Press release
Medical Power Supply Market: Empowering Healthcare - Market Trends 2024
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.
Market Overview -
Medical power supplies refer to power sources that create conditioned outputs for instruments, equipment, and medical devices such as dental devices, ophthalmic procedures, ultrasound devices, and surgical procedures inside operating rooms. They are constructed in accordance with the IEC601(EN60601) and UL60601 safety standards, which apply to professional-use electrical, medical, and dental equipment.
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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
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.
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Key Segments -
The medical power supply market covered in this report is segmented -
1) By Type: Open Frame Power Supply, Enclosed Power Supply, Adapter Power Supply, Converters
2) By Converter Type: AC-DC Power Supply, DC-DC Power Supply
3) By End-User: Hospitals, Ambulatory Surgical Cente, Clinics, Long Term Care Centres, Diagnostic Centers, Rehabilitation Centers, Home Care Setting
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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