Medical Power Supply Devices Market is Expected to be Valued at US$ 1,613.9 Mn by 2022

According to the latest market report published by Persistence Market Research, titled “Global Market Study on Medical Power Supply Devices: Rising Demand for Portable and Homecare Devices Is Expected To Drive Growth of Market during the Forecast Period 2016 - 2022,” the medical power supply devices market is estimated to be valued at US$ 1,263.3 Mn by the end of 2016 and is anticipated to expand at a CAGR of 4.5% from 2016 to 2022, to account for US$ 1,613.9 Mn by 2022.

Power supplies are electronic or electrical equipment, which changes the form of a source of power into the desired form compatible with equipment for which the power supply is used. Medical power supply devices are used in a wide range of medical applications such as MRI, X-ray, CT and PET scanners, patient monitors, blood analyzers, DNA equipment, dental equipment, and robotic surgical devices. Specification and selection of power supplies for medical applications is a task that needs to be executed effectively; especially, due to the frequent changes in the safety and environmental standards for medical equipment. Electromagnetic Interference (EMI) creates significant distortion to the operation of equipment. Medical equipment is more sensitive to Electromagnetic Interference (EMI) as compared to industrial equipment. This, in turn, makes EMC (Electromagnetic Compatibility) with efficient performance a key challenge for OEMs of medical power supply devices.

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The global medical power supply devices market has been estimated to be valued at US$ 1,188.7 Mn by 2015 end, and is expected to expand at a CAGR of 4.5% from 2016 to 2022. The global medical power supply devices market is segmented on the basis of product type, function, end user, and region. By product type, the market is segmented as standard medical power supply and configurable medical power supply. Standard medical power supply segment is analyzed to dominate the market by 2015 end, accounting for more than 64% market share in terms of revenue.

Power supply devices, also known as ‘electric power converters,’ are electronic devices that convert one form of electrical energy into another and supply electrical energy to an electric load. Medical power supply devices are used in a wide range of medical applications such as MRI, X-ray, CT and PET scanners, patient monitors, blood analyzers, DNA equipment, dental equipment, and robotic surgical devices. The increase in healthcare expenditure in emerging economies is expected to create new growth opportunities for medical equipment manufacturers, which in turn are expected to augment the growth of the market for medical power supply devices in the near future. Also, wireless medical device manufacturers demand flexibility in terms EMC (Electromagnetic compatibility) and EMI requirements for power supplies in order to cater to the increasing demand from healthcare institutions. Power supply manufacturers are currently focusing on developing compact-sized and energy-efficient medical power supplies for wireless test and measurement equipment for medical applications. Increasing demand for wireless medical devices/equipment is anticipated to result in increased spending by manufacturers on designing and manufacturing medical power supply, which meets specific equipment requirements. Moreover, with the increasing number of players in this industry, existing players are leveraging their technical expertise to introduce newer application-specific products in order to establish their footprint in the highly competitive environment.

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Currently, the global medical power supply devices market is primarily driven by the proliferation of diagnostic equipment and systems. Rising incidences of chronic diseases among patients, especially in the developed regions, is promoting the adoption of Type CF (Cardiac Floating) equipment, wherein the applied part is in direct conductive contact with the patient’s heart. However, factors such as pricing pressure, product recall, and the foray of multi-functional equipment are expected to constrain the growth of the market over the forecast period.

On the basis of the end user, the medical power supply devices market is segmented into hospitals, ambulatory surgical centers, clinics, long-term care centers, rehabilitation centers, diagnostic centers, and home care settings. The hospitals segment is expected to account for 75.7% share of the global medical power supply during the forecast period (2016–2022). The home care settings segment is expected to expand at the highest growth rate, followed by the diagnostic centers segment, during the forecast period. The long-term care centers segment has been estimated to account for 11.8% share of the market by 2015 end (in terms of value) and is expected to expand at a CAGR 4.3% during the forecast period.

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