Medical Power Supply Global Market Report 2024

Medical power supplies are power sources designed to generate conditioned outputs for a variety of instruments, equipment, and medical devices, including those used in dental procedures, ophthalmic applications, ultrasound devices, and surgical procedures conducted within operating rooms. These power supplies are engineered in compliance with safety standards such as IEC 601 (EN 60601) and UL 60601, which specifically pertain to electrical equipment for professional medical and dental use.

The main types of medical power supplies include open-frame power supplies, enclosed power supplies, adapter power supplies, and converters. Enclosed power supplies take the open-frame format and encase it within a frame or box, typically constructed from materials like metal or plastic, and can be either solid or perforated. Converter types include AC-DC power supplies and DC-DC power supplies. Medical power supplies find application in various end-user settings, including hospitals, ambulatory surgical centers, clinics, long-term care centers, diagnostic centers, rehabilitation centers, and home care settings.

The medical power supply market research report is one of a series of new reports that provides medical power supply market statistics, including medical power supply industry global market size, regional shares, competitors with a medical power supply market share, detailed medical power supply market segments, market trends and opportunities, and any further data you may need to thrive in the medical power supply industry. This medical power supply market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medical power supply market size has grown strongly in recent years. It will grow from $1.77 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth observed in the historical period can be attributed to several factors, including an aging population, a focus on regulatory compliance, the adoption of patient-centric care approaches, global health preparedness initiatives, and heightened awareness of electrical safety standards.

The medical power supply market size is expected to see rapid growth in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The anticipated growth in the forecast period can be attributed to the integration of renewable energy sources, the development of resilient power infrastructure, the miniaturization of devices, the expansion of remote healthcare solutions, and the increasing prevalence of telehealth services. Key trends during this period include advancements in battery technologies, the integration of artificial intelligence (AI) for enhanced power management, the incorporation of smart grid technology, the customization of power solutions, and continuous innovations in electromedical devices.

The anticipated increase in healthcare expenditure is poised to drive the growth of the medical power supply market in the foreseeable future. Health expenditure encompasses all costs related to health services, family planning, nutrition activities, and health-related emergency aid. Medical devices play a crucial role in supporting healthcare professionals in the diagnosis and treatment process, contributing to the prevention, diagnosis, treatment, and rehabilitation of illnesses and diseases in a safe and effective manner. As an illustration, a report from the Office for National Statistics in May 2023 revealed a 9.4% nominal and 9.7% real increase in healthcare spending in the UK between 2020 and 2021. This upward trend in healthcare expenditure is a key driver propelling the growth of the medical power supply market.

The surge in the number of hospitals is expected to be a significant factor driving the growth of the medical power supply market. Hospitals, as comprehensive healthcare facilities, are essential for providing medical professionals with the infrastructure needed for diagnosis, treatment, and patient care. Medical power supplies in hospitals play a critical role in delivering a stable and regulated source of electricity, ensuring the continuous operation of life-saving equipment and maintaining patient safety. Notably, according to the American Health Care Association, the number of hospitals in the US increased to 6,129 in 2023 from 6,093 in 2022. Additionally, the report from the Office for National Statistics highlighted a 9.4% nominal and 9.7% real increase in healthcare spending in the UK between 2020 and 2021. This rise in hospital numbers contributes significantly to the growth of the medical power supply market.

A noteworthy trend gaining traction in the medical power supply market is technological advancement. Major companies operating in this market are actively engaged in developing innovative technological solutions to enhance their market position. For example, in May 2022, Connect America LLC introduced Connect America Home, a cutting-edge, AI-enabled digital health and safety platform. This pioneering solution combines personal emergency response services (PERS) and remote patient monitoring (RPM), providing continuous monitoring to support the ageing and vulnerable populations with emergency and non-emergency assistance.

Companies in the medical power supply market are strategically focusing on introducing compact-sized products to gain a competitive edge. Compact-sized medical power supplies are crucial for portable medical devices, ensuring efficient energy delivery while maintaining a small footprint for enhanced mobility and convenience in healthcare settings. Delta Electronics Inc., in April 2023, launched the 1500 W Compact-Sized MEB Series, a medical-grade enclosed power supply designed to meet safety standards for medical applications. The MEB-1K5A, part of Delta's MEB Series, offers exceptional efficiency and compact dimensions, making it an ideal choice for medical devices with space constraints.

In March 2021, Bel Fuse Inc. acquired EOS Power India for $7 million. This strategic move allows Bel to extend its manufacturing footprint outside of China, leveraging EOS Power India's turnkey operation with an established local supply chain and technical expertise in design and manufacturing. EOS Power India is a manufacturer and exporter of branded power supplies, including medical power supplies.

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, 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

North America was the largest region in the medical power supply market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this medical power supply market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the medical power supply market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The medical power supply market consists of sales of body type (B), body floating type (BF), and cardiac floating type (CF), tabletop power supplies, wall mount power supplies, AC DC wall adapters, DC/DC switching power products, inverters, and transformers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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