Global Medical Power Supply market size 2024, Forecast To 2033
6 Feb, 2024
The medical power supply market has experienced strong growth, expanding from $1.77 billion in 2023 to $1.94 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period is attributed to the aging population, regulatory compliance, patient-centric care, global health preparedness, and electrical safety. Envisioning rapid growth in the next few years, the market size is expected to reach $2.86 billion in 2028, supported by an expected CAGR of 10.2%. This growth in the forecast period is linked to renewable energy integration, resilient power infrastructure, miniaturization of devices, remote healthcare solutions, and telehealth services. Major trends in the forecast period include battery technologies advancements, AI-enhanced power management, smart grid integration, customized power solutions, and innovations in electromedical devices.
Global Medical Power Supply Market Key Driver
The medical power supply market is expected to grow with increasing expenditure on healthcare. Healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms between 2020 and 2021. The demand for medical devices, essential for diagnosis and treatment, contributes to the growth of the medical power supply market driven by rising healthcare expenditure in 2023, 2024, and 2028.
Get A Free Sample Of The Global Medical Power Supply Market ReportGlobal Medical Power Supply Market Segments
The global medical power supply market covered in this report is segmented –
1) By Type: Open Frame Power Supply, Enclosed Power Supply, Adapter Power Supply, Converters
2) By Converter Type: AC-DC Power Supply, DC-DC Power Supply
3) By End-User: Hospitals, Ambulatory Surgical Cente, Clinics, Long Term Care Centres, Diagnostic Centers, Rehabilitation Centers, Home Care Setting
By Geography: The regions covered in the Medical Power Supply market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the medical power supply market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the medical power supply market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Medical Power Supply Industry Players
Koninklijke Philips N.V., Connect America LLC, ADT Security Services, Bay Alarm Medical Inc., VRI Inc., Life Alert Emergency Response Inc, Medical Guardian LLP, Nortek Security and Control LLC, Rescue Alert, AlertONE Service Inc., GreatCall Inc., Ascom Wireless Solutions, LogicMark LLC, Tunstall Healthcare, LifeStation Inc., Mean Well Enterprises Co. Ltd, Delta Electronics Inc., Advanced Energy Industries Inc., Astrodyne TDI Holdings, Bel Fuse Inc., Fuhua Electronic, Shenzhen Megmeet Electric, XP Power, CUI Inc., Powerbox International AB, Spellman High Voltage Electronics Corporation, Wall Industries Inc., SynQor Inc., Artesyn Embedded Technologies, Excelsys Technologies Ltd., FRIWO Gerätebau GmbH, Inventus Power, Protek Power N.A. Inc., P-Duke Power Co. Ltd., EOS Power India Pvt. Ltd., GlobTek Europe Ltd., Power Partners Inc., SL Montevideo Technology Inc., TDK Corporation, Traco Electronic AG
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Medical Power Supply Market Overview
Medical power supplies refer to power sources that create conditioned outputs for instruments, equipment, and medical devices such as dental devices, ophthalmic procedures, ultrasound devices, and surgical procedures inside operating rooms. They are constructed in accordance with the IEC601(EN60601) and UL60601 safety standards, which apply to professional-use electrical, medical, and dental equipment.
Medical Power Supply Global Market Report 2023 provides data on the global medical power supply market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The medical power supply market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.