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Surge In Healthcare Expenditure Fuels Growth In The Medical Power Supply Market: Strategic Insights Driving Medical Power Supply Market Momentum in 2025
Medical Power Supply Market
How Large Will the Medical Power Supply Market Size By 2025?
In recent times, there has been a notable increase in the size of the medical power supply market. The market, which is expected to expand from $1.91 billion in 2024 to $2.08 billion in 2025, is set to experience a compound annual growth rate (CAGR) of 8.7%. Factors such as an aging population, regulatory compliance, patient-centric care, global health readiness, and electrical safety all contribute to the growth recorded in the previous years.
How Big Is the Medical Power Supply Market Size Expected to Grow by 2029?
The size of the medical power supply market is projected to experience swift expansion in the coming years, reaching a value of $3.1 billion in 2029 with a CAGR of 10.6%. Factors contributing to this growth in the predicted period involve the integration of renewable energy, robust power infrastructure, device miniaturization, remote healthcare options, and telehealth services. The major trends forecasted for this period include the advancement in battery technologies, the use of artificial intelligence for power management, the incorporation of smart grids, personalized power solutions, and innovative electronic medical devices.
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Which Key Market Drivers Powering Medical Power Supply Market Expansion and Growth?
The rising healthcare costs are predicted to fuel the advancement of the medical power supply market. Health expenditure includes all spending for health services, family planning activities, nutrition-related initiatives, and aid directed at health emergencies. Medical devices, which are critical for preventative care, diagnosis, treatment, and rehabilitation of diseases and illnesses in a secure and efficient manner, rely on such funding. For example, as per the 2021-2030 National Health Expenditure (NHE) report released by the Centers for Medicare & Medicaid Services, an American federal agency, in March 2022, it's projected that average health spending will grow by 5.1% annually from 2021 to 2030, resulting in a total close to $6.8 trillion. Further, between 2021 and 2030, it's forecasted that Medicare spending will climb at an annual rate of 7.2%, while Medicaid spending will increase at an annual rate of 5.6%. As a result, this upward trend in healthcare expenditure is propelling the growth of the medical power supply market.
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Which Fast-Growing Trends Are Poised to Disrupt the Medical Power Supply Market?
The rise in technology is a major trend gaining momentum in the medical power supply market. Leading companies in this market are directing their efforts towards creating innovative technological solutions to reinforce their standing. An example of this is Connect America LLC, a company based in the US and a key player in the medical power supply industry. In May 2022, they unveiled Connect America Home, a novel, AI-powered digital health and safety platform. This unique solution offers personal emergency response services (PERS) and remote patient monitoring (RPM). It ensures steady monitoring thus aiding elderly and vulnerable groups with both emergency and regular assistance.
What Are the Emerging Segments in 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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Who Are the Global Leaders in the Medical Power Supply Market?
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
Which are the Top Profitable Regional Markets for the Medical Power Supply Industry?
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.
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