According to the latest market report published by Persistence Market Research, titled “Global Market Study on Medical Power Supply Devices: Rising Demand for Portable and Homecare Devices Is Expected To Drive Growth of Market during the Forecast Period 2016 - 2022.”
New York, NY -- (SBWIRE) -- 06/13/2017 -- Proliferation of diagnostic equipment and systems, coupled with rising incidences of chronic diseases, is expected to drive the global adoption of medical power supply devices during the forecast period
The medical power supply devices market is estimated to be valued at US$ 1,263.3 Mn by the end of 2016 and is anticipated to expand at a CAGR of 4.5% from 2016 to 2022, to account for US$ 1,613.9 Mn by 2022.
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Power supply devices, also known as 'electric power converters,' are electronic devices that convert one form of electrical energy into another and supply electrical energy to an electric load. Medical power supply devices are used in a wide range of medical applications such as MRI, X-ray, CT and PET scanners, patient monitors, blood analyzers, DNA equipment, dental equipment, and robotic surgical devices. The increase in healthcare expenditure in emerging economies is expected to create new growth opportunities for medical equipment manufacturers, which in turn are expected to augment the growth of the market for medical power supply devices in the near future. Also, wireless medical device manufacturers demand flexibility in terms EMC (Electromagnetic compatibility) and EMI requirements for power supplies in order to cater to the increasing demand from healthcare institutions. Power supply manufacturers are currently focusing on developing compact-sized and energy-efficient medical power supplies for wireless test and measurement equipment for medical applications. Increasing demand for wireless medical devices/equipment is anticipated to result in increased spending by manufacturers on designing and manufacturing medical power supply, which meets specific equipment requirements. Moreover, with the increasing number of players in this industry, existing players are leveraging their technical expertise to introduce newer application-specific products in order to establish their footprint in the highly competitive environment.
Currently, the global medical power supply devices market is primarily driven by the proliferation of diagnostic equipment and systems. Rising incidences of chronic diseases among patients, especially in the developed regions, is promoting the adoption of Type CF (Cardiac Floating) equipment, wherein the applied part is in direct conductive contact with the patient's heart. However, factors such as pricing pressure, product recall, and the foray of multi-functional equipment are expected to constrain the growth of the market over the forecast period.
On the basis of the end user, the medical power supply devices market is segmented into hospitals, ambulatory surgical centers, clinics, long-term care centers, rehabilitation centers, diagnostic centers, and home care settings. The hospitals segment is expected to account for 75.7% share of the global medical power supply during the forecast period (2016–2022). The home care settings segment is expected to expand at the highest growth rate, followed by the diagnostic centers segment, during the forecast period. The long-term care centers segment has been estimated to account for 11.8% share of the market by 2015 end (in terms of value) and is expected to expand at a CAGR 4.3% during the forecast period.
On the basis of product type, the medical power supply devices market is segmented into the standard medical power supply and configurable medical power supply. The standard medical power supply segment is expected to account for 59.8% value share of the medical power supply devices market by 2022 end. Adoption of standard medical power supply devices is primarily driven by increasing adoption of medical devices by clinics and outpatient surgical centers (which are primarily integrated with standard standalone medical power supply). The configurable medical power supply segment is expected to expand at CAGR 6.3% during the forecast period in terms of value. Rise in healthcare expenditure, along with increasing demand for portable and homecare devices, is expected to drive the growth of the medical power supply devices market during the forecast period.
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The Asia-Pacific region is expected to continue to dominate the market over the forecast period, accounting for 41.0% value share of the global medical power supply devices market by the end of 2022. This is primarily attributed to the shift in manufacturing facilities of leading medical equipment/devices manufacturers from another region to the Asia Pacific region, primarily due to the availability of cheap labor. In addition, increasing in the number of hospitals and healthcare facilities requiring medical equipment and devices in the region is also paving the way for regional manufacturers of medical power supply devices to leverage the potential revenue opportunity in Asia Pacific.
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Leading players in the medical power supply devices market, including XP Power, CUI Inc., Astrodyne TDI, Artesyn Embedded Technologies (Emerson Network Power), TDK-Lambda, SL Power Electronics, and Powerbox International AB, are introducing products that would be able to cater to the current and future market demands. In June 2015, GlobTek, Inc. introduced Level VI Compliant Medical and ITE power supplies. These Level VI power supplies are far better and improved than the External Power Supplies (EPS), which comply with the current Level V regulations and are well ahead in terms of February 10, 2016, compliance requirement for External Power Supplies (EPS).