Medical Power Supply Market

Market Overview

The global medical power supply market size was valued at USD 1.5 billion in 2023 and is projected to reach a value of USD 2.8 billion by 2032, registering a CAGR of 7.2% during the forecast period (2024-2032). Technological advancements in healthcare equipment, increased healthcare facilities, rising rates of chronic diseases, and rising demand for portable and home-based devices are all driving the medical power supply market share. 

Medical power supplies are critical components that provide dependable and regulated power to medical devices and equipment used in healthcare facilities. Critical medical devices such as patient monitors, diagnostic equipment, surgical instruments, imaging systems, and life support devices rely on these power supplies to function safely and continuously.

Significant growth in the global medical industry is one of the key factors contributing to the market's positive outlook. Furthermore, rising concerns about patient safety are driving market growth. Healthcare organizations increasingly rely on medical power supply systems to provide effective patient care as portable, smaller, and lighter medical equipment becomes more prevalent.

Furthermore, as a result of the coronavirus (COVID-19) pandemic, medical power supply systems are being widely used to power advanced equipment such as ventilators, oxygen concentrators, magnetic resonance imaging (MRI), CT scans, electrocardiographs (ECGs), and multiparameter patient monitoring devices. In line with this, the general public's growing preference for in-home patient care is helping to drive market growth. Other factors, such as the widespread adoption of data centers to maintain electronic health records (EHRs) and significant improvements in healthcare infrastructure, are expected to drive market growth.

Highlights

• AC-DC holds the major market share in terms of technology.
• The enclosed type generates the highest revenue market share by type.
• Diagnostic Equipment accounts for the largest market share by application.

Market Dynamics

Global Medical Power Supply Market Drivers

Rising Demand for Medical Devices

The growing prevalence of chronic diseases, an aging population, and technological advancements in medical devices all contribute to global demand for medical equipment. According to the World Health Day 2023 report, chronic diseases such as diabetes, heart disease, and cancer are becoming more common following the pandemic. A 15-year study found an 11% increase in strokes nationwide, with a 38% increase among those aged 18 to 44. These critical power supplies provide dependable and continuous power for critical healthcare applications like patient monitoring, diagnostic imaging, and life support systems.

Every year, India performs approximately 30 million surgical procedures. Significantly, 85% of surgeries are performed in smaller and mid-sized hospitals, with only 15% occurring in corporate hospitals. A recent study estimated an age-adjusted need for 3,646 surgeries per 100,000 Indians per year, with one-third required for those aged 30-49. According to the above study, India requires nearly 50 million surgeries annually. High-income countries are estimated to have approximately 23,000 surgeries per 100,000 people. The sudden increase in elective procedures boosted demand for medical devices. These devices require dependable power supplies to continuously monitor patients' vital signs, such as heart rate, blood pressure, and oxygen saturation.

As a result, rising demand for medical devices, driven by rising healthcare costs, technological advancements, and changing demographics, significantly impacts the global medical power supply market. As the healthcare industry evolves and innovates, the demand for dependable and efficient power solutions for medical devices will remain high, creating opportunities for medical power supply manufacturers and suppliers.

Global Medical Power Supply Market Restraints

Stringent Regulatory Compliance

Compliance with stringent regulatory standards like IEC 60601-1 for medical electrical equipment safety and EMC requirements can be difficult and time-consuming for manufacturers. Adhering to these standards raises development costs and time-to-market for medical power supply products. For example, the National Medical Devices Policy of 2023 seeks to reduce India's reliance on imports while increasing domestic medical device production. The Government of India notified the policy on May 2, 2023. It requires medical device manufacturers and importers in India to obtain licenses for their high-risk category products by October 1, 2023. Medical devices not licensed after October 1, 2023, may be prohibited from being manufactured, imported, or sold in India. 

Similarly, China implemented 33 mandatory and recommended standards for medical electrical equipment in February 2023. These standards aim to improve product quality, clarify requirements, and ensure patient safety. As of the end of 2023, 1,974 medical device standards were in effect, with 275 mandatory and nearly 1,700 recommended. National standards are denoted by the letters GB, whereas YY represents medical device industry-specific standards. China has also been developing a new Medical Device Administrative Law.

