Medical Power Supply Market Analysis:
Medical Power Supply Market is projected to grow from USD 1.5 billion in 2022 to USD 1.9 billion by 2027, at a CAGR of 6.5% from 2022 to 2027, according to a new report by MarketsandMarkets™. A medical power supply is used to provide power to medical equipment and devices. They are designed to meet safety and reliability standards and also provide protection against power surges and overloads. Medical power supplies are also designed to provide clean power with low noise levels and minimal distortion.
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The increasing demand for medical devices and equipment for diagnosis, monitoring, and other procedures is driving the demand for medical power supplies. Hospitals, medical laboratories, and research centers are some of the major end-users of medical power supplies. The growing demand for portable medical power supplies is also expected to drive the growth of the medical power supply market.
The medical power supply market is expected to witness significant growth in the coming years, driven by the increasing demand for reliable and safe power supply in the medical industry. Rapid technological advancements, growing demand for medical devices, and increasing demand for portable medical power supplies are some of the major growth drivers for the medical power supply market.
Market Segmentation:
The MnM report provides an inclusive segmental analysis of the global Medical Power Supply market based on application and type.
The AC-DC converter type segment is expected to dominate the market and will account for the largest share in the medical power supply market during the forecast period. AC-DC converters are used in medical imaging and treatment equipment, such as CT scanners, MRI, ECG, and ultrasound machines. This segment is driven by the growing demand for medical imaging and treatment equipment, rise in the number of hospitals and diagnostic centers, and growing prevalence of chronic diseases.
The MRI segment is expected to witness the highest growth rate during the forecast period. This growth is attributed to the rising demand for MRI systems due to its advanced technology and increasing applications in medical imaging and diagnostics. Moreover, the increasing prevalence of chronic diseases and growing geriatric population are expected to fuel the demand for MRI systems and thereby, the medical power supplies.
Enclosed medical power supply manufacturing type segment is expected to hold the largest share in the medical power supply market during the forecast period. The enclosed medical power supply manufacturing type segment is driven by the rising demand for high-efficiency and reliable power solutions. This segment is also driven by the increasing demand for medical imaging and treatment equipment, such as CT scanners, MRI, ECG, and ultrasound machines.
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Regional Analysis:
The global Medical Power Supply market can be divided into four major regions, namely North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America dominates the global market, followed by Europe. The large share of the North American market can be attributed to the presence of a large number of medical device manufacturers in the region, the wide availability of advanced medical power supplies, and the presence of well-established healthcare infrastructure.
In Asia Pacific, the market is expected to witness significant growth due to the growing demand for medical power supplies in countries such as India, China, and Japan. India and China are expected to be the major contributors to the market growth, due to the presence of large patient population and increasing government support for the healthcare sector in the region.
The Rest of the World is expected to witness a moderate growth rate due to the presence of a few countries with good healthcare infrastructure and the availability of advanced medical power supplies. Moreover, the increasing adoption of medical power supplies in Latin America and the Middle East is likely to drive the market growth in the region.
Key Market Players:
Advanced Energy Industries, Inc (US), TDK Corporation (Japan), Delta Electronics, Inc. (Taiwan), SL Power Electronics (US), XP Power (Singapore), Bel Fuse Inc. (US), COSEL Co. Ltd. (Japan), FRIWO Gerätebau GmbH (Germany), SynQor, Inc. (US), GlobTek, Inc. (US), MEAN WELL Enterprises Co. Ltd. (Taiwan), Spellman High Voltage Electronics Corporation (US), and Astrodyne TDI (US)
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