The Global Medical Power Supply Devices Market is estimated at $825.12 million in 2015 and is poised to reach $1100 Million by 2020, growing at a CAGR of 5.92%. A medical power supply device refers to the medical electrical equipment for instance transformers and reactors that are used for supply of power to various medical devices.
Market for medical Power Supply devices is growing at a significant rate due to factors like increasing popularity for powered devices in healthcare sector, increase in the aging population and enhancement of facilities in healthcare. Popularity gained by the powered medical devices is attributed to their user-friendly nature and rise in efficiency offered by the power supply devices in a medical procedure. And also, technological developments and new innovations in the field and initiation from government to rise the usage of medical devices have also helped in growing the medical power supply devices market.
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Rise in digitally controlled and high efficiency power supply devices, developments in medical device technology, growing opportunities in developing economies, portable medical devices and increase in frequency of occurrence of lifestyle diseases are the driving forces for the market. However, stringent regulations and certification bodies, downturn in many major economies and the high cost that are associated with these medical devices are the few factors restraining the growth of market for medical power supply devices.
The global medical power supply market is categorized into three segments – by technology, by type, and by application. On the basis of technology, the market is segmented into AC-DC and DC-DC power supply. The market by type is categorized into enclosed, external, open frame, configurable and encapsulated and on the basis of application it is categorized into medical monitoring equipment, diagnostic equipment, dental equipment, home patient care equipment and surgical equipment.
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The external medical power supply market is anticipated to show the highest growth due to an increase in compact, portable medical devices usage, which increasingly employ external medical power supply. The upsurge in home healthcare market which comprises smaller, portable and convenient to use medical devices is another factor bolstering the growth of external power supply market
Furthermore, based on geography the global medical power supply device market is analysed under various regions namely, North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America dominates the global market for medical power supply devices due to easy adoption of technology advancements and wide-ranging technical applications of medical power supply devices in the region. Asia, followed by the Europe, is likely to experience high growth rate in the coming few years in global medical power supply devices market. In the next few years, the growth of the market in the Asian region is likely to be centred at India, China, Taiwan, Korea, and Singapore
One of the latest trends that have been observed in medical power supply devices market includes companies being involved in R&D division for more ground-breaking products with enhanced efficiency. Some of the major companies operating in the medical power supply devices market are TDK Lambda, SL Power Electronics, Emerson Network Power, ICCNexergy, Powerbox, Astrodyne Corporation, Delta Electronics, Inc., Mean Well Enterprises Co., Ltd and Excelsys Technology.
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