Medical Power Supply Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The 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.
• A pandemic like COVID-19 may only fuel the manufacturing of advanced medical devices and equipment to tackle such crises in the future. The increased production of healthcare devices may drive the medical power supply market. For instance, GE Healthcare recently announced to increase its manufacturing capacity for medical equipment, including CTs, ultrasound devices, mobile X-ray systems, patient monitors, and ventilators, to cater to the ongoing global challenge of the treatment of COVID-19 patients.
• In Jul 2020, RECOM introduced a highly compact 4”x 2” 230W innovative baseplate cooled power supply for MOPP medical, household, industrial, and ITE applications. The new and compact 4”x 2” RACM230-G series power supplies from the company support up to 160W continuous output power and 230W for several seconds for loads with peak demands, without fan cooling.

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, as well as 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

• The increase in the number of government initiatives for the diagnosis of infectious disease, along with the rising need for fast detection of diseases, is contributing to the growing demand for the diagnostic and monitoring equipment across the world. Governments are proactively investing in many of the 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, the life support equipment such as the patient monitors and ventilators have witnessed the largest spike in demand.
• The increasing production of the healthcare devices will also drive the market. For instance, GE Healthcare announced that it will increase its manufacturing capacity for medical equipment, that includes CTs, ultrasound devices, mobile X-ray systems, patient monitors, and ventilators in order to cater to the ongoing challenge of the treatment of COVID-19 patients.

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