Medical Power Supply Market: Current Analysis and Forecast (2021-2027)
Emphasis on Current Type (AC-DC Power Supply, DC-DC Power Supply); Type (Enclosed, External, Open Frame, Configurable, Encapsulated); Application (Medical Monitoring Equipment, Diagnostic Equipment, Dental Equipment, Home Patient Care Equipment, Surgical Equipment); Region/Country
Medical Power Supply Market is expected to exceed the market valuation of more than US$ ~2 billion in 2027 and is expected to grow at a significant CAGR of ~7% during the forecast period (2021-2027). Power Supplies that are designed for use with medical and healthcare equipment’s need to conform to the internationally recognized safety standard IEC 60601-1-2:2015. This standard is the safety criteria and specifications for any item of equipment connected to a mains power supply used to monitor, diagnose and treat a patient. In particular, the standard covers applications where the patient is physically attached to the equipment. Since clinical staff may be operating the connected equipment, they too are covered under the scope of the specification. Examples of equipment that come under the remit of the IEC 60601-1 standard include heart and blood pressure monitors, surgical lasers, and diagnostic ultrasound equipment. It’s important to note that the specification covers not only the power supply unit itself but the equipment it’s powering too. The qualification applies to the complete system, so external power supplies and wall-mounted power supply adapters need to come under the standard’s requirements.
Portable/integrated instrument adoption and recent advancements in product design and architecture are supported by developments in adjacent industries, such as semiconductor chips and integrated circuits. Such devices have witnessed rapid installation due to their advantages, improved power factor correction, better thermal management, and reduced audible noise. The availability of funding and support to develop portable medical devices has also driven overall research activity in this sector. These factors have favored the adoption of medical power solutions since the growth of this market is directly tied to instrument use. For example, in November 2019, Schwarzer Cardiotek GmbH (Germany) was awarded an R&D grant by the Zentrale Innovationsprogramm Mittelstand (ZIM) and Schwarzer Cardiotek intends to integrate its electrophysiology recording platform EP-TRACER with Livetec’s ablation system, LiveCath. In 2018, Cambridge Medical Robotics (UK) raised USD 100 million to prepare its Versius system (a portable robot for laparoscopic applications) for planned commercialization.
Delta Electronics Inc., CUI Inc. (Bel Fuse Inc.), Advanced Energy Industries Inc., Globtek Inc., Mean Well Enterprises Co. Ltd, Powerbox International AB, SL Industries Inc., Spellman High Voltage Electronics Corporation, TDK-Lambda Corporation, and XP Power are some of the prominent players operating in the Medical Power Supply market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Current Type, AC-DC Power Supply segment holds the major share”
Based on Current Type, the Medical Power Supply Market is segmented into AC-DC Power Supply and DC-DC Power Supply. Amongst Current Type, the AC-DC Power Supply segment of the market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. AC/DC power supply series feature reinforced isolation with two means of patient protection (2 x MOPP), low leakage (BF and CF ratings) and >8 mm creepage and clearance distances. Additionally, reinforced isolation provides an additional level of safety beyond the standard functional isolation to comply with the medical safety standard ES/IEC/EN 60601-1 3rd Ed.
“Amongst Type, Enclosed Segment holds the major share”
Based on Type, the Medical Power Supply Market is segmented into Enclosed, External, Open Frame, Configurable, and Encapsulated. Enclosed segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. Enclosed medical power supplies are incased in strong metal casing. Medical enclosed power supplies can be used in a wide variety of equipment for medical and industrial application. This segments large share is attributed to technological advancements which lead to compact enclosed power supplies which offer higher efficiency and low leakage current, due to which their use has grown.
“Amongst Application, Medical Monitoring Equipment segment holds the major share”
Based on Application, the Medical Power Supply market is segmented into Medical Monitoring Equipment, Diagnostic Equipment, Dental Equipment, Home Patient Care Equipment, and Surgical Equipment. Amongst Application, the Medical Monitoring Equipment segment of the market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. Medical equipment is powered from AC mains or increasingly from an internal battery. They are highly protected against electric shock and domestic, industrial, commercial, IT and medical grade AC/DC power supplies are available in a common form factor, for economy in manufacturing.
“North America represents one of the largest markets of Medical Power Supply market”
For a better understanding of the market dynamics of the Medical Power Supply market, a detailed analysis was conducted for different regions across India including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. North America dominated the market and grabbed around XX% market share owing to increasing chronic diseases in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
Medical Power Supply market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Medical Power Supply market were the three major steps undertaken to create and analyze the adoption of Medical Power Supply in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Medical Power Supply market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Medical Power Supply through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Medical Power Supply market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Current Type, Type, Application. Further country-level analyses were conducted to evaluate the overall adoption of Medical Power Supply in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Medical Power Supply. Further, we conducted factor analysis using dependent and independent variables such as increasing chronic diseases and digitalization of medical devices. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Medical Power Supply sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Medical Power Supply market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Medical Power Supply across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Medical Power Supply market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Medical Power Supply market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Medical Power Supply market.
The main objective of the Medical Power Supply Market Study
The current & future market trends of Medical Power Supply were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Medical Power Supply in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and their subtypes
- Define and analysis of the regulatory framework for the Medical Power Supply industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Medical Power Supply market for the major region
- Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World.
- Company profiles of the Medical Power Supply market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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