Global Medical Power Supply Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The global medical power supply market is expected to register a CAGR of 6.5% during the forecast period (2021 - 2026). Certain factors that are driving the growth of the market are technological advancements in healthcare equipment, a rise in the number of healthcare facilities, increasing incidences of chronic diseases, and growing demand for portable and home-based devices.

• Healthcare facilities are thriving across the world, owing to technological innovations in the healthcare sector and a growing geriatric population. Healthcare technologies are evolving in all possible aspects, ranging from patient registration to data monitoring and from lab tests to self-care devices.
• Furthermore, the geriatric population is growing at a rapid pace globally. Currently, about two-thirds of the world’s geriatric population lives in developing countries. This has prompted the need for an increase in healthcare setups all over the world.
• Moreover, governments are taking initiatives to set up new and advanced healthcare facilities in developing countries to cater to the requirements of the growing population. The rise in the number of healthcare facilities may increase the demand for medical power supply, which is expected to drive the medical power supply market. Additionally, technological advancements in healthcare equipment, increasing incidences of chronic diseases, and the rising demand for portable and home-based devices are driving the growth of the medical power supply market.
• COVID-19 has put the Medtech industry at center stage with unparalleled demand for diagnostic tests, personal protective equipment (PPE), ventilators, and other critical medical supplies. Several new production facilities were built due to the pandemic. For instance, the Ministry of Health and Family Welfare (MoHFW), India, issued a report in December 2020, stating that before the COVID-19 pandemic, the average cost of each ventilator in March 2020 was INR 15 lakh (approximately USD 21,000). However, due to the Indian ventilator industry taking up the production, the cost was INR 2–10 lakh. Such developments are creating demand for products from local power supply vendors as import-export activities were largely restricted due to the COVID-19 scenario.
• Furthermore, there is a high trend of miniaturization of medical electronics globally. This trend holds for all electronic equipment, but the pressure for size and weight reduction is greatest in the area of medical applications. This is driving the power supply manufacturers primarily to reduce the size of their products. For instance, in September 2021, New Yorker Electronics announced its release of the new Polytron Devices PFMUIC700 Series of AC-DC power supplies designed for medical applications. The Polytron PFMUIC700 series features ultra-compact size of 6.7 x 3.66 x 1.61 inch (170.2 x 93.0 x 41.0mm) in a fully enclosed plastic case.

Scope of the Report

A power supply is an electrical device that supplies electric power to an electrical load. Safety is the primary factor that distinguishes medical-grade power supplies from commercial models. Medical equipment typically requires longer design cycles than other types of equipment and more support from the power supply vendor. The study covers the market based on the technology deployed, the type of power supply system available, and its application across the globe.

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Key Market Trends

Diagnostic and Monitoring Equipment is Expected to Hold Significant Market Share

• Power supply products and technology play a critical role in medical imaging, diagnostics, monitoring equipment, and therapeutic businesses. From generating X-rays to powering detectors, these varied voltage power supply and X-ray generator solutions enable and improve the delivery of medical treatment.
• The increase in the number of government initiatives for the diagnosis of infectious disease and the rising need for fast detection of diseases are contributing to the growing demand for diagnostic and monitoring equipment across the world. Governments are proactively investing in many research studies, including those for the diagnosis of infectious diseases.
• Technology holds a central role in expanding the market for diagnostic and monitoring devices. The increase in the aging population and the transformation of acute illnesses, such as heart failure into chronic diseases, indicate that the number of patients is also increasing. All the aforementioned factors are expected to contribute to the huge market share of the segment.
• With the recent outbreak of the coronavirus pandemic across the globe, there is a significant surge in demand for medical power requirements, especially for the ventilators, nucleic acid detectors, mask machines, and other temperature measurement equipment. Among all the medical devices demands, life support equipment such as patient monitors and ventilators have witnessed the largest spike in demand.
• The United States holds a significant proportion of the diagnostic imaging market, which may be ascribed to rising technical advancements, higher population affordability, and an annual increase in the number of diagnostic operations. The market is also predicted to increase in the forecast period, owing to the presence of well-established healthcare facilities, rising demand for improved healthcare systems among the aging population, and rising prevalence of chronic diseases.

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