Press release
Strong Growth Ahead: Medical Power Supply Market Size To Grow At Arecord 10.6% Cagr By 2029
Medical Power Supply
How Big Is the Medical Power Supply Market Size Expected to Be by 2034?
There has been a significant increase in the size of the medical power supply market in the past few years. This market, which was valued at $1.91 billion in 2024, is projected to rise to $2.08 billion in 2025, showcasing a compound annual growth rate (CAGR) of 8.7%. The factors contributing to this growth during the historic period include the aging population, regulatory compliance, a focus on patient-centric care, worldwide health readiness and electrical safety.
The market size for medical power supply is projected to experience brisk growth in the coming years, anticipated to reach $3.1 billion by 2029, with a compound annual growth rate (CAGR) of 10.6%. Factors contributing to this growth over the forecast period include the integration of renewable energy, robust power infrastructure, device miniaturization, distance healthcare solutions, and telehealth services. Key market trends within this same period encompass advancement in battery technologies, artificial intelligence-enhanced power management, smart grid assimilation, tailored power solutions, and groundbreaking developments in electromedical devices.
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What Are the Emerging Segments Within the Medical Power Supply Market?
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 Center, Clinics, Long Term Care Centers, Diagnostic Centers, Rehabilitation Centers, Home Care Setting
Subsegments:
1) By Open Frame Power Supply: Single Output Open Frame Power Supply, Multi-Output Open Frame Power Supply
2) By Enclosed Power Supply: Desktop Enclosed Power Supply, Rack-Mount Enclosed Power Supply
3) By Adapter Power Supply: Wall-Mounted Adapter Power Supply, Desktop Adapter Power Supply
4) By Converters: AC-DC Converters, DC-DC Converters, Isolated Converters
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What Long-Term Drivers Are Shaping Medical Power Supply Market Trends?
The escalation in healthcare expenses is predicted to stimulate the growth of the medical power supply market. This includes all expenses related to health services, family planning initiatives, nutrition programs, and health-related emergency assistance. Medical devices play a crucial role in supporting healthcare professionals in the diagnostic and treatment process. They are instrumental in safely and effectively preventing, diagnosing, treating, and rehabilitating diseases and illnesses. For example, the 2021-2030 National Health Expenditure (NHE) report, released by the US-based federal agency, the Centers for Medicare & Medicaid Services, in March 2022, suggests a projected growth which implies that the average national health spending is set to rise by 5.1% each year from 2021 to 2030, achieving a total of nearly $6.8 trillion. It's also projected that Medicare spending will surge at an annual rate of 7.2% from 2021 to 2030, while Medicaid spending will increase at an annual rate of 5.6%. Hence, the accelerating expenditure on healthcare is fueling the expansion of the medical power supply market.
Who Are the Top Competitors in Key Medical Power Supply Market Segments?
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, 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
What Medical Power Supply Market Trends Are Gaining Traction Across Different Segments?
Advancements in technology are becoming increasingly influential in the medical power supply market, which is a primary trend of note. Dominant corporations within this market are working towards the creation of innovative technology-based solutions to bolster their standing. For instance, in May 2022, a US company named Connect America LLC that operates within this market, introduced Connect America Home. This avant-garde, AI-integrated digital health and safety platform is unparalleled in terms of its provision of personal emergency response services (PERS) and remote patient monitoring (RPM). It offers constant monitoring aimed at furnishing both emergency and non-emergency assistance for the elderly and vulnerable groups.
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Which Regions Are Becoming Hubs for Medical Power Supply Market Innovation?
North America was the largest region in the medical power supply market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical power supply market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Medical Power Supply Market?
2. What is the CAGR expected in the Medical Power Supply Market?
3. What Are the Key Innovations Transforming the Medical Power Supply Industry?
4. Which Region Is Leading the Medical Power Supply Market?
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