How Has The Medical Power Supply Market Size Evolved Historically?
The medical power supply market has seen considerable growth due to a variety of factors.
• The market size of the medical power supply has seen substantial growth in the recent past. It is expected to increase from $1.91 billion in 2024 to an impressive $2.08 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.7%.
This notable growth during the historic period can be attributed to factors such as an aging population, regulatory compliance, emphasis on patient-centric care, global health preparedness, and electrical safety.
What Will Be The Medical Power Supply Market Size In The Future?
The medical power supply market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the medical power supply market is projected to witness a swift escalation in the coming years, reaching up to $3.1 billion by 2029 with a 10.6% compound annual growth rate (CAGR).
This anticipated growth over the forecast period is largely due to factors like integration of renewable energy, robust power infrastructure, downsizing of devices, remote healthcare services, and telehealth services. The forecast period will also see major trends such as advancements in battery technologies, AI-aided power management, integration with the smart grid, tailored power solutions and innovation in electromedical devices.
What Are The Key Drivers Fueling Growth In The Medical Power Supply Market?
The rise in healthcare expenditures is predicted to boost the expansion of the medical power supply market. This includes all spending related to healthcare services, family planning efforts, nutrition initiatives, and health-related crisis aid. Medical devices are crucial for healthcare professionals as they provide vital support in the process of medical diagnosis and treatment. They play a key role in the efficient and safe prevention, diagnosis, treatment, and rehabilitation of diseases and illnesses. For instance, the March 2022 report on National Health Expenditure (NHE) for 2021–2030 from the Centers for Medicare & Medicaid Services, a federal agency in the US, forecasts an average increase in national health spending of 5.1% per year from 2021 to 2030, amounting to nearly $6.8 trillion in total. Furthermore, between 2021 and 2030, Medicare expenses are foreseen to increase at a 7.2% yearly rate, while Medicaid spending is also expected to rise annually by 5.6%. Consequently, the surge in healthcare spending is fuelling the expansion of the medical power supply market.
What Are The Principal Market Segments In The Global Medical Power Supply Industry?
The 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 Center, Clinics, Long Term Care Centers, Diagnostic Centers, Rehabilitation Centers, Home Care Setting
Subsegments:
1) By Open Frame Power Supply: Single Output Open Frame Power Supply, Multi-Output Open Frame Power Supply
2) By Enclosed Power Supply: Desktop Enclosed Power Supply, Rack-Mount Enclosed Power Supply
3) By Adapter Power Supply: Wall-Mounted Adapter Power Supply, Desktop Adapter Power Supply
4) By Converters: AC-DC Converters, DC-DC Converters, Isolated Converters
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Which Emerging Market Trends Are Altering The Medical Power Supply Sector?
One significant trend that is gaining traction in the medical power supply market is technological innovation. Leading companies in this market are concentrating on the creation of new technological solutions in order to solidify their standing. To illustrate, Connect America LLC, a firm based in the US specializing in medical power supply, presented Connect America Home in May 2022. This state-of-the-art, artificial intelligence-based digital health and safety platform is truly groundbreaking, offering personal emergency response services (PERS) and remote patient monitoring (RPM). Designed to consistently monitor, this platform aids aging and vulnerable populations by providing both emergency and non-emergency assistance.
Who Are the Key Players in the Medical Power Supply Market?
Major companies operating in the medical power supply market include:
• Koninklijke Philips N.V.
• Connect America LLC
• ADT Security Services
• Bay Alarm Medical Inc.
• VRI Inc.
• Life Alert Emergency Response Inc
• Medical Guardian LLP
• 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
What are the Regional Insights into the Medical Power Supply Market?
North America was the largest region in the medical power supply market in 2024. Asia-Pacific is 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.