Furthermore, regulatory compliance impacts product design and innovation efforts, as manufacturers prioritize features and functionalities that help them comply with standards and regulations. This emphasis on compliance may restrict opportunities for product differentiation and innovation in the medical power supply market. 

Global Medical Power Supply Market Opportunity

Rising Demand for Portable and Battery Powered Medical Devices

With the growing emphasis on home healthcare and remote patient monitoring, there is a greater need for portable and battery-powered medical devices. Medical power supply manufacturers can create lightweight, compact, and efficient power solutions ideal for portable devices like wearable monitors, infusion pumps, and diagnostic equipment. By addressing the need for portable power solutions, manufacturers can cater to the growing market for home-based healthcare services while also improving patient mobility and convenience.

Additionally, wearable health monitors are designed to be portable and battery-powered, providing users with convenience, mobility, and continuous monitoring capabilities. These devices require consistent power sources to ensure continuous operation and accurate data collection. Wearable medical devices, which can be worn 24 hours a day without disrupting daily routines, are gaining popularity because of their numerous benefits. For example, in August 2022, GOQii introduced the Smart Vital Ultra and GOQii Stream devices aimed at young adults and youth. These two products allow consumers to monitor their vitals easily. As a result, the demand for these devices is expected to increase over the forecast period.

Moreover, medical power supply manufacturers can create specialized power solutions tailored to the needs of wearable medical devices. These power supplies must be lightweight, compact, and energy-efficient to support wearable devices' portability and battery life. Manufacturers can address the growing demand for wearable health monitors and capitalize on the expanding remote patient monitoring solutions market by developing power supplies designed specifically for portable medical devices. This includes offering power solutions with low power consumption, high energy efficiency, and compatibility with rechargeable batteries.

Regional Analysis

The global medical power supply market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global medical power supply market shareholder and is estimated to grow at a CAGR of 7.5% over the forecast period. North America's dominance in the medical power supply market can be attributed to various factors, including the region's well-established and technologically advanced healthcare sector, which drives significant demand for sophisticated medical equipment that requires reliable power supplies. North America is at the forefront of medical research and innovation, which has resulted in the development and adoption of cutting-edge medical technologies that require energy-efficient power solutions.

Additionally, according to a recent Population Bureau report, the number of Americans aged 65 and older could exceed 98 million by 2060, up from 46 million today. The American Heart Association (AHA) estimates that roughly half of all adults in the United States suffer from cardiovascular disease. Heart disease accounts for nearly one out of every four deaths in the United States. 

As healthcare advances, multiple regional public institutions are expected to improve their laboratory capabilities, increasing demand for power supply equipment. For example, the final commissioning is underway at the US Army Medical Research Institute of Infectious Diseases (USAMRIID), Fort Detrick in Frederick, Maryland. The medical facility is expected to be ready for occupancy by 2021. The 835,000-square-foot building is expected to be the primary facility for the US Biological Defense Research Program. 

Europe is anticipated to exhibit a CAGR of 7.7% over the forecast period. During the forecast period, Europe's expected significant growth in the medical power supply market can be attributed to well-established and advanced healthcare infrastructure, which drives ongoing demand for medical equipment and devices that rely on efficient power supplies. The aging population in Europe is likely to increase the demand for medical devices and technologies, fueling the demand for power supply solutions. Furthermore, there is a growing awareness and emphasis on patient safety and adherence to stringent regulatory standards in the healthcare sector, which will drive the adoption of reliable and compliant power supplies.

Furthermore, the French market in Europe is expected to grow significantly during the forecast period. This is due to the rising prevalence of chronic diseases and improved healthcare infrastructure in the country. France's growing pharmaceutical and medical device sectors drive demand for medical power supplies, further expanding the market.

Asia-Pacific region is experiencing significant growth in the medical power supply market due to rising healthcare expenditure, increased demand for medical devices, and expanded healthcare infrastructure. Countries in the Asia-Pacific region, including China, India, and Southeast Asian nations, are experiencing rapid urbanization and economic development, prompting increased investment in healthcare infrastructure. The construction of new hospitals, clinics, and healthcare facilities increases demand for medical devices and power supplies.

