Medical Power Supply Market Foreseen to Grow Exponentially by 2026
Power supplies are electrical equipment, which modify the form of a source of power into a sought after form to certify compatibility with equipment being used. These devices are used in a wide range of medical applications such as blood analyzers, X-ray, MRI, patient monitors, robotic surgical devices & dental equipment, and CT & PET scanners. Generally, power supply devices can be standalone or discrete. In certain cases, these are integrated into larger equipment and devices as per requirements. However, selection of power supplies and specification for precise medical applications by health care institutions are the key tasks that need to be performed efficiently. Some of the barriers to perform these are regular changes in environmental standards and safety regulations for medical equipment.
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Increase in global geriatric population drives demand for medical device and biotechnology products. Elder persons require more primary medical care and support. This has led to rise in demand for disposable supplies, medical devices, and other monitoring and patient treatment devices. Rapid increase in geriatric population is a major concern across the globe. For instance, the geriatric population in Europe is anticipated to increase from 14.2 million to 19.3 million by 2020, and is estimated to reach 40.5 million by 2050. Additionally, the World Health Organization’s 2016 report findings suggest that the geriatric population is estimated to account for approximately 22% of the global population.
The global medical power supply market is projected to grow at a rapid pace in the next few years. Increase in prevalence of chronic diseases and conditions such as stroke, arthritis, cancers, obesity, and heart diseases drives the market. Rapid adoption of diagnostic systems, display devices, and equipment in diagnostic centers and hospitals is another major factor propelling the market. Additionally, increase in demand for effective power supply for dialysis equipment and ECG (electrocardiogram) augments the global medical power supply market. However, rise in cost of devices and lack of reimbursement policies in developing countries are expected to hamper the growth of the global medical power supply market.
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The global medical power supply market can be segmented into type of current, construction, and application. In terms of type of current, the market can be bifurcated into DC-DC power supply and AC-DC power supply. Based on construction, the global medical power supply market can be classified into U-bracket power supplies, encapsulated power supplies, configurable power supplies, open frame power supplies, enclosed power supplies, and external power supplies. In terms of application, the market can be divided into home medical equipment, dental equipment, surgical equipment, and diagnostic & monitoring equipment.
Geographically, the global medical power supply market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific and North America are projected to dominate the market during the forecast period. North America’s dominance of the market is attributed to favorable reimbursement scenario, acceptance of new advanced techniques, and technologically advanced health care system. Growth of the market in Asia Pacific is likely to be driven by emerging economies such as India, China, Singapore, Taiwan, and South Korea. Presence of key players, rise in investments in R&D by large pharma players, collaborations of medical power supply companies with research institutes are factors driving the global medical power supply market.
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Major players in the global medical power supply market are ICCNexergy, Mean Well Enterprises Co. Ltd., SL Power Electronics, Astrodyne Corporation, Wall Industries, Inc., TDK Lambda, XP Power, FRIWO Geratebau GmbH, Delta Electronics, Inc., Excelsys Technology, Emerson Network Power, Powerbox, CUI, Inc., Glob Tek, Inc., and SynQor, Inc.