, nutrition activities, and health-related emergency aid are included in health expenditure. Medical devices provide healthcare professionals with unparalleled support in the medical diagnosis and treatment process. They are essential for preventing, diagnosing, treating, and rehabilitating illnesses and diseases in a safe and effective way. For instance, in May 2023, according to a report published by the Office for National Statistics, a UK-based government department, between 2020 and 2021, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms. Therefore, the increasing expenditure on healthcare is driving the growth of the medical power supply market.
Competitive Landscape:
Major companies operating in the medical power supply market include Koninklijke Philips N.V., Connect America LLC, ADT Security Services, Bay Alarm Medical Inc., VRI Inc., Life Alert Emergency Response Inc, Medical Guardian LLP, Nortek Security and Control LLC, Rescue Alert, AlertONE Service Inc., GreatCall Inc., Ascom Wireless Solutions, LogicMark LLC, Tunstall Healthcare, LifeStation Inc., Mean Well Enterprises Co. Ltd, Delta Electronics Inc., Advanced Energy Industries Inc., Astrodyne TDI Holdings, Bel Fuse Inc., Fuhua Electronic, Shenzhen Megmeet Electric, XP Power, CUI Inc., Powerbox International AB, Spellman High Voltage Electronics Corporation, Wall Industries Inc., SynQor Inc., Artesyn Embedded Technologies, Excelsys Technologies Ltd., FRIWO Gerätebau GmbH, Inventus Power, Protek Power N.A. Inc., P-Duke Power Co. Ltd., EOS Power India Pvt. Ltd., GlobTek Europe Ltd., Power Partners Inc., SL Montevideo Technology Inc., TDK Corporation, Traco Electronic AG
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Top Trend - Technological Advancements In The Medical Power Supply Market
Technological advancement is a key trend gaining popularity in the medical power supply market. Major companies operating in the medical power supply market are focused on developing new technological solutions to strengthen their position. For instance, in May 2022, Connect America LLC, a US-based company operating in medical power supply, launched Connect America Home, the next-generation, AI-enabled digital health and safety platform, which is a first-of-its-kind solution providing personal emergency response services (PERS) and remote patient monitoring (RPM). This platform provides continuous monitoring to help ageing and vulnerable populations with emergency and non-emergency support.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Medical Power Supply Market Characteristics
3. Medical Power Supply Market Trends And Strategies
4. Medical Power Supply Market - Macro Economic Scenario
5. Medical Power Supply Market Size And Growth
…..
27. Medical Power Supply Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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