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Emerging Trends to Reshape the Medical Power Supply Market: Technological Advancements In The Medical Power Supply Market as a Key Influencer
Medical Power Supply Market
Medical Power Supply Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, the medical power supply market has seen significant expansion. It's anticipated to escalate from a market size of $1.91 billion in 2024 to $2.04 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. This historical growth pattern can be linked to factors such as an aging population, regulatory adherence, patient-focused care, global healthcare readiness, and electrical safety.
Medical Power Supply Market Size Forecast: What's the Projected Valuation by 2029?
The medical power supply sector's market capacity is predicted to expand significantly in the upcoming years. The market is forecasted to escalate to $2.99 billion in 2029, with a compound annual growth rate (CAGR) of 10.0%. The growth during the forecasted period is ascribed to factors such as integration of renewable energy sources, miniaturization of apparatuses, secure power infrastructure, solutions for remote healthcare, and telehealth services. Key trends expected in this period include the progression of battery technologies, power management boosted by artificial intelligence (AI), integration with the smart grid, customized power resolutions, and advancements in electromedical devices.
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What Are the Drivers Transforming the Medical Power Supply Market?
The rise in healthcare spending is poised to boost the expansion of the medical power supply market. Health expenditure encapsulates all spendings on health services, including family planning, nutrition initiatives, and emergency health-related aid. Medical tools offer healthcare practitioners unrivaled assistance during the process of medical diagnosis and therapy, playing a crucial role in preventing, detecting, treating, and recuperating from diseases and illnesses effectively and safely. For example, a report released by the Centers for Medicare & Medicaid Services in March 2022 demonstrates that the overall health expenditure is predicted to surge by 5.1% each year on average from 2021 to 2030, culminating to nearly $6.8 trillion according to the 2021-2030 National Health Expenditure (NHE) projections. The expectation is that Medicare expenses will grow annually by 7.2%, and Medicaid expenditures will increase at a rate of 5.6% each year from 2021 to 2030. The escalating healthcare spending is thus influencing the growth of the medical power supply market.
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What Are the Key Trends Driving Medical Power Supply Market Growth?
The proliferation of technology is a leading trend gaining traction in the medical power supply market. Major players in this market are strategizing on creating new, innovative technological solutions to bolster their market position. Take for instance Connect America LLC, a company based in the U.S which operates in the medical power supply market. In May 2022, they announced the introduction of Connect America Home, an unprecedented, AI-backed digital health and safety platform. This one-of-a-kind solution offers personal emergency response services (PERS) and remote patient monitoring (RPM), and enables continuous monitoring assisting elderly and vulnerable individuals with both emergency and non-emergency support.
Which Segments in the Medical Power Supply Market Offer the Most Profit Potential?
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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Which Firms Dominate the Medical Power Supply Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential in the Medical Power Supply Market?
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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