Medical Power Supply Market is predicted to grow from USD 1,432 million in 2022 to USD 2,394 million by 2030, at a CAGR of 6.3% during the forecast period.
Medical power supply devices are specialized electrical devices that give medical equipment, such as patient monitors, ventilators, and other life-support systems, a controlled and secure source of power. To guarantee that the devices have a consistent power supply, they are made to adhere to high safety and performance criteria established by regulatory organizations.
It provides electricity to medical devices that monitored patients' vital statistics like heart rate, blood pressure, and oxygen saturation. It also powers various diagnostic tools that need a steady power source, such as X-ray, MRI, and CT scanners.
One of the main factors propelling the growth of the medical power supply market is patient safety and the standard of care. Patient safety and the standard of care being delivered are receiving more attention from the healthcare business. As a result, there is now a greater need for dependable and high-quality medical equipment, including power supply devices, which are crucial for guaranteeing the effective operation and security of medical equipment.
Market Dynamics:
Drivers:
The main factors driving this market's growth are the fast-expanding elderly population and the rising prevalence of chronic disorders. Also, as healthcare facilities proliferate, there may be a rise in the demand for medical power supplies, which is predicted to drive market expansion overall.
It is projected that greater consumer adoption of healthcare products for home use and expanded market penetration of integrated medical devices will fuel market expansion. Also, increased awareness of the benefits of medical power supplies like better thermal management, greater power factor correction, and less audible noise will help boost the medical power supply market.
Restraints:
The medical power supply market is anticipated to experience challenges from security standards and difficulties in responding to the device system. In addition, technological constraints such as high functional noise, poor power optimization, device overheating, and poor target biomolecule detection quality present a problem for further growth of the market.
Opportunities:
The market will experience profitable growth due to the rise in research spending on energy-efficient power supplies and the technological advancement of the power ecosystem. The market will continue to grow because of the advancement of high-voltage DC power sources and the increase in availability.
Key Players:
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Astrodyne TDI
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SL Power Electronics
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XP Power
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Power Box
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Delta Electronics
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CUI Inc.
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Mean Well Enterprises Co. Ltd
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FRIWO
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TDK Lambda
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SynQor
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Artesyn Embedded Technologies
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Delta Electronics Inc.
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TDK-Lambda Corporation
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Advanced Energy Industries Inc.
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Spellman High Voltage Electronics Corporation
Market Segmentation:
Medical Power Supply Market, By Technology
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AC to DC Power Supply
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DC to DC Power Supply
Medical Power Supply Market, By Type
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Open Frame Power Supply
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Enclosed Power Supply
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Adapter Power Supply
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Converters
Medical Power Supply Market, By Application
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Diagnostic, Imaging, and Monitoring Equipment
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Surgical Equipment
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Home Medical Equipment
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Other Applications
Medical Power Supply Market, By Region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
Regional Analysis:
The North American is the largest market. This is due to the high adoption of cutting-edge medical devices in the healthcare industry and the growing need to raise the standard of healthcare services.
The Asia-Pacific region's market is being driven by the establishment of diagnostic laboratories, sophisticated healthcare infrastructure, and stringent rules for the provision of medical power (in nations like Japan, China, and India). Almost 60% of the world's population lives in the Asia-Pacific, including seven of the world's most populous nations. Strong economic indicators and a sizable population have given the area tremendous potential. As a result, medical device businesses all over the globe are concentrating on entering and growing in the region. These are the key reasons which will help boost the medical power supply market in the region.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2022 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.5% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 1,432 Million |
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Forecast market growth |
USD 2,394 Million |
User
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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