Medical Power Supply Market Growing Demand and Huge Future Opportunities by 2030

 Theglobal medical power supply market size was valued at USD 1,086.7 million in 2021. It is estimated to reach USD 1,798.4 million by 2030, registering a CAGR of 6.5% from 2022 to 2030. Medical power supplies produce conditioned outputs for the medical devices, instruments, and equipment. They are built to satisfy stringent safety standards, which cover medical and dental equipment intended for professional use. Medical power supplies also typically require longer design cycles than commercial devices, and designers often require more design support from the power supply vendor. They tend to have a longer life expectancy, meaning they typically need to be supported by the vendor for many years.

Power supplies are categorized by the mechanism used to convert and transfer the input power to the output power. The categories comprise Linear power supplies and Switching power supplies for medical power supplies. The miniaturization of medical electronics is becoming increasingly popular around the world. This trend applies to all electronic equipment, but the pressure to reduce size and weight is greatest in the medical field. This is creating pressure on the power supply manufacturers primarily to reduce the size of their products.

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Global Medical Power Supply Market Definition

A power supply is an electrical device that supplies electric power to an electrical load. Safety is one of the primary factors distinguishing medical-grade power supplies from commercial models. Medical equipment primarily requires longer design cycles than other types of equipment and more support from the power supply vendor.

Global Medical Power Supply Market Covid-19 Impact

With the recent outbreak of the COVID-19 pandemic worldwide, there is a significant surge in demand for medical power requirements, especially for ventilators, nucleic acid detectors, mask machines, and other temperature measurement equipment. Life support medical equipment such as patient monitors and ventilators have witnessed the largest spike in demand. Moreover, In April 2020, MEAN WELL announced that it had decided to build up a special production line for the medical power supplies. However, the original production capacity of the company is allocated to the factory in Taiwan and Guangzhou. The company also stated that currently, medical power supplies are its priority.

The outbreak of the COVID-19 pandemic has also resulted in new policies on a global scale that require the usage of certified healthcare systems. For instance, on February 4, 2020, the Secretary of the Department of Health and Human Services (HHS) determined that according to Section 564 of the Federal Food, Drug, and Cosmetic (FD&C) Act, there is a significant potential for public health emergency that has a significant potential to affect the national security or health and security of the US citizens that are living abroad.

Global Medical Power Supply Market Dynamics

Drivers: Technological Advancements in Healthcare Equipment

The growing demand for accurate automated and robot-assisted surgeries, with rising requirements for surgical procedures in the geriatric population and mounting cases of trauma injuries, are the major factors in driving and managing the growth of this market.

Recent advances in MRI technology make images and scans more detailed, giving doctors better insights into the cause of a patient's problem. The developments in artificial intelligence may soon make these devices more accurate. When one applies the pattern-finding power of AI to MRIs, it results in clearer and easier-to-read images. Such advancements are expected to hold a significant demand for power supplies over the forecast period.

Restraints: Stringent Regulatory Compliance and Safety Standards

Implementing and getting approval for a medical application line-powered supply that implements the relevant IEC 60601-1 requirement and limits is very difficult. Traditional supply parameters such as line and load regulation, voltage and current output, efficiency, and stability over time and temperature must all be met by the basic supply. It must also adhere to several complex and stringent regulatory requirements.

When selecting a power supply, one needs to be careful to check that it conforms to the needs in terms of MOPP (means of patient protection) or MOOP (means of operator protection). A 1 x MOOP power supply is less demanding in terms of isolation distances and working isolation voltages, so it will probably be cheaper to build. When operators come in contact with the equipment, 2x MOOP is sufficient.

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Global Medical Power Supply Market Research Report Segmentation

The study categorizes the medical power supply market based on technology, type, application, and manufacturing type at the regional and global levels.

By Technology Outlook (Sales, USD Million, 2017-2030)

• AC to DC Power Supply
  • 200W and less
  • 201-500W
  • 501-1,000W
  • 1,001-3,000W
  • 3,001W and above
• DC to DC Power Supply
  • 30W and less
  • 31-60W
  • 61W and above

By Type Outlook (Sales, USD Million, 2017-2030)

• Open Frame Power Supply
• Enclosed Power Supply
• Adapter Power Supply
• Converters

By Manufacturing Type Outlook (Sales, USD Million, 2017-2030)

• Standard Power Supply
• Customized Power Supply
• CF Rating Power Supply

By Application Outlook (Sales, USD Million, 2017-2030)

• Diagnostic, Imaging, and Monitoring Equipment
  • MRI
  • X-Ray System
  • CT Scanner
  • Ultrasound System
  • Mammography System
  • Positron Emission Tomography (PET)
  • Other Diagnostic System
• Surgical Equipment
  • Radiofrequency-Based Ablation System
  • Electric and Electroporation Abaltion System
  • Light and Laser-Based Ablation System
  • Aesthetic Laser System
  • Opthalmology Laser Devices
  • Other Surgical  Equipments
• Home Medical Equipment
  • PAP Devices
  • Infusion Pumps
  • Ventricular Assist Devices
  • Pulse Oximeters
  • Portable Nebulizers
  • Portable Suction Device
  • Others
• Other Applications

By Region Outlook (Sales, USD Million, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The AC to DC Power Supply segment accounted for the largest market share

Based on technology, the global medical power supply market is divided into AC to DC power supply and DC to DC power supply. In 2021, the AC to DC power supply accounted for the largest market share of 75.1% in the global medical power supply market. Medical devices must incorporate at least one means of protection to ensure that both the operator and the patient using medical devices are safe. This equipment must be held to very high standards of safety and reliability due to the high-risk nature of the applications. The AC-DC medical Power Supply is used in medical equipment, such as MRI systems, CT scanners, X-ray monitors, and ECG monitors, owing to the benefits of low energy consumption, low risk of current leakage, and greater efficiency.

The growing adoption of portable medical devices models, rising incidences of home healthcare devices, new product launches are driving the demand for high-quality medical power supply devices. Furthermore, within the AC/DC category, there are linear and switching power supplies.

Asia Pacific accounts for the highest CAGR

Based on the regions, the global medical power supply market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 7.7% in the global market fo medical power supply during the forecast period. The Asia-Pacific region is a prime location for manufacturing and sourcing medical products for major medical device manufacturers. The understanding that medical devices add value to hospitals, patients, and payers fuels the demand for medical devices in Asia-Pacific. Another aspect that boosts the market's growth is the increased adoption of routine healthcare check-ups and technological advancements in medical devices.

Furthermore, the demand for minimally invasive treatments and government support for medical device development and research and development in developing highly advanced medical devices has increased exponentially in recent years. It is expected to continue to do so over the forecasted period. However, the dearth of advanced medical facilities in the region's low and middle-income countries is a major stumbling block to the market's expansion.

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Key Market Players

The medical power supply market is mildly concentrated in nature with few numbers of global players operating in the market, such as Delta Electronics Inc., CUI Inc. (Bel Fuse Inc.), Advanced Energy Industries Inc., Globtek Inc., Mean Well Enterprises Co. Ltd, Powerbox International AB, SL Power Electronics Corp., Spellman High Voltage Electronics Corporation, TDK-Lambda Corporation, and XP Power. Every company follows its own business strategy to attain the maximum market share.