Segmental Analysis

The global medical power supply market is segmented based on technology, type, and application.

The market by technology is further segmented into AC-DC and DC-DC.

The AC-DC segment dominated the medical power supply market for various reasons. AC-DC power supplies are required to convert alternating current (AC) from the electrical grid into direct current (DC) suitable for powering medical devices. They have various power outputs and voltage options, making them compatible with multiple medical devices.

Furthermore, AC-DC power supplies are highly dependable and efficient, meeting the strict regulatory requirements for medical applications. These power supplies are commonly used in medical equipment that runs on standard wall outlets. AC-DC power supplies come in various configurations, including external adapters, internal modules, and integrated power supplies. AC-DC power supplies are required to power multiple medical devices, including patient monitors, imaging systems, and laboratory instruments. With the increasing adoption of medical devices in healthcare facilities, the demand for AC-DC power supplies has increased significantly, contributing to its market dominance.

DC-DC converters are electronic devices that transform one level of DC voltage into another, either higher or lower, while maintaining a constant output voltage. These converters are commonly used in medical devices that require multiple voltage levels or where the input voltage must be adjusted to meet the needs of specific components. DC-DC converters are essential for battery-powered medical devices requiring efficient power management and voltage regulation. They are available in a variety of configurations, including step-up (boost), step-down (buck), and step-up/step-down (buck-boost) converters, to meet the power supply voltage conversion requirements of a wide range of medical devices.

Based on type, the market is fragmented into Enclosed, Open-Frame, External, Configurable, U Bracket, and Encapsulated.

The enclosed segment of the medical power supply market is expected to grow faster during the forecast period for various reasons, including that enclosed medical power supplies provide a compact and self-contained solution, making them ideal for use in various medical devices and equipment. These power supplies are self-contained, with input and output terminals, ventilation slots, and mounting options. Enclosed power supplies are versatile and suitable for various medical applications, such as patient monitors, diagnostic equipment, and surgical tools. Their enclosed design provides better protection from environmental factors, improving reliability and safety in healthcare settings.

Open-frame power supplies are compact, lightweight units without an external enclosure, exposing the internal components and circuitry. These power supplies are commonly used in applications with limited space or that require custom enclosures. Open-frame power supplies provide mounting options and can be integrated into medical devices with limited space. They have dependable power delivery, high efficiency, and thermal management capabilities, making them ideal for medical equipment like portable monitors, laboratory analyzers, and dental instruments.

The market can be bifurcated by application into diagnostic, monitoring, home care, dental, and surgical equipment.

The diagnostic equipment segment is expected to grow significantly during the forecast period due to various factors. Diagnostic equipment is a broad category of medical devices used to diagnose and monitor various health conditions. This includes X-ray machines, MRI scanners, ultrasound systems, CT scanners, and blood analyzers. Medical power supplies for diagnostic equipment must be stable and reliable to ensure accurate and consistent performance. As the emphasis on early disease detection and accurate diagnoses grows, so does the demand for advanced diagnostic devices. These devices, which range from imaging systems to point-of-care diagnostics, rely heavily on dependable and accurate medical power supplies.

Monitoring equipment includes devices that continuously monitor a patient's vital signs and physiological parameters. This encompasses bedside, telemetry, wearable, and ambulatory monitoring systems. Medical power supplies for monitoring equipment must be small, lightweight, and energy-efficient to support portable and battery-powered applications. These power supplies must provide low noise output, high efficiency, and dependable performance to ensure continuous monitoring and timely detection of patient health status changes.

Recent Developments

• March 2024- AEIS introduced a next-generation high-power modular AC-DC conversion platform for system configuration and power scaling.
• April 2024- TDK Corporation (TSE:6762) added new output voltage models to its 250W rated TDK-Lambda brand CUS250M series of power supplies, which have an industry standard 2" x 4" footprint. The full range now includes 12V, 15V, 18V, 24V, 28V, 36V, and 48V models certified to the IEC 62368-1 and IEC 60601-1 safety standards for industrial and medical applications. This applies to Class I and II installations (no earth ground required).