New York, NY -- (SBWIRE) -- 04/10/2019 -- Power supplies are electronic or electrical equipment, which change the form of a source of power into a desired form to ensure compatibility with equipment being used.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. Specification and selection of power supplies for medical applications by healthcare institutions is a task that needs to be executed effectively; especially, due to frequent changes in the safety and environmental standards for medical equipment.

Rise in geriatric population is leading to increased demand for medical devices

Currently, rise in geriatric population across the globe is leading to rise in demand for pharmaceutical, biotechnology, and medical device products. Geriatric population requires more assistance and medical care and, in-turn, a wide range of medical devices ranging from simple disposable supplies, including face masks and syringes, to patient-treatment and monitoring instruments. Global aging population is increasing rapidly. By 2050, the geriatric population is expected to account for 22% of the overall global population.

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In Europe, the number of people aged 85 years and older is projected to rise from 14 million to 19 million by 2020, and increase to 40 million by 2050. In order to cater to growing demand, design engineers are introducing responsive, non-invasive, and user-friendly medical devices, especially focused on the older generation.

There is a proliferation of diagnostic equipment and systems, with rising incidences of chronic diseases

Increasing prevalence of chronic disease and conditions such as heart diseases, stroke, cancers, diabetes, obesity, and arthritis, is driving adoption of diagnostic equipment and systems and monitor and display devices in hospitals and diagnostic centers, among others. Rise in demand for efficient power supplies in ECG (Electrocardiogram) and dialysis equipment has been witnessed globally in recent years. Moreover, patients suffering from chronic diseases, especially in developed regions, are progressively adopting Type CF (Cardiac Floating) equipment, wherein the applied part is in direct conductive contact with the patient's heart. According to the Center for Disease Control and Prevention (CDC), in 2012, around half of the total number of adults (approximately 117 million) in the U.S. suffered from one or more chronic health conditions such as heart diseases, stroke, cancers, type 2 diabetes, obesity, and arthritis.

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Global Medical Power Supply Devices Market Analysis, by Function

AC-DC power supply devices segment has been estimated to account for nearly 64 percent share in the global medical power supply devices market value in 2017, and is expected to retain its dominance in the market throughout the forecast period. Revenue contribution of AC-DC power supply segment to the global medical power supply devices market is expected to increase from nearly 64 percent in 2017 to 66.5% by 2022, reflecting an increase of in market share of such devices. Revenue contribution of DC-DC converters power supply segment to the global medical power supply devices market is expected to increase at a CAGR of 3.8% over the forecast period. DC-DC converters power supply segment is expected to lose market share over the forecast period. It has been witnessed that, globally, the private and public healthcare expenditure is rising with the increasing population and prevalence of various diseases. Also, changing lifestyle is responsible for the escalating demand for advanced healthcare equipment, which in turn is driving the demand for AC-DC medical power supplies globally.

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